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Stock Option Plans
 6 Months Ended
Jul. 31, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 9. 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. No options have been granted since fiscal year 2004.


          The total intrinsic value of options exercised during the six months ended July 31, 2012 and 2011 was approximately $1.8 million and $3.1 million, respectively, resulting in tax deductions to realize benefits of approximately $0.3 million and $0.6 million, respectively. The following table summarizes options granted, exercised and canceled or expired during the six months ended July 31, 2012:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Weighted
Average
Exercise
Price

 

Weighted Average
Remaining
Contractual Term
(in years)

 

Aggregate
Intrinsic
Value
(in thousands)

 

 

 

 

 

 

 

Outstanding at January 31, 2012

 

 

268,723

 

$

13.15

 

 

 

 

 

 

 

Exercised

 

 

(99,968

)

$

14.30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding and exercisable at July 31, 2012

 

 

168,755

 

$

12.46

 

 

1.5

 

$

875

 


          During the first six months of fiscal year 2012, certain officers and directors of the Company tendered 32,935 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 $32.53 per share.


          At July 31, 2012, there was no unrecognized compensation cost related to nonvested stock options.