Share-Based Compensation

6 Months Ended

Jul. 31, 2014

6. Share-Based Compensation

The Company maintains stock incentive plans pursuant to which it can grant common shares, restricted shares, incentive stock options, non-qualified 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 included in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Income, for the three and six months ended July 31, 2014 and 2013 was as follows:


	Three Months Ended July 31,				Six Months Ended July 31,
	2014		2013		2014		2013
Stock options	$	395	$	821	$	808	$	1,525
Stock appreciation rights		605		760		1,251		1,527
Performance stock units		3,035		2,136		6,495		4,259
Restricted stock units		23		67		79		114

Total	$	4,058	$	3,784	$	8,633	$	7,425

Share-based awards granted and the weighted-average fair values for the six months ended July 31, 2014 were as follows:


	Six Months Ended July 31, 2014
	Awards Granted		Weighted Average Fair Value
Stock options		100,000	$	7.02
Stock appreciation rights		—	$	—
Performance stock units		117,000	$	20.64
Restricted stock units		—	$	—

Total		217,000

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, 2014 is as follows:


	July 31, 2014
	Unrecognized Compensation Cost		Weighted Average Years
Stock options	$	680		0.8
Stock appreciation rights		4,053		2.0
Performance stock units		36,795		3.1
Restricted stock units		58		0.7

Total	$	41,586		3.0

- 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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