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STOCK-BASED COMPENSATION | 9 Months Ended
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Oct. 31, 2015
STOCK-BASED COMPENSATION |
STOCK-BASED COMPENSATION | NOTE 13 — STOCK-BASED COMPENSATION At the Company’s annual meeting held on June 24, 2015, the stockholders approved an amendment to the Company’s 2011 Stock Plan (the “Stock Plan”) in order to increase the total number of shares of common stock reserved for issuance thereunder by 750,000 shares. As a result, at October 31, 2015, there were 1,756,900 shares of the Company’s common stock reserved for issuance under the Company’s stock option plans, including approximately 743,000 shares of the Company’s common stock available for future awards under the Stock Plan. Summaries of activity under the Company’s stock option plans for the nine months ended October 31, 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 |  | 240,000 |  | $ | 35.76 |  |  |  |  |
Exercised |  | (96,450 | ) | $ | 17.31 |  |  |  |  |
Forfeited |  | (6,000 | ) | $ | 17.33 |  |  |  |  |
Outstanding, October 31, 2015 |  | 1,013,900 |  | $ | 26.03 |  | 6.98 |  | $ | 6.82 |
Exercisable, October 31, 2015 |  | 668,900 |  | $ | 21.92 |  | 6.34 |  | $ | 5.81 |
|  | 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 |  | 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 |
Summaries of the changes in the number of non-vested options to purchase shares of common stock for the nine months ended October 31, 2015 and 2014 are presented below:
|  | Shares |  | Weighted Average Fair Value |
Nonvested, February 1, 2015 |  | 305,500 |  | $ | 7.14 |
Granted |  | 240,000 |  | $ | 9.13 |
Vested |  | (220,500 | ) | $ | 6.60 |
Nonvested, October 31, 2015 |  | 325,000 |  | $ | 8.97 |
|  | Shares |  | Weighted Average Fair Value |
Nonvested, February 1, 2014 |  | 303,000 |  | $ | 4.40 |
Granted |  | 220,500 |  | $ | 6.60 |
Vested |  | (228,000 | ) | $ | 3.85 |
Nonvested, October 31, 2014 |  | 295,500 |  | $ | 6.47 |
Compensation expense amounts related to stock options were $651,000 and $521,000 for the three months ended October 31, 2015 and 2014, respectively, and were $1,708,000 and $1,489,000 for the nine months ended October 31, 2015 and 2014, respectively. At October 31, 2015, there was $1,536,000 in unrecognized compensation cost related to outstanding stock options. The Company expects to recognize the compensation expense for these awards within the next year. The total intrinsic values of the stock options exercised during the nine months ended October 31, 2015 and 2014 were $1,901,000 and $3,897,000, respectively. At October 31, 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 $11,076,000 and $10,355,000, respectively. The fair value of each stock option granted in the nine-month periods ended October 31, 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.
|  | Nine Months Ended October 31, |
|  | 2015 |  | 2014 |
Dividend yield |  | 1.97 | % | 2.61 | %
Expected volatility |  | 34.72 | % | 33.49 | %
Risk-free interest rate |  | 1.26 | % | 1.20 | %
Expected life in years |  | 4.69 |  | 4.67 |

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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 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: 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=51659978&loc=d3e25284-112666 Reference 3: 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 4: 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 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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