Stock-Based Compensation

3 Months Ended

Oct. 31, 2023

Share-Based Payment Arrangement [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments

STOCK-BASED COMPENSATION

The Oil-Dri Corporation of America 2006 Long Term Incentive Plan, as amended (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 1,219,500. As of October 31, 2023, there were 120,805 Common Stock or Class B shares available for future grants under this plan.

Restricted Stock

All of our non-vested restricted stock as of October 31, 2023 was issued under the 2006 Plan with vesting periods generally between one 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 57 thousand and 40 thousand restricted shares of Common Stock granted during the first quarter of fiscal years 2024 and 2023, respectively. There were 125 thousand restricted shares of Class B shares granted during the first quarter of fiscal year 2024 and none in fiscal year 2023. Stock-based compensation was $0.8 million for the first quarter of fiscal years 2024 and 2023, 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, 2023	348	$	32.95
Granted	182	$	62.29
Vested	(57)	$	36.89
Forfeitures	(1)	$	64.00
Non-vested restricted stock outstanding at October 31, 2023	472	$	43.75