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Stock-Based Compensation Plans | 6 Months Ended
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Jul. 31, 2023
Stock-Based Compensation Plans |
Stock-Based Compensation Plans | Note 17 - Stock-Based Compensation Plans Total estimated stock-based compensation expense recognized in our condensed consolidated statement of operations was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended |  | Six Months Ended
​ |  | July 31, |  | July 31, |  | July 31, |  | July 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
Cost of revenues |  | 304 |  | 254 |  | 505 |  | 449
Sales and marketing |  | 1,417 |  | 675 |  | 2,287 |  | 1,160
Research and development |  | 580 |  | 490 |  | 965 |  | 857
General and administrative |  | 2,150 |  | 2,317 |  | 3,613 |  | 4,057
Effect on net income |  | 4,451 |  | 3,736 |  | 7,370 |  | 6,523
​ Differences between how GAAP and applicable income tax laws treat the amount and timing of recognition of stock-based compensation expense may result in a deferred tax asset. We have recorded a valuation allowance against any such deferred tax asset except for $0.8 million ($0.8 million at January 31, 2023) recognized in the United States. We realized a nominal tax benefit in connection with stock options exercised during both the three and six month periods ended July 31, 2023 and a nominal tax benefit for both the same periods in fiscal 2023. Stock Options As of July 31, 2023, we had 1,657,444 stock options granted and outstanding under our shareholder-approved stock option plan and 2,438,153 remained available for grant. As of July 31, 2023, $12.2 million of total unrecognized compensation costs related to non-vested stock option awards is expected to be recognized over a weighted average period of 2.8 years. The total fair value of stock options vested during the three and six month periods ended July 31, 2023 was $0.2 million and $0.3 million, respectively. For the three and six month periods ended July 31, 2023, 2,553 and 278,845 stock options, respectively, were granted compared to 92,422 and 354,699 stock options for the same periods in fiscal 2023. The weighted average grant-date fair value of stock options granted during the six month periods ended July 31, 2023 and July 31, 2022 was $ 26.29 per option and $ 18.91 per option, respectively. The weighted-average assumptions were as follows: ​
​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended
​ |  | July 31, |  | July 31,
​ | ​ | 2023 | ​ | 2022
​ | ​ | ​ | ​ | ​
Expected dividend yield (%) |  | — | ​ | —
Expected volatility (%) |  | 30.8 | ​ | 29.2
Risk-free rate (%) |  | 3.2 | ​ | 2.4
Expected option life (years) |  | 5 | ​ | 5
​ A summary of option activity under all of our plans is presented as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | Weighted- |  | ​
​ | ​ | Number of | ​ | Weighted- | ​ | Average | ​ | Aggregate
​ | ​ | Stock | ​ | Average | ​ | Remaining | ​ | Intrinsic
​ | ​ | Options | ​ | Exercise | ​ | Contractual | ​ | Value
​ | ​ | Outstanding | ​ | Price | ​ | Life (years) | ​ | (in millions)
Balance at January 31, 2023 |  | 1,593,433 | ​ | $ | 45.54 |  | 4.1 | ​ | $ | 45.7
Granted |  | 278,845 | ​ | $ | 80.10 |  | ​ | ​ |  | ​
Exercised |  | (201,511) | ​ | $ | 30.87 |  | ​ | ​ |  | ​
Forfeited |  | (13,323) | ​ | $ | 61.52 |  | ​ | ​ |  | ​
Balance at July 31, 2023 |  | 1,657,444 | ​ | $ | 51.83 |  | 4.3 | ​ | $ | 41.9
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vested or expected to vest at July 31, 2023 |  | 1,657,444 | ​ | $ | 51.83 |  | 4.3 | ​ | $ | 41.9
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at July 31, 2023 |  | 918,043 | ​ | $ | 41.39 |  | 3.3 | ​ | $ | 32.2
​ The total intrinsic value of stock options exercised during the three and six month periods ended July 31, 2023 was $0.8 million and $9.6 million, compared to $0.2 million and $1.3 million during the same periods of fiscal 2023, respectively. Performance Share Units A summary of PSU activity is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted- |  | Weighted- |  | ​
​ | ​ | ​ | ​ | Average | ​ | Average | ​ | Aggregate
​ | ​ | Number of | ​ | Granted | ​ | Remaining | ​ | Intrinsic
​ | ​ | PSUs | ​ | Date Fair | ​ | Contractual | ​ | Value
​ | ​ | Outstanding | ​ | Value | ​ | Life (years) | ​ | (in millions)
Balance at January 31, 2023 |  | 915,233 | ​ | $ | 38.41 |  | 4.5 | ​ | $ | 67.9
Granted | ​ | 95,134 | ​ | $ | 106.36 | ​ | ​ | ​ | ​ | ​
Performance units issued | ​ | 68,005 | ​ | $ | 54.00 | ​ | ​ | ​ | ​ | ​
Exercised | ​ | (84,125) | ​ | $ | 11.19 | ​ | ​ | ​ | ​ | ​
Forfeited | ​ | (2,475) | ​ | $ | 82.13 | ​ | ​ | ​ | ​ | ​
Balance at July 31, 2023 | ​ | 991,772 | ​ | $ | 54.07 | ​ | 5.0 | ​ | $ | 75.9
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vested or expected to vest at July 31, 2023 |  | 991,772 | ​ | $ | 54.07 |  | 5.0 | ​ | $ | 75.9
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at July 31, 2023 |  | 723,681 | ​ | $ | 36.95 |  | 3.7 | ​ | $ | 55.3
​ The aggregate intrinsic value represents the total pre-tax intrinsic value (the aggregate closing share price of our common shares on July 31, 2023) that would have been received by PSU holders if all PSUs had been vested on July 31, 2023. As of July 31, 2023, $13.8 million of total unrecognized compensation costs related to non-vested awards is expected to be recognized over a weighted average period of 2.1 years. The total fair value of PSUs vested during the three and six month periods ended July 31, 2023 was nil and $4.6 million, respectively. Restricted Share Units A summary of RSU activity is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted- |  | Weighted- |  | Aggregate
​ | ​ | ​ | ​ | Average | ​ | Average | ​ | Intrinsic
​ | ​ | Number of | ​ | Granted | ​ | Remaining | ​ | Value
​ | ​ | RSUs | ​ | Date Fair | ​ | Contractual | ​ | (in
​ | ​ | Outstanding | ​ | Value | ​ | Life (years) | ​ | millions)
Balance at January 31, 2023 |  | 474,631 | ​ | $ | 32.44 |  | 4.7 | ​ | $ | 35.2
Granted |  | 61,774 | ​ | $ | 80.19 |  | ​ | ​ |  | ​
Exercised | ​ | (53,898) | ​ | $ | 8.55 | ​ | ​ | ​ | ​ | ​
Forfeited | ​ | (413) | ​ | $ | 60.89 | ​ | ​ | ​ | ​ | ​
Balance at July 31, 2023 |  | 482,094 | ​ | $ | 40.34 |  | 5.3 | ​ | $ | 36.9
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vested or expected to vest at July 31, 2023 |  | 482,094 | ​ | $ | 40.34 |  | 5.3 | ​ | $ | 36.9
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at July 31, 2023 |  | 361,598 | ​ | $ | 30.32 |  | 4.1 | ​ | $ | 27.7
​ The aggregate intrinsic value represents the total pre-tax intrinsic value (the aggregate closing share price of our common shares on July 31, 2023) that would have been received by RSU holders if all RSUs had been vested on July 31, 2023. As of July 31, 2023, $6.8 million of total unrecognized compensation costs related to non-vested awards is expected to be recognized over a weighted average period of 2.1 years. The total fair value of RSUs vested during both the three and six month periods ended July 31, 2023 was nil. Deferred Share Unit Plan As at July 31, 2023, the total number of DSUs held by participating directors was 308,427 (283,338 at January 31, 2023), representing an aggregate accrued liability of $ 23.2 million ($ 20.6 million at January 31, 2023). During the six month period ended July 31, 2023, 25,089 DSUs were granted. The fair value of the DSU liability is based on the closing price of our common shares at the balance sheet date. The total compensation cost (recovery) related to DSUs recognized during the three and six month periods ended July 31, 2023 was ($0.1) million and $2.3 million, respectively, compared to $2.7 million and $0.3 million for the same periods in fiscal 2023, respectively. Cash-Settled Restricted Share Unit Plan A summary of activity under our CRSU plan is as follows: ​
​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted-
​ | ​ | ​ | ​ | Average
​ | ​ | Number of | ​ | Remaining
​ | ​ | CRSUs | ​ | Contractual
​ | ​ | Outstanding | ​ | Life (years)
Balance at January 31, 2023 |  | 14,583 |  | 1.4
Granted | ​ | 7,879 | ​ | ​
Vested and settled in cash | ​ | (6,129) | ​ | ​
Balance at July 31, 2023 | ​ | 16,333 | ​ | 2.0
​ | ​ | ​ | ​ | ​
Non-vested at July 31, 2023 |  | 16,333 |  | 2.0
​ We recognize the compensation cost of the CRSUs ratably over the service/vesting period relating to the grant and have recorded an aggregate accrued liability of $0.2 million at July 31, 2023 ($0.4 million at January 31, 2023). As at July 31, 2023, the unrecognized aggregate liability for the unvested CRSUs was $ 1.0 million ($ 0.7 million at January 31, 2023). The fair value of the CRSU liability is based on the closing price of our common shares at the balance sheet date. The total compensation cost related to CRSUs recognized during the three and six month periods ended July 31, 2023 was $0.1 million and $0.3 million , respectively, compared to $0.2 million and $0.4 million for the same periods in fiscal 2023, respectively.

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