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STOCK-BASED COMPENSATION | 6 Months Ended
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Jul. 31, 2024
STOCK-BASED COMPENSATION |
STOCK-BASED COMPENSATION | NOTE 10 – STOCK-BASED COMPENSATION In June 2020, the Company’s stockholders approved the adoption of the 2020 Stock Plan (the “2020 Plan”). The 2020 Plan replaced 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.” As of July 31, 2024, there were 1,540,667 shares of common stock reserved for issuance under the Stock Plans, which includes 488,799 shares of common stock available for future awards under the 2020 Plan. Expense amounts related to stock awards were $1.0 million and $1.2 million for the three months ended July 31, 2024 and 2023, respectively. Expense amounts related to stock awards were $2.2 million and $2.2 million for the six months ended July 31, 2024 and 2023, respectively. At July 31, 2024, there was $6.8 million in unrecognized compensation cost related to outstanding stock awards that the Company expects to expense over the next three years. Stock Options A summary of stock option activity under the Stock Plans for the six months ended July 31, 2024 is presented below (shares in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Weighted- | ​ | Weighted-
​ | ​ | ​ | ​ | Weighted- | ​ | Average | ​ | Average
​ | ​ | ​ | ​ | Average Exercise | ​ | Remaining | ​ | Grant-Date
​ | ​ | ​ | ​ | Price | ​ | Contractual | ​ | Fair Value
​ |  | Shares |  | Per Share |  | Term (years) |  | Per Share
Outstanding, February 1, 2024 |  | 1,365 | ​ | $ | 44.95 |  | 4.67 | ​ | $ | 10.43
Granted | ​ | 6 | ​ | $ | 61.22 | ​ | ​ | ​ | ​ | ​
Exercised | ​ | (627) | ​ | $ | 41.56 | ​ | ​ | ​ | ​ | ​
Forfeited | ​ | (4) | ​ | $ | 60.07 | ​ | ​ | ​ | ​ | ​
Outstanding, July 31, 2024 | ​ | 740 | ​ | $ | 47.87 |  | 4.81 | ​ | $ | 10.93
Exercisable, July 31, 2024 |  | 669 | ​ | $ | 48.72 | ​ | 4.43 | ​ | $ | 11.24
Vested or expected to vest, July 31, 2024 |  | 740 | ​ | $ | 47.87 |  | 4.81 | ​ | $ | 10.93
​ The changes in the number of non-vested options to purchase shares of common stock for the six months ended July 31, 2024 is presented below (shares in thousands): ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | Weighted-
​ | ​ | ​ | ​ | Average
​ | ​ | ​ | ​ | Grant-Date
​ | ​ | ​ | ​ | Fair Value
​ | ​ | Shares |  | Per Share
Non-vested, February 1, 2024 |  | 92 | ​ | $ | 7.85
Granted |  | 6 | ​ | $ | 13.89
Vested |  | (27) | ​ | $ | 8.63
Non-vested, July 31, 2024 |  | 71 | ​ | $ | 8.06
​ The total intrinsic value amounts related to the stock options exercised during the six months ended July 31, 2024 and 2023 were $17.1 million and $0.9 million, respectively. As of July 31, 2024, the aggregate market value of the underlying common stock outstanding and exercisable stock options that were “in-the-money” exceeded their aggregate exercise prices by $23.0 million and $20.2 million, respectively. Restricted Stock Units The Company awards total stock return performance-based restricted stock units (“PRSUs”), earnings per share performance-based restricted stock units (“EPRSUs”), renewable energy performance-based restricted stock units (“RRSUs”), and time-based restricted stock units (“TRSUs”) to senior executives, certain other key employees and members of the Company’s board of directors. 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 six months ended July 31, 2024, the Company awarded PRSUs covering a target of 5,000 shares of common stock. EPRSUs covering a target of 10,000 shares of common stock, RRSUs covering a target of 5,000 shares of common stock, TRSUs covering 39,050 shares of common stock, and 2,738 shares based on the amount of cash dividends deemed paid on shares were earned pursuant to the awards during the period. The number of shares of common stock to be issued under certain awards may exceed the number of target shares if certain performance goals are exceeded. The changes in the maximum number of shares of common stock issuable pursuant to outstanding restricted stock units for the six months ended July 31, 2024, are presented below (shares in thousands):
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted-
​ | ​ | ​ | ​ | Average
​ | ​ | ​ | ​ | Grant-Date
​ | ​ | ​ | ​ | Fair Value
​ | ​ | Shares | ​ | Per Share
Outstanding, February 1, 2024 |  | 348 | ​ | $ | 30.21
Granted |  | 77 | ​ | $ | 42.07
Issued | ​ | (51) | ​ | $ | 42.14
Forfeited | ​ | (62) | ​ | $ | 26.13
Outstanding, July 31, 2024 |  | 312 | ​ | $ | 31.96
​

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