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Share-Based Compensation | 12 Months Ended
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Jan. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Share-Based Compensation | 11. 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, 2022, there were 6,862,703 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, 2022, there were 5,464,830 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, 2022, 2021 and 2020 was as follows:
|  | Fiscal Year Ended January 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Stock Options |  | $ | — |  |  | $ | 471 |  |  | $ | 1,737 |
Performance Stock Units (1) |  |  | 4,067 |  |  |  | 181 |  |  |  | 3,483 |
Restricted Stock Units |  |  | 21,674 |  |  |  | 19,648 |  |  |  | 15,889 |
Total |  | $ | 25,741 |  |  | $ | 20,300 |  |  | $ | 21,109 |
(1) | Includes: (i) the reversal of $1,017 of previously recognized compensation expense in fiscal 2021, related to 87,997 PSU’s that were not projected to vest as the achievement of the related performance target was deemed not probable, of which $364 related to 41,332 PSU’s was subsequently recognized in fiscal 2022 due to the Company’s better than projected performance that resulted in the performance target being achieved; and (ii) the reversal of $803 of previously recognized compensation expense in fiscal 2020, related to 54,356 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, 2022, 2021 and 2020 was $6,311, $4,899 and $5,230, respectively. The tax benefit realized from share-based compensation for the fiscal years ended January 31, 2022, 2021 and 2020 was $5,573, $2,528 and $4,425, respectively. Stock Options 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, 2022 and 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 year ended January 31, 2020. 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, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Expected life, in years |  |  | — |  |  |  | — |  |  |  | 5.3 |
Risk-free interest rate |  |  | — |  |  |  | — |  |  |  | 1.9 | %
Volatility |  |  | — |  |  |  | — |  |  |  | 37.6 | %
Dividend rate |  |  | — |  |  |  | — |  |  |  | — |
The following table summarizes the Company’s stock option activity for the fiscal year ended January 31, 2022:
|  | Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Contractual Terms (years) |  |  | Aggregate Intrinsic Value |
Awards outstanding at beginning of year |  |  | 515,000 |  |  | $ | 31.45 |  |  |  | 3.0 |  |  | $ | 1,249 |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Exercised |  |  | (120,000 | ) |  |  | 27.42 |  |  |  |  |  |  |  |  |
Forfeited or Expired |  |  | (40,000 | ) |  |  | 46.42 |  |  |  |  |  |  |  |  |
Awards outstanding at end of year |  |  | 355,000 |  |  |  | 31.12 |  |  |  | 2.5 |  |  | $ | 1,126 |
Awards outstanding fully vested and expected to vest |  |  | 355,000 |  |  |  | 31.12 |  |  |  | 2.5 |  |  | $ | 1,126 |
Awards exercisable at end of year |  |  | 355,000 |  |  | $ | 31.12 |  |  |  | 2.5 |  |  | $ | 1,126 |
The following table summarizes other information related to stock options during the years ended January 31, 2022, 2021 and 2020:
|  | Fiscal Year Ended January 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Weighted-average grant date fair value—per share |  | $ | — |  |  | $ | — |  |  | $ | 8.67 |
Intrinsic value of awards exercised |  | $ | 1,156 |  |  | $ | 187 |  |  | $ | 307 |
Net cash proceeds from the exercise of stock options |  | $ | 3,290 |  |  | $ | 495 |  |  | $ | 974 |
There were no unrecognized compensation costs of stock options granted, but not yet vested, as of January 31, 2022. Performance Stock Units 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 2022, 2021 and 2020 equaled the stock price on the date of the grant. 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, 2022:
|  | Shares |  |  | Weighted- Average Fair Value |
Non-vested awards outstanding at beginning of year |  |  | 270,003 |  |  | $ | 27.32 |
Granted |  |  | 213,750 |  |  |  | 38.15 |
Vested |  |  | (70,001 | ) |  |  | 26.54 |
Forfeited |  |  | (29,999 | ) |  |  | 30.19 |
Non-vested awards outstanding at end of year |  |  | 383,753 |  |  | $ | 33.27 |
The weighted-average grant date fair value of PSU’s awarded during the fiscal years ended January 31, 2022, 2021 and 2020 was $38.15, $25.84 and $30.19, per share, respectively. Unrecognized compensation cost related to unvested PSU’s as of January 31, 2022 was $6,671, which is expected to be recognized over a weighted-average period of 2.2 years. Restricted Stock Units The Company may grant RSU’s that vest based on the achievement of specified service conditions. The fair value of the RSU’s awarded during fiscal 2022, 2021 and 2020 equaled the stock price on the date of the grant. 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, 2022:
|  | Shares |  |  | Weighted- Average Fair Value |
Non-vested awards outstanding at beginning of year |  |  | 2,109,385 |  |  | $ | 28.65 |
Granted |  |  | 1,075,250 |  |  |  | 37.30 |
Vested |  |  | (613,299 | ) |  |  | 29.66 |
Forfeited |  |  | (284,748 | ) |  |  | 30.41 |
Non-vested awards outstanding at end of year |  |  | 2,286,588 |  |  | $ | 32.37 |
The weighted-average grant date fair value of RSU’s awarded during the fiscal years ended January 31, 2022, 2021 and 2020 was $37.30, $25.31 and $29.92, per share, respectively. The aggregate grant date fair value of RSU’s vested during the fiscal years ended January 31, 2022, 2021 and 2020 was $29.66, $31.11 and $26.80, respectively. Unrecognized compensation costs related to unvested RSU’s as of January 31, 2022, was $33,444, which is expected to be recognized over a weighted-average period of 2.1 years.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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