XML 46 R14.htm IDEA: XBRL DOCUMENT
v3.7.0.1

STOCKHOLDERS' EQUITY | 12 Months Ended
--- | ---
Jan. 31, 2017
Equity [Abstract] |
STOCKHOLDERS' EQUITY | NOTE H — STOCKHOLDERS’ EQUITY Stock Split On April 1, 2015, the Board of Directors approved a two-for-one stock split of the Company’s outstanding shares of common stock, effected in the form of a stock dividend. The stock dividend was paid to stockholders of record as of the close of market on April 20, 2015 and was effected on May 1, 2015. All share and per share information has been retroactively adjusted to reflect this stock split. Public Offering In June 2014, the Company sold 3,450,000 shares of its common stock, including 450,000 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional shares, at a public offering price of  $38.82 per share. The Company received net proceeds of  $128.7 million from the offering after payment of underwriting discounts and expenses of the offering. The net proceeds were used for general corporate purposes. Share Repurchase Program In December 2015, the Company’s Board of Directors reapproved and increased the previously authorized share repurchase program. There were 3,750,000 remaining shares authorized for repurchase under the prior program which the Board increased to 5,000,000 shares. The timing and actual number of shares repurchased, if any, will depend on a number of factors, including market conditions and prevailing stock prices, and are subject to compliance with certain covenants contained in the loan agreement. Share repurchases may take place on the open market, in privately negotiated transactions or by other means, and would be made in accordance with applicable securities laws. The Company did not repurchase any shares during fiscal 2016 or fiscal 2017. Long-Term Incentive Stock Plan As of January 31, 2017, the Company had 1,504,807 shares available for grant under its long-term incentive plan. The plan provides for the grant of equity and cash awards, including restricted stock awards, stock options and other stock unit awards to directors, officers and employees. Restricted stock unit awards vest over a three to five year period. In addition to the time vesting condition, these awards may include stock price and operating performance conditions, including a performance condition based on achievement of a specified stock price and, in certain cases, a condition based on an operating performance target. It is the Company’s policy to grant stock options at prices not less than the fair market value on the date of the grant. Option terms, vesting and exercise periods vary, except that the term of an option may not exceed ten years. Restricted Stock Units
|  |  | Awards Outstanding |  |  | Weighted Average Grant Date Fair Value |
Unvested as of January 31, 2015 |  |  |  |  | 2,091,412 |  |  |  |  | $ | 23.80 |  |
Granted |  |  |  |  | 507,319 |  |  |  |  | $ | 47.36 |  |
Vested |  |  |  |  | (549,848) |  |  |  |  | $ | 19.40 |  |
Canceled |  |  |  |  | — |  |  |  |  | $ | — |  |
Unvested as of January 31, 2016 |  |  |  |  | 2,048,883 |  |  |  |  | $ | 30.79 |  |
Granted |  |  |  |  | 630,642 |  |  |  |  | $ | 25.82 |  |
Vested |  |  |  |  | (678,164) |  |  |  |  | $ | 22.43 |  |
Canceled |  |  |  |  | (2,500) |  |  |  |  | $ | 17.95 |  |
Unvested as of January 31, 2017 |  |  |  |  | 1,998,861 |  |  |  |  | $ | 31.70 |  |
For restricted stock units with stock price performance conditions, the Company estimates the grant date fair value using a lattice model. For restricted stock units with operating performance conditions, the Company estimates the grant date fair value using a Monte Carlo simulation model. This valuation methodology utilizes the closing price of the Company’s common stock on grant date and several key assumptions, including expected volatility of the Company’s stock price, and risk-free rates of return. This valuation is performed with the assistance of a third party valuation specialist. For restricted stock units with no performance conditions, grant date fair value is based on the market price on the date of grant. The Company recognized $16.8 million, $15.6 million and $11.6 million in compensation expense for the years ended January 31, 2017, 2016 and 2015, respectively, related to restricted stock unit grants. At January 31, 2017, 2016 and 2015, unrecognized costs related to the restricted stock units totaled approximately $40.7 million, $42.0 million and $32.2 million, respectively. Stock Options Information regarding all stock options for fiscal 2017, 2016 and 2015 is as follows:
|  |  | 2017 |  |  | 2016 |  |  | 2015 |
|  |  | Shares |  |  | Weighted Average Exercise |  |  | Shares |  |  | Weighted Average Exercise |  |  | Shares |  |  | Weighted Average Exercise |
Stock options outstanding at beginning of year |  |  |  |  | 331,651 |  |  |  |  | $ | 10.59 |  |  |  |  |  | 469,176 |  |  |  |  | $ | 11.16 |  |  |  |  |  | 536,976 |  |  |  |  | $ | 11.11 |  |
Exercised |  |  |  |  | (20,520) |  |  |  |  | $ | 12.65 |  |  |  |  |  | (37,525) |  |  |  |  | $ | 11.11 |  |  |  |  |  | (67,800) |  |  |  |  | $ | 10.76 |  |
Granted |  |  |  |  | — |  |  |  |  | $ | — |  |  |  |  |  | — |  |  |  |  | $ | — |  |  |  |  |  | — |  |  |  |  | $ | — |  |
Cancelled or forfeited |  |  |  |  | (60,000) |  |  |  |  | $ | 15.87 |  |  |  |  |  | (100,000) |  |  |  |  | $ | 13.08 |  |  |  |  |  | — |  |  |  |  | $ | — |  |
Stock options outstanding at end of year |  |  |  |  | 251,131 |  |  |  |  | $ | 9.16 |  |  |  |  |  | 331,651 |  |  |  |  | $ | 10.59 |  |  |  |  |  | 469,176 |  |  |  |  | $ | 11.16 |  |
Exercisable |  |  |  |  | 251,131 |  |  |  |  | $ | 9.16 |  |  |  |  |  | 253,151 |  |  |  |  | $ | 9.07 |  |  |  |  |  | 250,176 |  |  |  |  | $ | 8.63 |  |
The following table summarizes information about stock options outstanding:
Range of Exercise Prices |  |  | Number Outstanding as of January 31, 2017 |  |  | Weighted Average Remaining Contractual Life |  |  | Weighted Average Exercise Price |  |  | Number Exercisable as of January 31, 2017 |  |  | Weighted Average Exercise Price |
$0.00 – $8.00 |  |  |  |  | 113,800 |  |  |  |  |  | 1.24 |  |  |  |  | $ | 6.61 |  |  |  |  |  | 113,800 |  |  |  |  | $ | 6.61 |  |
$8.01 – $12.00 |  |  |  |  | 84,265 |  |  |  |  |  | 0.60 |  |  |  |  | $ | 9.23 |  |  |  |  |  | 84,265 |  |  |  |  | $ | 9.23 |  |
$12.01 – $16.00 |  |  |  |  | 36,400 |  |  |  |  |  | 4.08 |  |  |  |  | $ | 12.98 |  |  |  |  |  | 36,400 |  |  |  |  | $ | 12.98 |  |
$16.01 – $40.00 |  |  |  |  | 16,666 |  |  |  |  |  | 5.19 |  |  |  |  | $ | 17.85 |  |  |  |  |  | 16,666 |  |  |  |  | $ | 17.85 |  |
|  |  |  |  | 251,131 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 251,131 |  |  |
The fair value of stock options was estimated using the Black-Scholes option-pricing model. This model requires the input of subjective assumptions that will usually have a significant impact on the fair value estimate. No stock options were granted during the years ended January 31, 2017, January 31, 2016 and January 31, 2015. The Company is required to recognize stock-based compensation based on the number of awards that are ultimately expected to vest. In connection with the adoption of ASU 2016-09, the Company has elected to account for forfeitures as they occur. The weighted average remaining term for stock options outstanding was 1.70 years at January 31, 2017. The aggregate intrinsic value at January 31, 2017 was $4.3 million for stock options outstanding and exercisable. The intrinsic value for stock options is calculated based on the exercise price of the underlying awards and the market price of the Company’s common stock as of January 31, 2017, the reporting date. Proceeds received from the exercise of stock options were approximately $260,000 and $417,000 during the years ended January 31, 2017 and 2016, respectively. The intrinsic value of stock options exercised was $936,000 and $1.7 million for the years ended January 31, 2017 and 2016, respectively. A portion of this amount is currently deductible for tax purposes. The Company recognized approximately $126,000 in compensation expense for the year ended January 31, 2017, $153,000 for the year ended January 31, 2016 and $541,000 for the year ended January 31, 2015, related to equity option award grants. As of January 31, 2017, there is no unamortized option compensation expense to be recorded. No options were granted during the fiscal years ended January 31, 2017, 2016 and 2015.

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(31)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(d)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration