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Share-Based Compensation
 6 Months Ended
Jul. 31, 2011
Share-Based Compensation  
Share-Based Compensation

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 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 and six months ended July 31, 2011 and 2010 was as follows:

 

     Three Months Ended
July 31,		      Six Months Ended
July 31,		  
         2011              2010              2011              2010      

Stock Options

    $ 502       $ 1,010       $ 1,321       $ 2,006   

Stock Appreciation Rights

      256         —           513         —     

Performance Share Units

      1,544         1,317         3,044         2,521   

Restricted Shares

      3         —           6         —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 2,305       $ 2,327       $ 4,884       $ 4,527   
  

 

 

     

 

 

     

 

 

     

 

 

  

The Company recognized tax benefits related to stock options of $173 and $414 in its Condensed Consolidated Statements of Income for the three and six months ended July 31, 2011, respectively. The Company recognized tax benefits related to stock options of $283 and $559 in its Condensed Consolidated Statements of Income for the three and six months ended July 31, 2010, respectively.

The Company granted 100,000 stock option awards, with a weighted average fair value of $10.36 during the three and six months ended July 31, 2011. The Company granted 327,000 and 432,000 stock option awards, with a weighted average fair value of $12.36 and $12.07 during the three and six months ended July 31, 2010, respectively.

The total unrecognized compensation cost and the weighted average period in which the cost is expected to be recognized as of July 31, 2011 is as follows:

 

     July 31, 2011  
     Unrecognized
Compensation
Cost		      Weighted
Average
Years		  

Stock Options

    $ 8,342         2.5   

Stock Appreciation Rights

      4,512         4.1   

Performance Share Units

      25,398         4.3   

Restricted Shares

      28         2.3   
  

 

 

     

 

 

  

Total

    $ 38,280         3.9