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Share-Based Compensation | 9 Months Ended
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Oct. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | 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 (“RSUs”), performance stock units (“PSUs”) or stock appreciation rights. The fair value of PSUs and RSUs 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 Income, for the three and nine months ended October 31, 2023 and 2022, was as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | October 31, |  |  | October 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Performance Stock Units |  | $ | 1,231 |  |  | $ | 1,280 |  |  | $ | 3,782 |  |  | $ | 3,697 |
Restricted Stock Units |  |  | 6,458 |  |  |  | 6,582 |  |  |  | 19,463 |  |  |  | 18,274 |
Total |  | $ | 7,689 |  |  | $ | 7,862 |  |  | $ | 23,245 |  |  | $ | 21,971 |
Share-based awards granted and the weighted-average fair value of such awards for the nine months ended October 31, 2023 was as follows:
|  | Nine Months Ended |
|  | October 31, 2023 |
|  |  |  |  | Weighted- |
|  | Awards |  |  | Average Fair |
|  | Granted |  |  | Value |
Performance Stock Units |  |  | 160,887 |  |  | $ | 26.96 |
Restricted Stock Units |  |  | 962,116 |  |  | $ | 27.32 |
Total |  |  | 1,123,003 |  |  |  |
During the nine months ended October 31, 2023, 25,000 stock options were exercised, 131,248 PSUs vested and 756,036 RSUs 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 October 31, 2023 was as follows:
|  | October 31, 2023 |
|  | Unrecognized |  |  | Weighted- |
|  | Compensation |  |  | Average |
|  | Cost |  |  | Years |
Performance Stock Units |  | $ | 6,500 |  |  |  | 1.9 |
Restricted Stock Units |  |  | 35,618 |  |  |  | 2.0 |
Total |  | $ | 42,118 |  |  |  |

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