STOCK-BASED COMPENSATION

3 Months Ended

Apr. 30, 2025

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

NOTE 10 – STOCK-BASED COMPENSATION

Stock-based compensation expense for the three months ended April 30, 2025 and 2024 was $1.2 million and $1.2 million, respectively. At April 30, 2025, there was $10.5 million in unrecognized compensation costs related to outstanding stock awards that the Company expects to recognize over the next three years.

During the three months ended April 30, 2025, the Company awarded performance-based restricted stock units covering a target of 5,500 shares of common stock, earnings per share performance-based restricted stock units covering a target of 16,450 shares of common stock, renewable energy performance-based restricted stock units covering a target of 2,500 shares of common stock, and time-based restricted stock units covering 28,640 shares of common stock. The number of shares of common stock to be issued under certain awards may exceed the number of target shares if certain performance goals are exceeded. The changes in the maximum number of shares of common stock issuable pursuant to outstanding restricted stock units for the three months ended April 30, 2025, are presented below (shares in thousands):

		Weighted-
		Average
		Grant-Date
		Fair Value
	Shares	Per Share
Outstanding, February 1, 2025	271	$	32.69
Granted	80	$	80.60
Issued	(94)	$	26.85
Outstanding, April 30, 2025	257	$	49.76

During the three months ended April 30, 2025, the Company awarded nonqualified stock options to purchase 4,000 shares of common stock at a weighted-average exercise price per share of $148.72. During the three months ended April 30, 2025, nonqualified stock options to purchase 10,000 shares of common stock were exercised at a weighted-average exercise price per share of $45.75. As of April 30, 2025, there were 443,500 nonqualified stock options outstanding.

Shares Withheld and Treasury Stock

For the three months ended April 30, 2025 and 2024, the Company used 59,472 shares and 113,260 shares of treasury stock, respectively, to settle stock option exercises and other share-based awards. For the three months ended April 30, 2025, the Company accepted 44,669 shares of common stock at the average price per share of $146.41 for the exercise price and/or tax withholding in connection with stock option exercises and other share-based award settlements. For the three months ended April 30, 2024, the Company accepted 185,354 shares of common stock at the average price per share of $60.64 for the exercise price and/or tax withholding in connection with stock option exercises and other share-based award settlements.