Stock-Based Compensation (Notes)

6 Months Ended

Jul. 31, 2015

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

NOTE 3 — STOCK-BASED COMPENSATION

For the six months ended July 31, 2015 and 2014, the Company recorded $7.8 million and $5.8 million, respectively, of stock-based compensation expense, which is included in “selling, general and administrative expenses” in the Consolidated Statement of Income.

At July 31, 2015, the Company had awards outstanding from two equity-based compensation plans, only one of which is currently active. The active plan was initially approved by the Company’s shareholders in June 2009 and includes 4.0 million shares available for grant of which approximately 2.4 million shares remain available for future grant at July 31, 2015. Under the active plan, the Company is authorized to award officers, employees, and non-employee members of the Board of Directors restricted stock, options to purchase common stock, maximum value stock-settled stock appreciation rights, maximum value options, and performance awards that are dependent upon achievement of specified performance goals. Equity-based compensation awards have a maximum term of 10 years, unless a shorter period is specified by the Compensation Committee of the Board of Directors ("Compensation Committee") or is required under local law. Awards under the plans are priced as determined by the Compensation Committee, and under the terms of the Company’s active equity-based compensation plan, are required to be priced at, or above, the fair market value of the Company’s common stock on the date of grant. Awards generally vest between one and four years from the date of grant.

A summary of the Company’s restricted stock activity for the six months ended July 31, 2015 is as follows:



	Shares
Nonvested at January 31, 2015	547,689
Granted	251,420
Vested	(251,904	)
Canceled	(27,610	)
Nonvested at July 31, 2015	519,595

The Company’s policy is to utilize shares of its treasury stock, to the extent available, to satisfy its obligation to issue shares upon the exercise of awards.