Stock-Based Compensation (Notes)

3 Months Ended

Apr. 30, 2018

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

Stock-Based Compensation

NOTE 7 — STOCK-BASED COMPENSATION

For the three months ended April 30, 2018 and 2017, the Company recorded $7.6 million and $4.9 million, respectively, of stock-based compensation expense.

At April 30, 2018, the Company had awards outstanding from one equity-based compensation plan which was initially approved by the Company’s shareholders in June 2009 and includes 4.0 million shares available for grant of which approximately 1.3 million shares remain available for future grant at April 30, 2018. 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 plan are priced as determined by the Compensation Committee and 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 three years from the date of grant. 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.

Restricted stock units

A summary of the Company’s restricted stock activity for the three months ended April 30, 2018 is as follows:

	Shares
Nonvested at January 31, 2018	700,532
Granted	241,613
Vested	(225,039	)
Canceled	(23,725	)
Nonvested at April 30, 2018	693,381

Performance based restricted stock units

The Company's performance based restricted stock unit awards are subject to vesting conditions, including meeting specified cumulative performance objectives over a period of three years. Each performance based award recipient could vest in 0% to 150% of the target shares granted, contingent on the achievement of the Company's financial performance metrics. A summary of the Company’s performance based restricted stock activity, assuming maximum achievement, for the three months ended April 30, 2018 is as follows:

	Shares
Nonvested at January 31, 2018	170,685
Granted	153,719
Canceled	(15,471	)
Nonvested at April 30, 2018	308,933