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Share-Based Compensation
6 Months Ended
Jul. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Share-Based Compensation

8. 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 Black-Scholes model was used to estimate the fair value of stock options. The fair value of PSU’s and RSU’s is equal to the stock price on the date of the grant. Share-based compensation expense included in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Operations, for the three and six months ended July 31, 2020 and 2019, was as follows:

  

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

July 31,

 

 

July 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Stock Options

 

$

129

 

 

$

453

 

 

$

471

 

 

$

1,038

 

Performance Stock Units(1)

 

 

894

 

 

 

1,134

 

 

 

1,044

 

 

 

2,211

 

Restricted Stock Units

 

 

5,362

 

 

 

4,321

 

 

 

9,742

 

 

 

8,212

 

Total

 

$

6,385

 

 

$

5,908

 

 

$

11,257

 

 

$

11,461

 

 

(1)

Includes the reversal of $653 of previously recognized compensation expense in the six months ended July 31, 2020 related to 46,665 PSU’s that will not vest as the achievement of the related performance target is not probable.

 

Share-based awards granted and the weighted-average fair value of such awards for the six months ended July 31, 2020 was as follows:

 

 

Six Months Ended

 

 

 

July 31, 2020

 

 

 

 

 

 

 

Weighted-

 

 

 

Awards

 

 

Average Fair

 

 

 

Granted

 

 

Value

 

Stock Options

 

 

 

 

$

 

Performance Stock Units

 

 

154,000

 

 

$

25.84

 

Restricted Stock Units

 

 

898,100

 

 

$

25.29

 

Total

 

 

1,052,100

 

 

 

 

 

 

During the six months ended July 31, 2020, 113,331 PSU’s vested and 327,177 RSU’s vested.

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, 2020 was as follows:

 

 

 

July 31, 2020

 

 

 

Unrecognized

 

 

Weighted-

 

 

 

Compensation

 

 

Average

 

 

 

Cost

 

 

Years

 

Stock Options

 

$

 

 

 

 

Performance Stock Units

 

 

5,922

 

 

 

2.2

 

Restricted Stock Units

 

 

34,706

 

 

 

2.1

 

Total

 

$

40,628