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, 2021, there were 7,793,950 common shares available to grant 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, 2021, there were 5,403,169 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.

The Company elects to account for forfeitures as they occur rather than estimate the expected forfeitures.

Share-based compensation expense, included in “Selling, general and administrative expenses” in the Consolidated Statements of Income, for the fiscal years ended January 31, 2021, 2020 and 2019 was as follows:

	Fiscal Year Ended January 31,
	2021		2020		2019
Stock Options	$	471	$	1,737	$	1,854
Stock Appreciation Rights		—		—		4
Performance Stock Units ⁽¹⁾		181		3,483		2,463
Restricted Stock Units		19,648		15,889		13,783
Total	$	20,300	$	21,109	$	18,104

The total tax benefit associated with share-based compensation expense for the fiscal years ended January 31, 2021, 2020 and 2019 was $4,899, $5,230 and $4,465, respectively. The tax benefit realized from share-based compensation for the fiscal years ended January 31, 2021, 2020 and 2019 was $2,528, $4,425 and $8,309, respectively.

The Company may grant stock options that generally vest over a period of one year. 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.

There were no stock options granted in the fiscal year ended January 31, 2021, as beginning in fiscal 2021, the Company began to grant restricted stock units to non-employee directors instead of stock options. A Black-Scholes model was used to estimate the fair value of stock options granted in the fiscal years ended January 31, 2020 and 2019. The model uses assumptions including the risk-free rate of interest, expected volatility of the Company’s stock price and expected life of the awards. 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. The following weighted-average assumptions were used in the models to estimate the fair value of stock options at the date of grant:

	Fiscal Year Ended January 31,
	2021		2020			2019
Expected life, in years		—		5.3			5.4
Risk-free interest rate		—		1.9	%		2.8	%
Volatility		—		37.6	%		35.6	%
Dividend rate		—		—			—

The following table summarizes the Company’s stock option activity for the fiscal year ended January 31, 2021:

	Shares			Weighted- Average Exercise Price		Weighted- Average Contractual Terms (years)		Aggregate Intrinsic Value
Awards outstanding at beginning of year		670,000		$	32.94		3.9	$	964
Granted		—			—
Exercised		(25,000	)		19.80
Forfeited or Expired		(130,000	)		41.38
Awards outstanding at end of year		515,000			31.45		3.0	$	1,249
Awards outstanding fully vested and expected to vest		515,000			31.45		3.0	$	1,249
Awards exercisable at end of year		515,000		$	31.45		3.0	$	1,249

The following table summarizes other information related to stock options during the years ended January 31, 2021, 2020 and 2019:

	Fiscal Year Ended January 31,
	2021		2020		2019
Weighted-average grant date fair value—per share	$	—	$	8.67	$	17.12
Intrinsic value of awards exercised	$	187	$	307	$	4,369
Net cash proceeds from the exercise of stock options	$	495	$	974	$	13,618

There were no unrecognized compensation costs of stock options granted, but not yet vested, as of January 31, 2021.

The Company may grant SAR’s that 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, 2021, 2020 and 2019.

The following table summarizes other information related to SAR’s during the years ended January 31, 2021, 2020 and 2019:

There were no unrecognized compensation costs of SAR’s granted, but not yet vested, as of January 31, 2021.

The Company may grant PSU’s that vest based on the achievement of various company performance targets and external market conditions. The fair value of the PSU’s awarded during fiscal 2021 and 2020 equaled the stock price on the date of the grant. The fair value of the PSU’s awarded during fiscal 2019 was determined using a Monte Carlo simulation. A Monte Carlo simulation uses assumptions including the risk-free interest rate, expected volatility of the Company’s stock price and expected life of the awards. A different methodology was used to value fiscal 2021 and 2020 grants due to the removal of certain conditions in the grant provisions. The Company makes certain estimates about the number of awards that 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 two to five-year period.

The following table summarizes the Company’s PSU activity for the fiscal year ended January 31, 2021:

	Shares			Weighted- Average Fair Value
Non-vested awards outstanding at beginning of year		742,466		$	24.60
Granted		154,000			25.84
Vested		(113,331	)		28.58
Forfeited		(513,132	)		22.66
Non-vested awards outstanding at end of year		270,003		$	27.32

The weighted-average grant date fair value of PSU’s awarded during the fiscal years ended January 31, 2021, 2020 and 2019 was $25.84, $30.19 and $34.76, per share, respectively. Unrecognized compensation cost related to unvested PSU’s as of January 31, 2021 was $1,808, which is expected to be recognized over a weighted-average period of 2.2 years.

The Company may grant RSU’s that vest based on the achievement of specified service conditions. RSU’s typically vest over a two to five-year period.

The following table summarizes the Company’s RSU activity for the fiscal year ended January 31, 2021:

	Shares			Weighted- Average Fair Value
Non-vested awards outstanding at beginning of year		1,655,341		$	31.03
Granted		903,600			25.31
Vested		(344,177	)		31.11
Forfeited		(105,379	)		29.25
Non-vested awards outstanding at end of year		2,109,385		$	28.65

The weighted-average grant date fair value of RSU’s awarded during the fiscal years ended January 31, 2021, 2020 and 2019 was $25.31, $29.92 and $36.55, per share, respectively. The aggregate grant date fair value of RSU’s vested during the fiscal years ended January 31, 2021, 2020 and 2019 was $31.11, $26.80 and $26.86, respectively. Unrecognized compensation costs related to unvested RSU’s as of January 31, 2021, was $23,346, which is expected to be recognized over a weighted-average period of 1.9 years.