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Share-Based Compensation | 3 Months Ended
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Apr. 30, 2024
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 months ended April 30, 2024 and 2023, was as follows:
|  | Three Months Ended |
|  | April 30, |
|  | 2024 |  |  | 2023 |
Performance Stock Units |  | $ | 1,237 |  |  | $ | 1,320 |
Restricted Stock Units |  |  | 6,362 |  |  |  | 6,415 |
Total |  | $ | 7,599 |  |  | $ | 7,735 |
Share-based awards granted and the weighted-average fair value of such awards for the three months ended April 30, 2024 was as follows:
|  | April 30, 2024 |
|  |  |  |  | Weighted- |
|  | Awards |  |  | Average Fair |
|  | Granted |  |  | Value |
Performance Stock Units |  |  | 107,345 |  |  | $ | 41.92 |
Restricted Stock Units |  |  | 625,615 |  |  | $ | 41.92 |
Total |  |  | 732,960 |  |  |  |
During the three months ended April 30, 2024, 40,000 stock options were exercised, 157,082 PSUs vested and 746,435 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 April 30, 2024 was as follows:
|  | April 30, 2024 |
|  | Unrecognized |  |  | Weighted- |
|  | Compensation |  |  | Average |
|  | Cost |  |  | Years |
Performance Stock Units |  | $ | 8,533 |  |  |  | 2.3 |
Restricted Stock Units |  |  | 48,067 |  |  |  | 2.3 |
Total |  | $ | 56,600 |  |  |  |

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