Share-Based Compensation

3 Months Ended

Apr. 30, 2015

6. Share-Based Compensation

The Company maintains stock incentive plans pursuant to which it can grant restricted shares, unrestricted 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 months ended April 30, 2015 and 2014 was as follows:


	Three Months Ended April 30,
	2015		2014
Stock Options	$	133	$	413
Stock Appreciation Rights		537		646
Performance Stock Units		3,420		3,461
Restricted Stock Units		23		56

Total	$	4,113	$	4,576

Share-based awards granted and the weighted-average fair value for the three months ended April 30, 2015 was as follows:


	Three Months Ended April 30, 2015
	Awards Granted		Weighted Average Fair Value


Stock Options		—	$	—
Stock Appreciation Rights		—	$	—
Performance Stock Units		158,500	$	24.37
Restricted Stock Units		—	$	—

Total		158,500

During the three months ended April 30, 2015, 1,200,940 stock options were exercised, 502,125 stock appreciation rights were exercised, 251,081 performance stock units vested and 5,000 restricted stock units vested.

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 April 30, 2015 is as follows:


	April 30, 2015
	Unrecognized Compensation Cost		Weighted Average Years


Stock Options	$	62		0.1
Stock Appreciation Rights		1,431		1.7
Performance Stock Units		39,713		3.0
Restricted Stock Units		—		0.0

Total	$	41,206		2.9

- 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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