Share-Based Compensation

6 Months Ended

Jul. 31, 2013

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 (“RSU’s”), performance stock units (“PSU’s”) or stock appreciation rights (“SAR’s”). A lattice binomial pricing model was used to estimate the fair values of stock options and SAR’s. The fair value of each of the PSU’s was determined using a Monte Carlo simulation.

Share-based compensation expense (income) included in selling, general and administrative expenses in the Condensed Consolidated Statements of Income, for the three and six months ended July 31, 2013 and 2012 was as follows:


	Three Months Ended July 31,				Six Months Ended July 31,
	2013		2012		2013		2012
Stock Options	$	821	$	593	$	1,525	$	992
Stock Appreciation Rights		760		662		1,527		1,169
Performance Stock Units		2,136		2,493		4,259		4,493
Restricted Stock Units		67		3		114		(12	)

Total	$	3,784	$	3,751	$	7,425	$	6,642

The share-based awards issued and the weighted-average fair value for the six months ended July 31, 2013 were as follows:


	Six Months Ended July 31, 2013
	Awards Issued		Weighted Average Fair Value
Stock Options		100,000	$	9.67
Stock Appreciation Rights		27,500	$	14.11
Performance Stock Units		93,000	$	24.56
Restricted Stock Units		10,000	$	39.06

Total		230,500

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, 2013 were as follows:


	July 31, 2013
	Unrecognized Compensation Cost		Weighted Average Years
Stock Options	$	1,707		1.0
Stock Appreciation Rights		7,588		2.8
Performance Stock Units		21,371		2.7
Restricted Stock Units		260		1.2

Total	$	30,926		2.6

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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