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STOCK-BASED COMPENSATION
 6 Months Ended
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