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Stock Option Plans
 9 Months Ended
Oct. 31, 2011
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 10. Stock Option Plans


          The Company has stock-based compensation plans under which stock options have been granted to directors, officers and key employees at the market price on the date of the grant.


          The total intrinsic value of options exercised during the nine months ended October 31, 2011 and 2010 was approximately $3.1 million and $0.7 million, respectively, resulting in tax deductions to realize benefits of approximately $0.6 million and $0.3 million, respectively. The following table summarizes options granted, exercised and canceled or expired during the nine months ended October 31, 2011:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Weighted
Average
Exercise
Price

 

Weighted Average
Remaining
Contractual Term
(in years)

 

Aggregate
Intrinsic
Value
(in thousands)

 

 

 

 

 

 

 

Outstanding at January 31, 2011

 

 

725,903

 

$

10.16

 

 

 

 

 

 

 

Exercised

 

 

(436,680

)

$

8.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding and exercisable at October 31, 2011

 

 

289,223

 

$

13.26

 

 

1.7

 

$

1,441

 


          During the first nine months of fiscal year 2011, certain officers and directors of the Company tendered 201,225 shares of the Company’s common stock as payment of the exercise price of stock options exercised pursuant to the Company’s Stock-for-Stock and Cashless Option Exercise Rules and Procedures, adopted on June 4, 2001. The purchase price was $15.83 per share.


          At October 31, 2011, there was no unrecognized compensation cost related to nonvested stock options.