12.	STOCK-BASED COMPENSATION

The Company’s equity awards consist of RSUs and SARs. For a description of the Company’s stock-based compensation plans, see Note

“Stock-Based Compensation” in Notes to Consolidated Financial Statements included in the Annual Report on Form

-K for the year ended

January 31, 2019.

Stock-Based Compensation

The following table sets forth reported stock-based compensation expense for the

three

months ended

April 30, 2019

and

2018:

	Three Months Ended April 30,
	2019		2018
	(in thousands)
Cost of subscription	$	70	$	49
Cost of maintenance and other		121		92
Cost of professional services		322		226
Sales and marketing		380		402
Research and development		427		315
General and administrative		984		1,022
Total stock-based compensation expense	$	2,304	$	2,106

RSU Information

The estimated fair value of RSUs was calculated based on the closing price of the Company’s common stock on the date of grant, reduced by the present value of dividends foregone during the vesting period.

The following table summarizes the activity for RSUs for the

three

months ended

April 30, 2019:

	RSUs			Weighted Average Grant Date Fair Value
	(in thousands)
Outstanding at January 31, 2019		663		$	36.64
Granted		1			41.49
Released (1)		(11	)		26.31
Forfeited		(16	)		36.79
Outstanding at April 30, 2019		637		$	36.83

(

)

The number of RSUs released includes shares withheld on behalf of employees to satisfy the minimum statutory tax withholding requirements.

The Company withholds a portion of the released shares as consideration for the Company’s payment of applicable employee income taxes. During the

three

months ended

April 30, 2019,

the Company withheld

4,000

shares for payment of these taxes at a value of

$0.2

million. During the

three

months ended

April 30, 2018,

the Company withheld

4,000

shares for payment of these taxes at a value of

$0.2

million.

Total unrecognized compensation cost related to RSUs was approximately

$16.7

million as of

April 30, 2019.

This cost is expected to be recognized over a weighted-average period of approximately

2.7

years.

SAR Information

The following table summarizes the activity for outstanding SARs for the

three

months ended

April 30, 2019:

	SARs (in thousands)			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding at January 31, 2019		2,533		$	20.81
Granted		—			—
Exercised		(5	)		10.78
Expired		—			—
Forfeited		—			—
Outstanding at April 30, 2019		2,528		$	20.83		3.3	$	63,211
Vested and exercisable at April 30, 2019		2,053	(1)	$	17.06		2.6	$	57,650

(

) The number of SARs vested and exercisable at

April 30, 2019

includes

877,500

Class A and

127,500

Class B shares previously held by Mr. Karl Lopker which will expire on

August 25, 2019

not

exercised by his estate. Exercise prices for these SARs range from

$10.50

$31.65.

The aggregate intrinsic value in the table above represents the total pretax intrinsic value (the aggregate difference between the closing stock price of the Company’s common stock based on the last trading day as of

April 30, 2019,

and the exercise price for in-the-money SARs) that would have been received by the holders if all SARs had been exercised on

April 30, 2019.

The total intrinsic value of SARs exercised in the

three

months ended

April 30, 2019

was

$0.2

million.

The number of SARs exercised includes shares withheld on behalf of employees to satisfy minimum statutory tax withholding requirements. During the

three

months ended

April 30, 2019,

the Company withheld

1,000

shares for payment of these taxes at a value of

$57,000.

During the

three

months ended

April 30, 2018,

the Company withheld

93,000

shares for payment of these taxes at a value of

$3.9

million.

April 30, 2019,

there was approximately

$3.8

million of total unrecognized compensation cost related to unvested SARs. This cost is expected to be recognized over a weighted-average period of approximately

2.7

years.