Stock-Based Compensation

3 Months Ended

Oct. 31, 2018

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

Disclosure of Compensation Related Costs, Share-based Payments

STOCK-BASED COMPENSATION

The Oil-Dri Corporation of America 2006 Long Term Incentive Plan (the “2006 Plan”) permits the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards and other stock-based and cash-based awards. Our employees and outside directors are eligible to receive grants under the 2006 Plan. The total number of shares of stock subject to grants under the 2006 Plan may not exceed 937,500.

Restricted Stock

All of our non-vested restricted stock as of October 31, 2018 was issued under the 2006 Plan with vesting periods generally between two years and five years. We determined the fair value of restricted stock as of the grant date. We recognize the related compensation expense over the period from the date of grant to the date the shares vest.

There were 23,000 restricted shares of Common Stock granted during the first quarters of both fiscal years 2019 and 2018. There were 126,000 and 1,000 restricted shares of Class B Stock granted during the first quarters of fiscal years 2019 and 2018, respectively. Stock-based compensation expense related to non-vested restricted stock for the first quarter of fiscal years 2019 and 2018 was $660,000 and $502,000, respectively.

A summary of restricted stock transactions is shown below:

	Restricted Shares (in thousands)		Weighted Average Grant Date Fair Value
Non-vested restricted stock outstanding at July 31, 2018	178		$	32.74
Granted	149		$	37.90
Vested	(49	)	$	30.14
Forfeitures	(2	)	$	34.19
Non-vested restricted stock outstanding at October 31, 2018	276		$	35.98