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Share-Based Compensation | 12 Months Ended
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Jan. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Share-Based Compensation | 10. Share-Based Compensation The Company’s 2017 Stock Incentive Plan (the “2017 Plan”) authorized up to 10,000,000 common shares, which can be granted as restricted stock, RSU’s, PSU’s, incentive stock options, nonqualified stock options, SAR’s and stock grant awards. As of January 31, 2018, no awards have been made under the 2017 Plan. The Company’s 2008 Stock Incentive Plan (the “2008 Plan”) authorized up to 10,000,000 common shares, which can be granted as RSU’s, unrestricted shares, incentive stock options, nonqualified stock options, PSU’s or SAR’s. As of January 31, 2018, there were 3,903,823 common shares available to grant under the 2008 Plan. Pursuant to the terms of the 2008 Plan, certain awards may not be granted after February 25, 2018. Awards under the 2017 Plan and the 2008 Plan generally expire seven or ten years from the date of grant, thirty days after termination of employment or six months after the date of death or termination due to disability of the grantee. A lattice binomial pricing model (“the Model”) was used to estimate the fair value of stock options and SAR’s. The Model allows for assumptions such as the risk-free rate of interest, volatility and exercise rate to vary over time reflecting a more realistic pattern of economic and behavioral occurrences. The Company uses historical data on exercise timing to determine the expected life assumption. The risk-free rate of interest for periods within the contractual life of the award is based on U.S. Government Securities Treasury Constant Maturities over the expected term of the equity instrument. The expected volatility is based on a weighted-average of the implied volatility and the Company’s most recent historical volatility. During the fiscal year ended January 31, 2018, the Company elected to account for forfeitures as they occur rather than estimate expected forfeitures. During the fiscal years ended January 31, 2017 and 2016, based on the Company’s historical experience, it assumed an annualized forfeiture rate of 5% for its unvested share-based awards granted during the respective years. Share-based compensation expense, included in “Selling, general and administrative expenses” in the Consolidated Statements of Income, for the fiscal years ended January 31, 2018, 2017 and 2016 was as follows:
|  | Fiscal Year Ended January 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Stock Options |  | $ | 897 |  |  | $ | 1,002 |  |  | $ | 841 |
Stock Appreciation Rights |  |  | 142 |  |  |  | 240 |  |  |  | 1,295 |
Performance Stock Units (1)(2)(3) |  |  | 3,562 |  |  |  | 12,349 |  |  |  | 13,464 |
Restricted Stock Units |  |  | 9,916 |  |  |  | 4,700 |  |  |  | 23 |
Total |  | $ | 14,517 |  |  | $ | 18,291 |  |  | $ | 15,623 |
(1) | Includes the reversal of $11,515 of previously recognized compensation expense in fiscal 2018, related to 871,779 PSU’s that will not vest as the achievement of the related performance target is not probable.
(2) | 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.
(3) | 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.
The total tax benefit associated with share-based compensation expense for the fiscal years ended January 31, 2018, 2017 and 2016 was $5,438, $7,132 and $6,182, respectively. The tax benefit realized from share-based compensation for the fiscal years ended January 31, 2018, 2017 and 2016 was $1,753, $2,272 and $14,512, respectively. Stock Options The Company may grant stock options which generally vest over a period of one to three years. Stock options become exercisable over the vesting period in installments determined by the Company, which can vary depending upon each individual grant. Stock options granted to non-employee directors generally vest over a period of one year. 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, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Expected life, in years |  |  | 3.4 |  |  |  | 3.4 |  |  |  | 3.5 |
Risk-free interest rate |  |  | 1.6 | % |  |  | 0.9 | % |  |  | 1.2 | %
Volatility |  |  | 40.2 | % |  |  | 34.2 | % |  |  | 32.5 | %
Dividend rate |  |  | — |  |  |  | — |  |  |  | — |
The following table summarizes the Company’s stock option activity for the fiscal year ended January 31, 2018:
|  | Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Contractual Terms (years) |  |  | Aggregate Intrinsic Value |
Awards outstanding at beginning of year |  |  | 908,250 |  |  | $ | 34.45 |  |  |  | 3.1 |  |  | $ | 75 |
Granted |  |  | 160,000 |  |  |  | 18.89 |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Forfeited or Expired |  |  | (168,250 | ) |  |  | 32.74 |  |  |  |  |  |  |  |  |
Awards outstanding at end of year |  |  | 900,000 |  |  |  | 32.01 |  |  |  | 3.4 |  |  | $ | 3,933 |
Awards outstanding fully vested and expected to vest |  |  | 900,000 |  |  |  | 32.01 |  |  |  | 3.4 |  |  | $ | 3,933 |
Awards exercisable at end of year |  |  | 740,000 |  |  | $ | 34.84 |  |  |  | 2.7 |  |  | $ | 1,498 |
The following table summarizes other information related to stock options during the years ended January 31, 2018, 2017 and 2016:
|  | Fiscal Year Ended January 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Weighted-average grant date fair value—per share |  | $ | 5.37 |  |  | $ | 7.31 |  |  | $ | 7.46 |
Intrinsic value of awards exercised |  | $ | — |  |  | $ | 1,566 |  |  | $ | 14,193 |
Net cash proceeds from the exercise of stock options |  | $ | — |  |  | $ | 4,096 |  |  | $ | 46,400 |
Total unrecognized compensation cost of stock options granted but not yet vested, as of January 31, 2018, was $278, which is expected to be recognized over the weighted-average period of 0.3 year. Stock Appreciation Rights The Company may grant SAR’s which generally vest over a five year period. Each vested SAR entitles the holder the right to the differential between the value of the Company’s common share price at the date of exercise and the value of the Company’s common share price at the date of grant. There were no SAR’s granted during the fiscal years ended January 31, 2018, 2017, and 2016. The following table summarizes the Company’s SAR activity for the fiscal year ended January 31, 2018:
|  | Awards |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value |
Awards outstanding at beginning of year |  |  | 231,325 |  |  | $ | 32.69 |  |  |  | 2.5 |  |  | $ | — |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Exercised |  |  | (3,175 | ) |  |  | 32.80 |  |  |  |  |  |  |  |  |
Forfeited or Expired |  |  | (13,175 | ) |  |  | 32.80 |  |  |  |  |  |  |  |  |
Awards outstanding at end of year |  |  | 214,975 |  |  |  | 32.69 |  |  |  | 1.6 |  |  | $ | 493 |
Awards outstanding fully vested and expected to vest |  |  | 214,975 |  |  |  | 32.69 |  |  |  | 1.6 |  |  | $ | 493 |
Awards exercisable at end of year |  |  | 203,849 |  |  | $ | 32.45 |  |  |  | 1.5 |  |  | $ | 493 |
The following table summarizes other information related to SAR’s during the years ended January 31, 2018, 2017 and 2016:
|  | Fiscal Year Ended January 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Intrinsic value of awards exercised |  | $ | 5 |  |  | $ | 566 |  |  | $ | 7,386 |
Total unrecognized compensation cost of SAR’s granted, but not yet vested, as of January 31, 2018, was $4, which is expected to be recognized over the weighted-average period of 0.1 year. Performance Stock Units The Company may grant PSU’s which vest based on the achievement of various company performance targets and external market conditions. The fair value of the PSU’s are determined using a Monte Carlo simulation. This model uses assumptions including the risk free interest rate, expected volatility of the Company’s stock price and expected life of the awards. The Company makes certain estimates about the number of awards which will vest. Once the Company determines that it is probable that the performance targets will be met, compensation expense is recorded for these awards. If any of these performance targets are not met, the awards are forfeited. Each PSU is equal to one common share with varying maximum award value limitations. PSU’s typically vest over a three to five-year period. The following table summarizes the Company’s PSU activity for the fiscal year ended January 31, 2018:
|  | Shares |  |  | Weighted- Average Fair Value |
Non-vested awards outstanding at beginning of year |  |  | 3,050,734 |  |  | $ | 17.98 |
Granted |  |  | 390,000 |  |  |  | 23.38 |
Vested |  |  | (200,000 | ) |  |  | 29.58 |
Forfeited |  |  | (573,473 | ) |  |  | 22.47 |
Non-vested awards outstanding at end of year |  |  | 2,667,261 |  |  | $ | 21.84 |
The weighted-average grant date fair value of PSU’s awarded during the fiscal years ended January 31, 2018, 2017 and 2016 was $23.38, $27.30 and $18.94, per share, respectively. Unrecognized compensation cost related to unvested PSU’s as of January 31, 2018, was $11,249, which is expected to be recognized over a weighted-average period of 1.9 years. Restricted Stock Units The Company may grant RSU’s which vest based on the achievement of specified service conditions. RSU’s typically vest over a three to five-year period. The following table summarizes the Company’s RSU activity for the fiscal year ended January 31, 2018:
|  | Shares |  |  | Weighted- Average Fair Value |
Non-vested awards outstanding at beginning of year |  |  | 531,500 |  |  | $ | 28.17 |
Granted |  |  | 621,500 |  |  |  | 26.01 |
Vested |  |  | — |  |  |  | — |
Forfeited |  |  | (61,500 | ) |  |  | 27.49 |
Non-vested awards outstanding at end of year |  |  | 1,091,500 |  |  | $ | 26.92 |
The weighted-average grant date fair value of RSU’s awarded during the fiscal year ended January 31, 2018 and 2017 was $26.01 and $28.10, per share, respectively. There were no RSU’s granted during the fiscal year ended January 31, 2016. No RSU’s vested during the fiscal years ended January 31, 2018 and January 31, 2017. The aggregate grant date fair value of RSU’s vested during the fiscal year ended January 31, 2016 was $39.06. Unrecognized compensation costs related to unvested RSU’s as of January 31, 2018, was $14,207, which is expected to be recognized over a weighted-average period of 2.1 years.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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