Stock-Based Compensation

6 Months Ended

Jan. 31, 2019

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 January 31, 2019 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 117,000 restricted shares of Common Stock and 7,000 restricted shares of Class B Stock granted during the second quarter of fiscal year 2019. No restricted stock was granted during the second quarter of fiscal year 2018. Stock-based compensation expense related to non-vested restricted stock was $229,000 and $426,000 for the second quarter of fiscal years 2019 and 2018, respectively. Stock-based compensation expense related to non-vested restricted stock was $889,000 and $928,000 for the first six months of fiscal years 2019 and 2018, 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	273		$	33.00
Vested	(60	)	$	31.82
Forfeitures	(22	)	$	30.21
Non-vested restricted stock outstanding at January 31, 2019	369		$	33.23