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STOCK-BASED COMPENSATION
 3 Months Ended
Apr. 30, 2016
STOCK-BASED COMPENSATION  
STOCK-BASED COMPENSATION

NOTE 11 — STOCK-BASED COMPENSATION

 

 

As of April 30, 2016, there were approximately 1.8 million shares of the Company’s common stock reserved for issuance under the Company’s stock option plans, including approximately 0.6 million shares of the Company’s common stock available for future awards under the Stock Plan.

 

Summaries of activity under the Company’s stock option plans for the three months ended April 30, 2016 and 2015, along with the corresponding weighted average per share amounts, are presented below:

 

 

 

Shares

 

Exercise
Price

 

Remaining
Term (years)

 

Fair Value

 

Outstanding, February 1, 2016

 
1,064

 

$
26.38

 
6.36

 

$
6.91

 

Granted

 
75

 

$
33.85

 

 

 

 

 

Exercised

 
(22

)

$
18.80

 

 

 

 

 

Outstanding, April 30, 2016

 
1,117

 

$
27.03

 
6.92

 

$
7.08

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable, April 30, 2016

 
842

 

$
24.36

 
6.43

 

$
6.41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Exercise
Price

 

Remaining
Term (years)

 

Fair Value

 

Outstanding, February 1, 2015

 
876

 

$
22.34

 
7.08

 

$
6.01

 

Granted

 
100

 

$
32.68

 

 

 

 

 

Exercised

 
(38

)

$
11.48

 

 

 

 

 

Forfeited

 
(6

)

$
17.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding, April 30, 2015

 
932

 

$
23.92

 
7.32

 

$
6.38

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable, April 30, 2015

 
707

 

$
21.01

 
6.82

 

$
5.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A summary of the change in the number of non-vested options to purchase shares of common stock for the three months ended April 30, 2016 and 2015, and the weighted average fair value per share for each number, is presented below:

 

 

 

Shares

 

Fair Value

 

Nonvested, February 1, 2016

 
300

 

$
8.97

 

Granted

 
75

 

$
9.01

 

Vested

 
(100

)

$
8.55

 

 

 

 

 

 

 

 

Nonvested, April 30, 2016

 
275

 

$
9.13

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Fair Value

 

Nonvested, February 1, 2015

 
306

 

$
7.14

 

Granted

 
100

 

$
8.55

 

Vested

 
(181

)

$
6.28

 

 

 

 

 

 

 

 

Nonvested, April 30, 2015

 
225

 

$
8.45

 

 

 

 

 

 

 

 

 

Compensation expense amounts related to stock options were $0.7 million and $0.5 million for the three months ended April 30, 2016 and 2015, respectively. At April 30, 2016, there was $1.4 million in unrecognized compensation cost related to outstanding stock options. The Company expects to recognize the compensation expense for these awards within the next 12 months. The total intrinsic values of the stock options exercised during the three months ended April 30, 2016 and 2015 were $0.3 million and $0.8 million, respectively. At April 30, 2016, the aggregate market values of the shares of common stock subject to outstanding and exercisable stock options exceeded the aggregate exercise prices of such options by approximately $8.0 million and $8.3 million, respectively.

 

The fair value of each stock option granted in the three-month periods ended April 30, 2016 and 2015 was estimated on the corresponding date of award using the Black-Scholes option-pricing model based on the following weighted average assumptions.

 

 

 

Three Months Ended April 30,

 

 

 

2016

 

2015

 

Dividend yield

 
2.07 

%
2.14 

%

Expected volatility

 
34.08 

%
34.63 

%

Risk-free interest rate

 
1.02 

%
1.40 

%

Expected life in years

 
5.50 

 
5.13