Stock-Based Compensation (Tables)

9 Months Ended

Oct. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Activity under Company's Stock Option Plans

A summary of activity under the Company’s stock option plans for the nine months ended October 31, 2014 is presented below:


Options	Shares			Weighted Average Exercise Price		Weighted Average Remaining Term (Years)		Weighted Average Fair Value
Outstanding, January 31, 2014		916,150		$	17.36		6.04	$	5.58
Granted		220,500		$	28.84
Exercised		(243,300	)	$	15.96

Outstanding, October 31, 2014		893,350		$	20.57		6.52	$	5.87

Exercisable, October 31, 2014		597,850		$	16.73		5.77	$	5.58

Exercisable, January 31, 2014		613,150		$	15.40		5.09	$	6.15

Summary of Change in Number of Non-Vested Options to Purchase Shares of Common Stock

A summary of the change in the number of non-vested options to purchase shares of common stock for the nine months ended October 31, 2014 is presented below:


	Shares			Weighted Average Fair Value
Nonvested, January 31, 2014		303,000		$	4.40
Granted		220,500		$	6.60
Vested		(228,000	)	$	3.85

Nonvested, October 31, 2014		295,500		$	6.47

Summary of Assumptions Used to Estimate Fair Value of Stock Options Granted

The fair value of each stock option granted in the nine-month period ended October 31, 2014 was estimated on the corresponding date of award using the Black-Scholes option-pricing model based on the following weighted average assumptions.


		Nine Months Ended October 31, 2014
Dividend yield		2.61%
Expected volatility		33.49%
Risk-free interest rate		1.20%
Expected life in years		4.67