Stock-Based Compensation (Tables)

3 Months Ended

Apr. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Activity under Company's Stock Option Plans

Summaries of activity under the Company’s stock option plans for the three months ended April 30, 2015 and 2014 are presented below:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Term (years)		Weighted Average Fair Value
Outstanding, February 1, 2015		876,350		$	22.34		7.08	$	6.01
Granted		100,000		$	32.68
Exercised		(37,750	)	$	11.48
Forfeited		(6,000	)	$	17.33
Outstanding, April 30, 2015		932,600		$	23.92		7.32	$	6.38
Exercisable, April 30, 2015		707,600		$	21.01		6.82	$	5.72

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Term (years)		Weighted Average Fair Value
Outstanding, February 1, 2014		916,150		$	17.36		6.04	$	5.58
Granted		180,500		$	27.09
Exercised		(83,500	)	$	13.50
Forfeited		—			—
Outstanding, April 30, 2014		1,013,150		$	19.41		6.76	$	5.65
Exercisable, April 30, 2014		600,650		$	15.75		5.98	$	5.81

Summary of Change in Number of Non-Vested Options to Purchase Shares of Common Stock

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, 2015 and 2014 is presented below:

	Shares			Weighted Average Fair Value
Nonvested, February 1, 2015		305,500		$	7.14
Granted		100,000		$	8.55
Vested		(180,500	)	$	6.28
Nonvested, April 30, 2015		225,000		$	8.45

	Shares			Weighted Average Fair Value
Nonvested, February 1, 2014		303,000		$	4.40
Granted		180,500		$	6.28
Vested		(71,000	)	$	3.27
Nonvested, April 30, 2014		412,500		$	5.42

Summary of Assumptions Used to Estimate Fair Value of Stock Options Granted

The fair value of each stock option granted in the three-month periods ended April 30, 2015 and 2014 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, 2015			Three Months Ended April 30, 2014
Dividend yield		2.14	%		2.77	%
Expected volatility		34.63	%		33.83	%
Risk-free interest rate		1.40	%		1.26	%
Expected life in years		5.13			4.81