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Share-Based Compensation (Tables)

12 Months Ended

Jan. 31, 2017

Share-Based Compensation Expense Included in Selling, General and Administrative Expenses in Consolidated Statements of Income

Share-based compensation expense, included in “Selling, general and administrative expenses” in the Consolidated Statements of Income, for the fiscal years ended January 31, 2017, 2016 and 2015 was as follows:

		Fiscal Year Ended January 31,
		2017				2016				2015
Stock Options		$	1,002			$	841			$	1,377
Stock Appreciation Rights			240				1,295				2,244
Performance Stock Units (1)(2)(3)			12,349				13,464				12,991
Restricted Stock Units			4,700				23				124
Total		$	18,291			$	15,623			$	16,736

(1) Includes the reversal of $7,908 of previously recognized compensation expense in fiscal 2017, related to 505,510 PSU’s that will not vest as the achievement of the related performance target is not probable.

(2) Includes the reversal of $967 of previously recognized compensation expense in fiscal 2016, related to 50,004 PSU’s that will not vest as the achievement of the related performance target is not probable.

(3) Includes the reversal of $1,396 of previously recognized compensation expense in fiscal 2015, related to 163,336 PSU’s that will not vest as the achievement of the related performance target is not probable.

Assumptions Used to Estimate Fair Value of Stock Options

The following weighted-average assumptions were used in the Model to estimate the fair value of stock options at the date of grant:

		Fiscal Year Ended January 31,
		2017				2016				2015
Expected life, in years			3.4				3.5				3.4
Risk-free interest rate			0.9	%			1.2	%			1.1	%
Volatility			34.2	%			32.5	%			33.0	%
Dividend rate			—				—				—

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity for the fiscal year ended January 31, 2017:

		Shares				Weighted- Average Exercise Price				Weighted- Average Contractual Terms (years)				Aggregate Intrinsic Value
Awards outstanding at beginning of year			950,375			$	33.17				2.9			$	307
Granted			140,000				28.47
Exercised			(177,625	)			23.06
Forfeited or Expired			(4,500	)			27.27
Awards outstanding at end of year			908,250				34.45				3.1			$	75
Awards outstanding expected to vest			901,250				34.45				3.1			$	71
Awards exercisable at end of year			768,250			$	35.54				3.1			$	75

Summary of Information Concerning Outstanding and Exercisable Stock Options

The following table summarizes other information related to stock options during the years ended January 31, 2017, 2016 and 2015:

		Fiscal Year Ended January 31,
		2017				2016				2015
Weighted-average grant date fair value—per share		$	7.31			$	7.46			$	7.02
Intrinsic value of awards exercised		$	1,566			$	14,193			$	4,852
Net cash proceeds from the exercise of stock options		$	4,096			$	46,400			$	10,693

Summary of Stock Appreciation Right Activity

The following table summarizes the Company’s SAR activity for the fiscal year ended January 31, 2017:

		Awards				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Term (years)				Aggregate Intrinsic Value
Awards outstanding at beginning of year			304,100			$	31.74				3.5			$	—
Granted			—				—
Exercised			(69,675	)			28.53
Forfeited or Expired			(3,100	)			32.80
Awards outstanding at end of year			231,325				32.69				2.5			$	—
Awards outstanding expected to vest			230,234				32.69				2.5			$	—
Awards exercisable at end of year			184,363			$	32.47				2.5			$	—

Summary of Other Information Related to SAR's

The following table summarizes other information related to SAR’s during the years ended January 31, 2017, 2016 and 2015:

		Fiscal Year Ended January 31,
		2017				2016				2015
Weighted-average grant date fair value—per share		$	—			$	—			$	—
Intrinsic value of awards exercised		$	566			$	7,386			$	654

Summary of Performance Share Units Activity

The following table summarizes the Company’s PSU activity for the fiscal year ended January 31, 2017:

		Shares				Weighted- Average Fair Value
Non-vested awards outstanding at beginning of year			4,183,298			$	20.64
Granted			410,000				27.30
Vested			(100,000	)			25.37
Forfeited			(1,442,564	)			15.92
Non-vested awards outstanding at end of year			3,050,734			$	17.98

Summary of Restricted Stock Units Activity

The following table summarizes the Company’s RSU activity for the fiscal year ended January 31, 2017:

		Shares				Weighted- Average Fair Value
Non-vested awards outstanding at beginning of year			—			$	—
Granted			561,500				28.10
Vested			—				—
Forfeited			(30,000	)			26.78
Non-vested awards outstanding at end of year			531,500			$	28.17

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