Share-Based Compensation

9 Months Ended

Oct. 31, 2017

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

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, 2017 and 2016 was as follows:

	Three Months Ended					Nine Months Ended
	October 31,					October 31,
	2017			2016		2017		2016
Stock Options	$	216		$	245	$	673	$	757
Stock Appreciation Rights		24			60		125		179
Performance Stock Units ⁽¹⁾		(3,107	)		5,595		5,702		15,550
Restricted Stock Units		2,742			1,380		7,331		3,546
Total	$	(125	)	$	7,280	$	13,831	$	20,032

(1) Includes the reversal of $6,509 of previously recognized compensation expense in the three and nine months ended October 31, 2017, related to 476,611 PSU’s that will not vest as the achievement of the related performance targets is not probable.

Share-based awards granted and the weighted-average fair value of such awards for the nine months ended October 31, 2017 was as follows:

	Nine Months Ended
	October 31, 2017
			Weighted-
	Awards		Average Fair
	Granted		Value
Stock Options		160,000	$	5.37
Stock Appreciation Rights		—	$	—
Performance Stock Units		390,000	$	23.38
Restricted Stock Units		609,000	$	25.88
Total		1,159,000

During the nine months ended October 31, 2017, 200,000 PSU’s vested. No stock options or SAR’s were exercised and no RSU’s vested during the nine months ended October 31, 2017.

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, 2017 was as follows:

	October 31, 2017
	Unrecognized		Weighted-
	Compensation		Average
	Cost		Years
Stock Options	$	503		0.6
Stock Appreciation Rights		21		0.3
Performance Stock Units		17,424		1.9
Restricted Stock Units		16,998		2.2
Total	$	34,946