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Share-Based Compensation
 6 Months Ended
Jul. 31, 2012
Share-Based Compensation

6. 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 (income) included in the Condensed Consolidated Statements of Income for the three and six months ended July 31, 2012 and 2011 was as follows:

 

     Three Months Ended
July 31,		      Six Months Ended
July 31,		  
     2012      2011      2012     2011  

Stock Options

    $ 593       $ 502       $ 992      $ 1,321   

Stock Appreciation Rights

      662         256         1,169        513   

Performance Share Units

      2,493         1,544         4,493        3,044   

Restricted Shares

      3         3         (12 )      6   
  

 

 

     

 

 

     

 

 

    

 

 

  

Total

    $ 3,751       $ 2,305       $ 6,642      $ 4,884   
  

 

 

     

 

 

     

 

 

    

 

 

  

The share-based awards issued and the weighted average fair value for the six months ended July 31, 2012 was as follows:

 

     Six Months Ended
July 31, 2012		  
     Awards Issued      Weighted
Average Fair
Value		  

Stock Options

      100,000       $ 7.71   

Stock Appreciation Rights

      390,000       $ 11.03   

Performance Share Units

      391,190       $ 18.00   
  

 

 

     

Total

      881,190      
  

 

 

     

The total unrecognized compensation cost related to outstanding share-based awards and the weighted average period in which the cost is expected to be recognized as of July 31, 2012 is as follows:

 

     July 31, 2012  
     Unrecognized
Compensation
Cost		      Weighted
Average
Years		  

Stock Options

    $ 4,120         1.5   

Stock Appreciation Rights

      8,224         3.1   

Performance Share Units

      35,928         3.6   

Restricted Shares

      16         1.3   
  

 

 

     

 

 

  

Total

    $ 48,288         3.4