Share-Based Compensation

6 Months Ended

Jul. 31, 2016

7. 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, 2016 and 2015 was as follows:


	Three Months Ended July 31,				Six Months Ended July 31,
	2016		2015		2016		2015
Stock Options	$	303	$	292	$	512	$	425
Stock Appreciation Rights		60		413		119		950
Performance Stock Units		5,363		2,854		9,955		6,274
Restricted Stock Units		1,266		—		2,166		23

Total	$	6,992	$	3,559	$	12,752	$	7,672

Share-based awards granted and the weighted-average fair value for the six months ended July 31, 2016 was as follows:


	Six Months Ended July 31, 2016
	Awards Granted		Weighted- Average Fair Value
Stock Options		140,000	$	7.31
Stock Appreciation Rights		—	$	—
Performance Stock Units		310,000	$	24.59
Restricted Stock Units		482,000	$	26.84

Total		932,000

During the six months ended July 31, 2016, 140,000 stock options were exercised and 2,075 SAR’s were exercised. No PSU’s or RSU’s vested during the six months ended July 31, 2016.

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, 2016 is as follows:


	July 31, 2016
	Unrecognized Compensation Cost		Weighted- Average Years
Stock Options	$	791		0.8
Stock Appreciation Rights		260		1.2
Performance Stock Units		38,173		2.6
Restricted Stock Units		10,123		2.1

Total	$	49,347		2.5

- 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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