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STOCK-BASED COMPENSATION | 6 Months Ended
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Jul. 31, 2016
STOCK-BASED COMPENSATION |
STOCK-BASED COMPENSATION | NOTE 12 — STOCK-BASED COMPENSATION As of July 31, 2016, there were approximately 1.6 million shares of the Company’s common stock reserved for issuance under the Company’s stock option plans, including approximately 0.6 million 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 six months ended July 31, 2016 and 2015, along with the corresponding weighted average per share amounts, are presented below (shares in thousands):
|  | Shares |  | Exercise Price |  | Remaining Term (years) |  | Fair Value |
Outstanding, February 1, 2016 |  | 1,064 |  | $ | 26.38 |  | 6.36 |  | $ | 6.91 |
Granted |  | 105 |  | $ | 36.09 |  |  |  |  |
Exercised |  | (195 | ) | $ | 21.59 |  |  |  |  |
Outstanding, July 31, 2016 |  | 974 |  | $ | 28.39 |  | 7.03 |  | $ | 7.51 |
Exercisable, July 31, 2016 |  | 704 |  | $ | 25.55 |  | 6.55 |  | $ | 6.85 |
|  | Shares |  | Exercise Price |  | Remaining Term (years) |  | Fair Value |
Outstanding, February 1, 2015 |  | 876 |  | $ | 22.34 |  | 7.08 |  | $ | 6.01 |
Granted |  | 135 |  | $ | 33.62 |  |  |  |  |
Exercised |  | (59 | ) | $ | 16.82 |  |  |  |  |
Forfeited |  | (6 | ) | $ | 17.33 |  |  |  |  |
Outstanding, July 31, 2015 |  | 946 |  | $ | 24.33 |  | 7.20 |  | $ | 6.53 |
Exercisable, July 31, 2015 |  | 686 |  | $ | 20.85 |  | 6.60 |  | $ | 5.71 |
The changes in the number of non-vested options to purchase shares of common stock for the six months ended July 31, 2016 and 2015, and the weighted average fair value per share for each number, are presented below (shares in thousands):
|  | Shares |  | Fair Value |
Nonvested, February 1, 2016 |  | 300 |  | $ | 8.97 |
Granted |  | 105 |  | $ | 9.66 |
Vested |  | (135 | ) | $ | 8.99 |
Nonvested, July 31, 2016 |  | 270 |  | $ | 9.22 |
|  | Shares |  | Fair Value |
Nonvested, February 1, 2015 |  | 306 |  | $ | 7.14 |
Granted |  | 135 |  | $ | 8.99 |
Vested |  | (181 | ) | $ | 6.28 |
Nonvested, July 31, 2015 |  | 260 |  | $ | 8.70 |
Compensation expense amounts related to stock options were $0.6 million and $0.5 million for the three months ended July 31, 2016 and 2015, respectively, and were $1.3 million and $1.1 million for the six months ended July 31, 2016 and 2015, respectively. At July 31, 2016, there was $1.1 million in unrecognized compensation cost related to outstanding stock options. The Company expects to recognize the compensation expense for these awards within the next twelve months. The total intrinsic values of the stock options exercised during the six months ended July 31, 2016 and 2015 were $3.9 million and $1.1 million, respectively. At July 31, 2016, 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 $17.3 million and $14.5 million, respectively. The fair value of each stock option granted in the six-month periods ended July 31, 2016 and 2015 was estimated on the corresponding date of award using the Black-Scholes option-pricing model based on the following weighted average assumptions:
|  | Six Months Ended July 31, |
|  | 2016 |  | 2015 |
Dividend yield |  | 1.96 | % | 2.09 | %
Expected volatility |  | 33.85 | % | 34.80 | %
Risk-free interest rate |  | 1.36 | % | 1.43 | %
Expected life (in years) |  | 5.50 |  | 5.22 |

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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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