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Stock-Based Compensation | 12 Months Ended
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Oct. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Compensation | NOTE 11 — STOCK-BASED COMPENSATION Stock-based compensation is accounted for in accordance with ASC 718, “Compensation – Stock Compensation,” which requires companies to estimate the fair value of share-based awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as an expense in the Company’s consolidated statements of income over the requisite service periods. The Company uses the straight-line single option method of expensing stock options to recognize compensation expense in its consolidated statements of income for all share-based awards. Because share-based compensation expense is based on awards that are ultimately expected to vest, share-based compensation expense is reduced to account for estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. No stock options were granted in 2014, 2013 or 2012. For any options granted in the future, compensation expense will be based on the grant date fair value estimated in accordance with the provisions of ASC 718. In 2001, the Company adopted the 2001 Management Equity Incentive and Compensation Plan (the “2001 Plan”). The provisions of the 2001 Plan allow the awarding of incentive and nonqualified stock options and restricted and performance shares of Class A Common Stock to key employees. The maximum number of shares that may be issued each year is determined by a formula that takes into consideration the total number of shares outstanding and is also subject to certain limits. In addition, the maximum number of incentive stock options that will be issued under the 2001 Plan during its term is 5,000,000 shares. Under the terms of the 2001 Plan, stock options may be granted at exercise prices equal to the market value of the common stock on the date options are granted and become fully vested two years after date of grant. Options expire 10 years after date of grant. In 2005, the Company adopted the 2005 Outside Directors Equity Award Plan (the “2005 Directors Plan”), which provides for the granting of stock options, restricted stock or stock appreciation rights to directors who are not employees of the Company. Prior to 2005, the Directors Stock Option Plan (the “Directors Plan”) provided for the granting of stock options to directors who are not employees of the Company. The aggregate number of the Company’s Class A Common Stock options, and in the case of the 2005 Directors Plan, restricted stock, that may be granted may not exceed 200,000 shares under each of these plans. Under the terms of both plans, options are granted at exercise prices equal to the market value of the common stock on the date options are granted and become exercisable immediately. Options expire 10 years after date of grant. Stock option activity for the years ended October 31 was as follows (Shares in thousands):
|  | 2014 |  |  | 2013 |  |  | 2012 |
|  | Shares |  |  | Weighted Average Exercise price |  |  | Shares |  |  | Weighted Average Exercise price |  |  | Shares |  |  | Weighted Average Exercise price |
Beginning balance |  |  | 79 |  |  | $ | 25.30 |  |  |  | 181 |  |  | $ | 19.45 |  |  |  | 342 |  |  | $ | 16.61 |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | 19.35 |  |  |  | 3 |  |  |  | 13.10 |
Exercised |  |  | 69 |  |  |  | 25.01 |  |  |  | 99 |  |  |  | 14.79 |  |  |  | 158 |  |  |  | 13.45 |
Ending balance |  |  | 10 |  |  | $ | 27.36 |  |  |  | 79 |  |  | $ | 25.30 |  |  |  | 181 |  |  | $ | 19.45 |
As of October 31, 2014, outstanding stock options had exercise prices and contractual lives as follows (Shares in thousands):
Range of Exercise Prices |  | Number Outstanding |  |  | Weighted- Average Remaining Contractual Life |
$15 - $25 |  |  | 6 |  |  |  | 0.1 |
$25 - $35 |  |  | 4 |  |  |  | 0.3 |
All outstanding options were exercisable as of October 31, 2014, 2013 and 2012, respectively. The Company’s Long Term Incentive Plan is intended to focus management on the key measures that drive superior performance over the longer-term. The Long Term Incentive Plan is based on three-year performance periods that commence at the start of every fiscal year. For each three-year performance period, the performance goals are based on targeted levels of earnings before interest, taxes, depreciation, depletion and amortization as determined by the Special Subcommittee of the Company’s Compensation Committee of the Board of Directors (the “Special Subcommittee”). Participants are paid 50% in cash and 50% in restricted shares of the Company’s Class A and/or Class B Common Stock, as determined by the Special Subcommittee. Under the Company’s Long-Term Incentive Plan, the Company will grant in January 2015 49,702 shares of restricted stock with a weighted average grant date fair value of $45.71 for 2014. The Company granted 55,874 shares of restricted stock with a weighted average grant date fair value of $51.97 under the Company’s Long-Term Incentive Plan for 2013. The total stock expense recorded under the plan was $2.3 million, $2.9 million and $2.2 million for the periods ended October 31, 2014, 2013 and 2012, respectively. All restricted stock awards under the Long Term Incentive Plan are fully vested at the date of award. Under the Company’s 2005 Directors Plan, the Company granted 22,059 shares of restricted stock with a weighted average grant date fair value of $50.99 in 2014. The Company granted 15,831 shares of restricted stock with a weighted average grant date fair value of $51.16 under the Company’s 2005 Directors Plan in 2013. The total expense recorded under the plan was $1.1 million, $0.8 million, and $0.7 million for the periods ended October 31, 2014, 2013, and 2012, respectively. All restricted stock awards under the 2005 Directors Plan are fully vested at the date of award. During 2014, the Company awarded an officer, as part of the terms of his initial employment arrangement, 15,000 shares of Class A Common Stock under the 2001 Plan. These shares were issued subject to vesting and post-vesting restrictions on the sale or transfer until May 12, 2019. These shares fully vest in equal installments of 5,000 on May 12, 2015, 2016 and 2017. Share-based compensation expense was $0.2 million for the period ended October 31, 2014. The total stock compensation expenses recorded under the plans were $3.6 million, $3.7 million and $3.6 million for the periods ended October 31, 2014, 2013 and 2012 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 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: 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 3: 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=6406099&loc=d3e25284-112666 Reference 4: 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 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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