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STOCK-BASED COMPENSATION | 3 Months Ended
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Apr. 30, 2022
STOCK-BASED COMPENSATION |
STOCK-BASED COMPENSATION | NOTE 9 – STOCK-BASED COMPENSATION On June 23, 2020, the Company’s stockholders approved the adoption of the 2020 Stock Plan (the “2020 Plan”), and the allocation of 500,000 shares of the Company’s common stock for issuance thereunder. The Company’s board of directors may make share-based awards under the 2020 Plan to officers, directors and key employees. The 2020 Plan replaces the 2011 Stock Plan (the “2011 Plan”); the Company’s authority to make awards pursuant to the 2011 Plan expired on July 19, 2021. Together, the 2020 Plan and the 2011 Plan are hereinafter referred to as the “Stock Plans.” The features of the 2020 Plan are similar to those included in the 2011 Plan. Awards may include nonqualified stock options, incentive stock options, and restricted or unrestricted stock. The specific provisions for awards are documented in a written agreement between the Company and the awardee. All stock options awarded under the Stock Plans have exercise prices per share at least equal to the common stock’s market value on the date of grant. Stock options have terms no longer than ten years. Typically, stock options are awarded with one-third of each stock option vesting on each of the first three anniversaries of the corresponding award date. As of April 30, 2022, there were 1,970,801 shares of common stock reserved for issuance under the Stock Plans; this number includes 254,646 shares of common stock available for future awards under the 2020 Plan. Stock Options A summary of stock option activity under the Stock Plans for the three months ended April 30, 2022, along with corresponding weighted average per share amounts, is presented below (shares in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Exercise | ​ | Remaining | ​ | ​
​ |  | Shares |  | Price |  | Term (years) |  | Fair Value
Outstanding, February 1, 2022 |  | 1,405 | ​ | $ | 44.35 |  | 6.17 | ​ | $ | 10.31
Granted | ​ | 38 | ​ | $ | 36.78 | ​ | ​ | ​ | ​ | ​
Exercised | ​ | (2) | ​ | $ | 32.68 | ​ | ​ | ​ | ​ | ​
Forfeited | ​ | (3) | ​ | $ | 63.76 | ​ | ​ | ​ | ​ | ​
Outstanding, April 30, 2022 | ​ | 1,438 | ​ | $ | 44.12 |  | 6.04 | ​ | $ | 10.21
Exercisable, April 30, 2022 |  | 1,199 | ​ | $ | 44.87 | ​ | 5.52 | ​ | $ | 10.76
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding, April 30, 2021 | ​ | 1,408 | ​ | $ | 44.50 |  | 6.77 | ​ | $ | 10.44
Exercisable, April 30, 2021 |  | 1,029 | ​ | $ | 45.47 |  | 6.01 | ​ | $ | 11.24
​ The changes in the number of non-vested options to purchase shares of common stock for the three months ended April 30, 2022, and the weighted average fair value per share for each number, are presented below (shares in thousands):
​ | ​ | ​ | ​ | ​ | ​
​ |  | Shares |  | Fair Value
Non-vested, February 1, 2022 |  | 295 | ​ | $ | 7.80
Granted |  | 38 | ​ | $ | 6.68
Vested |  | (94) | ​ | $ | 8.24
Non-vested, April 30, 2022 |  | 239 | ​ | $ | 7.45
​ | ​ | ​ | ​ | ​ | ​
Non-vested, April 30, 2021 |  | 379 | ​ | $ | 8.25
​ The total intrinsic value amounts of the stock options exercised during the three months ended April 30, 2022 and 2021 were not significant. At April 30, 2022, the aggregate market value amounts of the shares of common stock subject to outstanding and exercisable stock options that were “in-the-money” exceeded the aggregate exercise prices of such options by $2.0 million and $1.9 million, respectively. Restricted Stock Units The Company awards restricted stock units to senior executives, members of the Company’s board of directors and certain other employees. Awardees earn the right to receive shares of common stock as certain performance goals are achieved and/or service periods are satisfied. Each restricted stock unit expires on the three-year anniversary of the award. During the three months ended April 30, 2022, the Company awarded 47,000 performance-based restricted stock units, 7,500 renewable performance-based restricted stock units and 57,500 time-based restricted stock units. During the three months ended April 30, 2021, the Company awarded 49,000 performance-based restricted stock units, 10,000 renewable performance-based restricted stock units and 49,500 time-based restricted stock units. The changes in the maximum number of restricted stock units for the three months ended April 30, 2022, and the weighted average fair value per share for each number, are presented below (shares in thousands):
​ | ​ | ​ | ​ | ​ | ​
​ |  | Shares |  | Fair Value
Outstanding, February 1, 2022 |  | 222 | ​ | $ | 31.48
Awarded |  | 115 | ​ | $ | 27.23
Issued | ​ | (37) | ​ | $ | 38.51
Forfeited | ​ | (22) | ​ | $ | 40.85
Outstanding, April 30, 2022 |  | 278 | ​ | $ | 29.38
​ | ​ | ​ | ​ | ​ | ​
Outstanding, April 30, 2021 |  | 190 | ​ | $ | 29.73
​ | ​ | ​ | ​ | ​ | ​
Fair Value The fair value amounts of stock options and restricted stock units are recorded as stock compensation expense over the terms of the corresponding awards. Expense amounts related to stock awards were $0.9 million and $0.7 million for the three months ended April 30, 2022 and 2021, respectively. At April 30, 2022, there was $8.4 million in unrecognized compensation cost related to outstanding stock awards that the Company expects to expense over the next three years. The Company estimates the weighted average fair value of stock options on the date of award using a Black-Scholes option pricing model. The Company believes that its past stock option exercise activity is sufficient to provide it with a reasonable basis upon which to estimate the expected life of newly awarded stock options. Risk-free interest rates are determined by blending the rates for three-to-five year U.S. Treasury notes. The dividend yield is based on the Company’s current annual regular dividend amount. The calculations of the expected volatility factors are 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 for the performance-based restricted stock units have been determined by using the per share market price of the Company’s common stock on the dates of award and the target number of shares for the awards (50% of the maximum number), by assigning equal probabilities to the thirteen possible payout outcomes at the end of each three-year term, and by computing the weighted average of the outcome amounts. For each award, the estimated fair value amount was calculated to be 88.5% of the aggregate market value of the target number of shares on the award date. For the renewable performance-based restricted stock units, the fair value of each award was determined to be 50% of the aggregate market value of the shares of common stock covered by the award on the date of the award. For the time-based restricted stock units, the fair value of each award equals the aggregate market price for the number of shares covered by each award on the date of award.

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