Share-Based Compensation

9 Months Ended

Oct. 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 nine months ended October 31, 2015 and 2014 was as follows:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2015		2014		2015		2014
Stock Options	$	202	$	375	$	627	$	1,183
Stock Appreciation Rights		439		577		1,389		1,828
Performance Stock Units		3,828		4,000		10,102		10,496
Restricted Stock Units		—		23		23		101

Total	$	4,469	$	4,975	$	12,141	$	13,608

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


	Nine Months Ended October 31, 2015
	Awards Granted		Weighted Average Fair Value
Stock Options		120,000	$	7.46
Stock Appreciation Rights		—	$	—
Performance Stock Units		1,418,500	$	19.05
Restricted Stock Units		—	$	—

Total		1,538,500

During the nine months ended October 31, 2015, 1,416,990 stock options were exercised, 520,358 stock appreciation rights were exercised, 435,996 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 October 31, 2015 is as follows:


	October 31, 2015
	Unrecognized Compensation Cost		Weighted Average Years
Stock Options	$	499		0.6
Stock Appreciation Rights		641		1.9
Performance Stock Units		50,180		3.1
Restricted Stock Units		—		0.0

Total	$	51,320		3.1