At January 31, 2020, the Company had two shareholder approved share-based compensation plans, which are described below. The compensation cost and related income tax benefit for these plans were as follows:

The Company reserved shares of its common stock for issuance to directors, officers, employees and certain advisors of the Company through incentive stock options and non-statutory stock options, stock appreciation rights, stock awards, restricted stock, restricted stock units (RSUs) and performance awards to be granted under the 2019 Equity Incentive Plan (the Plan) which was approved by shareholders on May 21, 2019. The number of shares initially available for grant under the Plan was 1,300,000. As of January 31, 2020, the number of shares available for grant was 1,156,389.

Shares outstanding under the Amended and Restated 2010 Stock Incentive Plan (the "2010 Plan") are still subject to terms of the 2010 Plan, but if those awards subsequently expire, are forfeited or cancelled, or are settled in cash, the shares subject to those awards will become available under the Plan. Under both Plans, option exercises or units and awards vested are settled in newly issued common shares. As of January 31, 2020, the number of shares reserved for grant under the 2010 plan for grants, RSUs or awards was 862,834.

Both plans are administered by the Personnel and Compensation Committee of the Board of Directors (the Committee), consisting of two or more independent directors of the Company. The Committee determines the option exercise prices and the term of each grant. The Committee may accelerate the exercisability of awards under either Plan or extend the term of such

The Company granted no non-qualified stock options during fiscal 2020. For fiscal years prior to fiscal 2020, options were granted with exercise prices not less than the market value of the Company's common stock at the date of grant. The stock options vest over a four-year period and expire after five years. Options contain retirement and change-in-control provisions that may accelerate the vesting period. The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model. The Company used historical data to estimate option exercises, employee terminations and volatility within this valuation model.


	For the years ended January 31,
	2019			2018
Risk-free interest rate	2.51		%	1.68		%
Expected dividend yield	1.48		%	1.78		%
Expected volatility factor	35.20		%	33.87		%
Expected option term (in years)	4.25			4.25

Weighted average grant date fair value	$	9.83		$	7.35


	Number of options	Weighted average exercise price		Aggregate intrinsic value		Weighted average remaining contractual term (years)
Outstanding, January 31, 2019	368,130	$	23.06
Granted	—	—
Exercised	(146,145)	20.30


Forfeited	(7,725)	20.62
Outstanding, January 31, 2020	214,260	$	25.03	$	1,564	2.00

Outstanding exercisable, January 31, 2020	76,879	$	24.18	$	603	1.85

Options vested, or expected to vest, January 31, 2020	214,260	$	25.03	$	1,564	2.00

The intrinsic value of a stock award is the amount by which the fair value of the underlying stock exceeds the exercise price of the award. The total intrinsic value of options exercised was $2,620, $7,568, and $1,036 during the years ended January 31, 2020, 2019 and 2018, respectively. The total fair value of options vested was $749, $892 and $1,312, during the years ended January 31, 2020, 2019 and 2018, respectively. As of January 31, 2020, the total unrecognized compensation cost for non-vested awards was $265. This amount is expected to be recognized over a weighted average period of 1.7 years.

The Company granted 203,539 time-vested RSUs during the year ended January 31, 2020. The fair value of a time-vested RSU is measured based upon the closing market price of the Company's common stock on the day prior to the date of grant. Time-vested RSUs will vest if, at the end of the vesting period, the employee remains employed by the Company. RSUs contain retirement and change-in-control provisions that may accelerate the vesting period. Dividends are cumulatively earned on the time-vested RSUs over the vesting period and are forfeited if such RSUs do not vest.


	Number of restricted stock units	Weighted average grant date fair value per share
Outstanding, January 31, 2019	166,025	$	26.09
Granted	203,539	36.04
Vested	(61,051)	16.03
Forfeited	(8,001)	33.26
Outstanding, January 31, 2020	300,512	$	34.69

Cumulative dividends, January 31, 2020	4,890

The Company also granted performance-based RSUs during the year ended January 31, 2020. The exact number of performance shares to be issued will vary from 0% to 200% of the target award, depending on the Company's actual performance over the vesting period in comparison to the target award. The target awards for the fiscal 2020, 2019 and 2018 grants are based on return on equity (ROE), which is defined as net income attributable to Raven divided by the average of beginning and ending shareholders' equity for the fiscal year. The performance-based RSUs will vest if, at the end of the performance period, the Company has achieved certain performance goals and the employee remains employed by the Company. Performance-based RSUs contain retirement and change-in-control provisions that may accelerate the vesting period. Dividends are cumulatively earned on performance-based RSUs over the vesting period and are forfeited if such RSUs do not vest.

The fair value of the performance-based restricted stock units is based upon the closing market price of the Company's common stock on the day prior to the grant date. The number of restricted stock units granted is based on 100% of the target award. The number of RSUs that will vest is determined by the estimated ROE target over the performance period. The estimated performance factor used to estimate the number of restricted stock units expected to vest is evaluated quarterly. The number of restricted stock units issued at the vesting date will be based on actual results.


	Number of restricted stock units expected to vest	Weighted average grant date fair value per share
Outstanding, January 31, 2019	164,300	$	22.44
Granted	46,626	39.01
Vested	(96,075)	15.61
Forfeited	(1,300)	29.20
Performance-based adjustment	45,496	39.40
Outstanding, January 31, 2020	159,047	$	36.22

Cumulative dividends, January 31, 2020	2,269


	For the years ended January 31,
	2020		2019		2018
Weighted average grant date fair value: time-based RSUs	$	36.04	$	35.15	$	29.33
Weighted average grant date fair value: performance-based RSUs	$	39.01	$	35.05	$	29.20

The total intrinsic value of RSUs vested (or converted to shares) was $6,120, $2,468, and $685 during the years ended January 31, 2020, 2019 and 2018, respectively. The total fair value of RSUs vested (or converted to shares) was $5,948, $2,477, and $678, during the years ended January 31, 2020, 2019 and 2018, respectively. As of January 31, 2020, there were 459,559

outstanding RSUs expected to vest with a weighted average term of 2.3 years and an aggregate intrinsic value of $14,412. None of the outstanding RSUs are vested as of January 31, 2020. The total unrecognized compensation cost for non-vested RSU awards at January 31, 2020, was $10,104. This amount is expected to be recognized over a weighted average period of 2.3 years.

The Company issues common stock to certain members of its Board of Directors under the Deferred Stock Compensation Plan for Directors of Raven Industries, Inc. (the Director Plan). The Director Plan is administered by the Personnel and Compensation Committee of the Board of Directors. Under the Director Plan, any non-employee director receives a grant of a number of stock units as deferred compensation to be converted into common stock after retirement from the Board of Directors and may elect to have a specified percentage of their annual retainer converted to stock units. Under the Director Plan, a stock unit is the right to receive one share of the Company's common stock as deferred compensation, to be distributed from an account established by the Company in the name of the non-employee director. Stock units have the same value as a share of common stock but cannot be sold. Stock units are a component of the Company's equity.

Stock units granted under the Director Plan vest immediately and are expensed at the date of grant. When dividends are paid on the Company's common shares, stock units are added to the directors' balances and a corresponding amount is removed from retained earnings. The intrinsic value of a stock unit is the fair value of the underlying shares.


	Number of stock units	Weighted average price
Outstanding, January 31, 2019	105,225	$	22.67
Granted	19,528	34.82
Deferred retainers	2,872	34.82
Dividends	1,788	35.66

Outstanding, January 31, 2020	129,413	$	24.95