Share-Based Compensation

6 Months Ended

Jul. 31, 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 and six months ended July 31, 2015 and 2014 was as follows:


	Three Months Ended July 31,				Six Months Ended July 31,
	2015		2014		2015		2014
Stock Options	$	292	$	395	$	425	$	808
Stock Appreciation Rights		413		605		950		1,251
Performance Stock Units		2,854		3,035		6,274		6,495
Restricted Stock Units		—		23		23		79

Total	$	3,559	$	4,058	$	7,672	$	8,633

Share-based awards granted and the weighted-average fair value for the six months ended July 31, 2015 was as follows:


	Six Months Ended July 31, 2015
	Awards Granted		Weighted Average Fair Value
Stock Options		120,000	$	7.46
Stock Appreciation Rights		—	$	—
Performance Stock Units		180,500	$	24.07
Restricted Stock Units		—	$	—

Total		300,500

During the six months ended July 31, 2015, 1,416,990 stock options were exercised, 520,358 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 July 31, 2015 is as follows:


	July 31, 2015
	Unrecognized Compensation Cost		Weighted Average Years
Stock Options	$	715		0.8
Stock Appreciation Rights		981		1.7
Performance Stock Units		34,845		2.8
Restricted Stock Units		—		0.0

Total	$	36,541		2.8