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STOCK-BASED COMPENSATION | 12 Months Ended
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Jan. 31, 2016
STOCK-BASED COMPENSATION |
STOCK-BASED COMPENSATION | NOTE 16 — 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 January 31, 2016, there were 1,773,900 shares of the Company’s common stock reserved for issuance under the Company’s stock option plans, including approximately 710,000 shares of the Company’s common stock available for future awards under the Stock Plan. The Company’s board of directors may make awards under the Stock Plan to officers, directors and key employees. Awards may include incentive stock options (“ISOs”) or nonqualified stock options (“NSOs”), and restricted or unrestricted stock. ISOs granted under the Stock Plan shall have an exercise price per share at least equal to the common stock’s market value per share at the date of grant, shall have a term no longer than ten years, and typically become fully exercisable one year from the date of grant. NSOs may be granted at an exercise price per share that differs from the common stock’s market value per share at the date of grant, may have up to a ten-year term, and typically become exercisable one year from the date of award. Summaries of activity under the Company’s stock option plans for the years ended January 31, 2016, 2015 and 2014 are presented below:
|  | Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Term (years) |  | Weighted Average Fair Value |
Outstanding, February 1, 2013 |  | 926,224 |  | $ | 14.34 |  | 5.39 |  | $ | 5.93 |
Granted |  | 303,000 |  | $ | 21.32 |  |  |  |  |
Exercised |  | (309,074 | ) | $ | 12.20 |  |  |  |  |
Forfeited |  | (4,000 | ) | $ | 17.33 |  |  |  |  |
Outstanding, January 31, 2014 |  | 916,150 |  | $ | 17.36 |  | 6.04 |  | $ | 5.58 |
Granted |  | 305,500 |  | $ | 21.09 |  |  |  |  |
Exercised |  | (345,300 | ) | $ | 15.61 |  |  |  |  |
Forfeited |  | — |  | — |  |  |  |  |
Outstanding, January 31, 2015 |  | 876,350 |  | $ | 22.34 |  | 7.08 |  | $ | 6.01 |
Granted |  | 300,000 |  | $ | 34.70 |  |  |  |  |
Exercised |  | (106,450 | ) | $ | 17.10 |  |  |  |  |
Forfeited |  | (6,000 | ) | $ | 17.33 |  |  |  |  |
Outstanding, January 31, 2016 |  | 1,063,900 |  | $ | 26.38 |  | 6.36 |  | $ | 6.91 |
Exercisable, January 31, 2016 |  | 763,900 |  | $ | 23.11 |  | 6.41 |  | $ | 6.10 |
The total intrinsic values for the stock options exercised during the years ended January 31, 2016, 2015 and 2014 were $2,067,000, $5,708,000 and $3,158,000, respectively. At January 31, 2016, the aggregate intrinsic value amounts for outstanding stock options and exercisable stock options were $3,981,000 and $5,354,000, respectively. A summary of the changes in the number of shares of common stock subject to non-vested options to purchase such shares for the years ended January 31, 2016, 2015 and 2014 is presented below:
|  | Shares |  | Weighted Average Fair Value |
Non-vested, February 1, 2013 |  | 388,500 |  | $ | 5.67 |
Granted |  | 303,000 |  | $ | 4.40 |
Vested |  | (384,500 | ) | $ | 5.67 |
Forfeited (non-vested) |  | (4,000 | ) | $ | 5.71 |
Non-vested, January 31, 2014 |  | 303,000 |  | $ | 4.40 |
Granted |  | 305,500 |  | $ | 7.14 |
Vested |  | (303,000 | ) | $ | 4.40 |
Forfeited (non-vested) |  | — |  | — |
Non-vested, January 31, 2015 |  | 305,500 |  | $ | 7.14 |
Granted |  | 300,000 |  | $ | 8.97 |
Vested |  | (305,500 | ) | $ | 7.23 |
Forfeited (non-vested) |  | — |  | — |
Non-vested, January 31, 2016 |  | 300,000 |  | $ | 8.97 |
Compensation expense amounts recorded in the years ended January 31, 2016, 2015 and 2014 related to stock options were $2,374,000, $2,017,000 and $1,536,000, respectively. Net of the effects associated with stock options exercised during the corresponding year, the amounts of income tax benefit or expense related to stock option compensation amounts for the years ended January 31, 2016, 2015 and 2014 were not material. At January 31, 2016, there was $1,370,000 in unrecognized compensation cost related to stock options granted under the Stock Plan. The end of the period over which the compensation expense for these awards is expected to be recognized is December 2016. The Company estimates the weighted average fair value of stock options on the date of award using a Black-Scholes option pricing model, which was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. Current guidance provided by the SEC permits the use of a “simplified method” in developing the estimates of the expected terms of “plain-vanilla’’ share options under certain circumstances, including situations where a company having historical stock option exercise experience that is insufficient to provide a reasonable basis upon which to estimate expected terms. The Company utilizes the simplified method to estimate the expected terms of stock options. The risk-free interest rates and expected volatility factors used in the determinations of the fair value of stock options awarded during the year ended January 31, 2016 ranged from 1.0% to 1.7% and from 33.9% to 35.3%, respectively. For stock options awarded during the year ended January 31, 2015, the comparable ranges were 0.1% to 1.6% and from 29.9% to 34.4%, respectively. For stock options awarded during the year ended January 31, 2014, the comparable ranges were 0.7% to 1.5% and 32.3% to 34.3%, respectively. The calculations of the expected volatility factors were based on the monthly closing prices of the Company’s common stock for the five-year periods preceding the dates of the corresponding awards. The fair value amounts per share of options to purchase shares of the Company’s common stock awarded during the fiscal years ended January 31, 2016, 2015 and 2014 were determined at the dates of grant using the following weighted-average assumptions:
|  | 2016 |  | 2015 |  | 2014 |
Risk-free interest rate |  | 1.3% |  | 1.3% |  | 1.3% |
Expected volatility |  | 34.8% |  | 33.7% |  | 32.7% |
Expected life |  | 4.9 years |  | 4.9 years |  | 4.7 years |
Dividend yield |  | 2.0% |  | 3.5% |  | 3.4% |
The Company also has 401(k) savings plans pursuant to which the Company makes discretionary contributions for the eligible and participating employees. The Company’s expense amounts related to these defined contribution plans were approximately $1,462,000, $1,069,000, and $677,000 for the years ended January 31, 2016, 2015 and 2014, respectively.

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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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