Share-Based Compensation

3 Months Ended

Apr. 30, 2011

7. Share-Based Compensation

The Company maintains stock incentive plans pursuant to which it can grant restricted shares, unrestricted shares, incentive stock options, nonqualified stock options, restricted stock units, performance share units ("PSU's") or as stock appreciation rights ("SAR's"). A Lattice Binomial pricing model was used to estimate the fair value of stock options and SAR's. The fair value of the PSU's are determined using a Monte Carlo simulation.

Share-based compensation expense included in the Condensed Consolidated Statements of Income for the three months ended April 30, 2011 and 2010 was as follows:


	Three Months Ended April 30, 2011		Three Months Ended April 30, 2010
Stock Options	$	819	$	996
Stock Appreciation Rights		257		—
Performance Share Units		1,500		1,204
Restricted Shares		3		—

Total	$	2,579	$	2,200

The Company recognized tax benefits related to stock options of $241 and $276 in its Condensed Consolidated Statements of Income for the three months ended April 30, 2011 and 2010, respectively.

The Company did not grant any share-based awards during the three months ended April 30, 2011. The Company granted 105,000 stock option awards, with a weighted average fair value of $11.14, during the three months ended April 30, 2010.

The total unrecognized compensation cost and the weighted average period in which the cost is expected to be recognized as of April 30, 2011 is as follows:


	April 30, 2011
	Unrecognized Compensation Cost		Weighted Average Years
Stock Options	$	10,382		3.1
Stock Appreciation Rights		4,924		4.4
Performance Share Units		27,237		4.5
Restricted Shares		31		2.6

Total	$	42,574		4.2