Stock Option Plan (Tables)

12 Months Ended

Jan. 31, 2019

Summary of Weighted-Average Fair Value of Options Granted and Assumptions

The following table summarizes the weighted-average fair value of options granted and the main assumptions that were used to calculate the fair value during the years ended January 31, 2019 and 2018:


	January 31, 2019		January 31, 2018
Weighted-average fair value at grant date		$18.02		$11.66
Weighted average assumptions used in the fair value models
Share price		$60.48		$39.93
Risk-free interest rate		2.20%		1.16%
Expected life		6.25 years		6.25 years
Expected volatility		27.64%		30.43%
Expected annual dividend per share		0.60%		0.80%

Summary of Stock Option

The number of stock options varied as follows:


	Number of options			Weighted average exercise price
Balance as at February 1, 2017		2,840,433			$22.39
Granted		1,106,900			39.61
Forfeited/Cancelled		(87,150	)		24.77
Exercised ^[a]		(460,449	)		18.07
Balance as at January 31, 2018		3,399,734			28.52
Granted		937,150			60.16
Forfeited/Cancelled		(189,387	)		48.88
Exercised ^[b]		(264,478	)		23.50
Balance as at January 31, 2019		3,883,019			$35.51

^[a]	The weighted average stock price on these exercised stock options was $39.78.

^[b]	The weighted average stock price on these exercised stock options was $61.04.

Summary of Stock Options Outstanding and Exercisable

The following table summarizes information about stock options outstanding and exercisable, as at January 31, 2019:

Outstanding

Exercisable

Exercise price range

Number of
options

Weighted-
average

exercise

price

Weighted-
average
remaining life
(years)

Number of
options

Weighted-
average

exercise

price

$0 to $4

26,894

$0.85

2.1

26,894

$0.85

$16 to $20

17,550

19.00

7.1

9,125

18.90

$20 to $24

1,045,175

20.86

6.1

724,425

21.09

$24 to $28

955,900

27.08

6.0

795,050

26.96

$28 to $32

3,000

29.03

4.9

3,000

29.03

$36 to $40

963,950

39.45

8.4

215,000

39.45

$40 to $44

119,500

40.46

9.4

11,275

40.90

$44 to $48

13,800

47.67

9.0

3,450

47.67

$60 to $64

737,250

62.69

9.4

—

Balance as at January 31, 2019

3,883,019

$35.51

7.4

1,788,219

$25.78

The following table summarizes information about stock options outstanding and exercisable, as at January 31, 2018:


	Outstanding						Exercisable
Exercise price range	Number of options		Weighted- average exercise price		Weighted- average remaining life (years)		Number of options		Weighted- average exercise price
$0 to $4		56,180		$0.60		2.5		56,180		$0.60
$4 to $8		9,029		6.63		4.5		7,648		6.54
$16 to $20		18,125		18.92		8.1		5,025		18.66
$20 to $24		1,147,725		20.86		7.1		646,000		21.26
$24 to $28		1,057,100		27.07		7.0		601,725		26.91
$28 to $32		5,875		29.03		5.9		5,875		29.03
$36 to $40		1,046,800		39.45		9.4		—		—
$40 to $44		45,100		40.90		9.7		—		—
$44 to $48		13,800		47.67		10.0		—		—
Balance as at January 31, 2018		3,399,734		$28.52		7.7		1,322,453		$22.89