Share-Based Compensation

9 Months Ended

Oct. 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 nine months ended October 31, 2016 and 2015 was as follows:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2016		2015		2016		2015
Stock Options	$	245	$	202	$	757	$	627
Stock Appreciation Rights		60		439		179		1,389
Performance Stock Units		5,595		3,828		15,550		10,102
Restricted Stock Units		1,380		—		3,546		23

Total	$	7,280	$	4,469	$	20,032	$	12,141

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


	Nine Months Ended October 31, 2016
	Awards Granted		Weighted- Average Fair Value
Stock Options		140,000	$	7.31
Stock Appreciation Rights		—	$	—
Performance Stock Units		410,000	$	27.30
Restricted Stock Units		541,500	$	27.94

Total		1,091,500

During the nine months ended October 31, 2016, 177,625 stock options were exercised, 67,975 SAR’s were exercised and 100,000 PSU’s vested. No RSU’s vested during the nine months ended October 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 October 31, 2016 is as follows:


	October 31, 2016
	Unrecognized Compensation Cost		Weighted- Average Years
Stock Options	$	546		0.6
Stock Appreciation Rights		199		1.0
Performance Stock Units		34,265		2.3
Restricted Stock Units		10,826		2.3

Total	$	45,836		2.3

- 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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