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Stock-Based Compensation | 3 Months Ended
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Apr. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Compensation | NOTE 10 – STOCK-BASED COMPENSATION At April 30, 2015, there were 1,065,600 shares of the Company’s common stock reserved for issuance under the two plans, including approximately 133,000 shares of the Company’s common stock available for awards under the Stock Plan. Summaries of activity under the Company’s stock option plans for the three months ended April 30, 2015 and 2014 are presented below:
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Term (years) |  |  | Weighted Average Fair Value |
Outstanding, February 1, 2015 |  |  | 876,350 |  |  | $ | 22.34 |  |  |  | 7.08 |  |  | $ | 6.01 |
Granted |  |  | 100,000 |  |  | $ | 32.68 |  |  |  |  |  |  |  |  |
Exercised |  |  | (37,750 | ) |  | $ | 11.48 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (6,000 | ) |  | $ | 17.33 |  |  |  |  |  |  |  |  |
Outstanding, April 30, 2015 |  |  | 932,600 |  |  | $ | 23.92 |  |  |  | 7.32 |  |  | $ | 6.38 |
Exercisable, April 30, 2015 |  |  | 707,600 |  |  | $ | 21.01 |  |  |  | 6.82 |  |  | $ | 5.72 |
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Term (years) |  |  | Weighted Average Fair Value |
Outstanding, February 1, 2014 |  |  | 916,150 |  |  | $ | 17.36 |  |  |  | 6.04 |  |  | $ | 5.58 |
Granted |  |  | 180,500 |  |  | $ | 27.09 |  |  |  |  |  |  |  |  |
Exercised |  |  | (83,500 | ) |  | $ | 13.50 |  |  |  |  |  |  |  |  |
Forfeited |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Outstanding, April 30, 2014 |  |  | 1,013,150 |  |  | $ | 19.41 |  |  |  | 6.76 |  |  | $ | 5.65 |
Exercisable, April 30, 2014 |  |  | 600,650 |  |  | $ | 15.75 |  |  |  | 5.98 |  |  | $ | 5.81 |
A summary of the change in the number of non-vested options to purchase shares of common stock for the three months ended April 30, 2015 and 2014 is presented below:
|  | Shares |  |  | Weighted Average Fair Value |
Nonvested, February 1, 2015 |  |  | 305,500 |  |  | $ | 7.14 |
Granted |  |  | 100,000 |  |  | $ | 8.55 |
Vested |  |  | (180,500 | ) |  | $ | 6.28 |
Nonvested, April 30, 2015 |  |  | 225,000 |  |  | $ | 8.45 |
|  | Shares |  |  | Weighted Average Fair Value |
Nonvested, February 1, 2014 |  |  | 303,000 |  |  | $ | 4.40 |
Granted |  |  | 180,500 |  |  | $ | 6.28 |
Vested |  |  | (71,000 | ) |  | $ | 3.27 |
Nonvested, April 30, 2014 |  |  | 412,500 |  |  | $ | 5.42 |
Compensation expense amounts related to stock options were $520,000 and $343,000 for the three months ended April 30, 2015 and 2014, respectively. At April 30, 2015, there was $1,388,000 in unrecognized compensation cost related to outstanding stock options. The Company expects to recognize the compensation expense for these awards within the next 12 months. The total intrinsic values of the stock options exercised during the three months ended April 30, 2015 and 2014 were $830,000 and $1,156,000, respectively. At April 30, 2015, the aggregate market values of the shares of common stock subject to outstanding and exercisable stock options exceeded the aggregate exercise prices of such options by approximately $7,823,000 and $7,995,000, respectively. The fair value of each stock option granted in the three-month periods ended April 30, 2015 and 2014 was estimated on the corresponding date of award using the Black-Scholes option-pricing model based on the following weighted average assumptions.
|  | Three Months Ended April 30, 2015 |  |  | Three Months Ended April 30, 2014 |
Dividend yield |  |  | 2.14 | % |  |  | 2.77 | %
Expected volatility |  |  | 34.63 | % |  |  | 33.83 | %
Risk-free interest rate |  |  | 1.40 | % |  |  | 1.26 | %
Expected life in years |  |  | 5.13 |  |  |  | 4.81 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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