Employee Stock Plans

9 Months Ended

Jul. 31, 2015

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Employee Stock Plans

Note 10 – Employee Stock Plans

As of July 31, 2015, the Company had three share-based compensation plans, which are described below.  The compensation cost that has been charged against income for those plans was $8.6 million and $9.8 million for the first nine months of fiscal 2015 and 2014, respectively.  During the first nine months of fiscal 2015 and 2014, the Company issued 241,632 and 600,540 shares, respectively, under its share-based compensation plans.

Employee Stock Purchase Plan (ESPP)

The ESPP is a “safe-harbor” designed plan whereby shares are purchased by participants at a discount of 5% of the market value on the purchase date and, therefore, compensation cost is not recorded.

Employee Sharesave Scheme

The Company offers shares under its employee sharesave scheme for U.K. employees.  This plan allows participants the option to purchase shares at a 5% discount of the market price of the stock as of the beginning of the offering period.  The term of these options is three years.  The sharesave scheme is not a “safe-harbor” design, and therefore, compensation cost is recognized on this plan.  Under the sharesave scheme, option exercise prices are equal to the fair market value of the Company’s common stock on the date of grant.  The Company granted 25,984 and 29,242 options in the nine month periods ended July 31, 2015, and August 1, 2014, respectively.  The weighted-average grant date fair value of options granted during the nine month periods ended July 31, 2015, and August 1, 2014, was $24.31 and $27.03 per share, respectively.

	Nine Months Ended
	July 31,			August 1,
	2015			2014
Volatility		25.80	%		33.69	%
Risk-free interest rate		0.93	%		0.73	%
Expected life (years)	3			3
Dividends	0			0

Equity Incentive Plan

Under the equity incentive plan, option exercise prices are equal to the fair market value of the Company’s common stock on the date of grant.  The Company granted 192,700 and 193,200 options to purchase shares in the nine month periods ended July 31, 2015, and August 1, 2014, respectively.  The weighted-average grant date fair value of options granted during the nine month periods ended July 31, 2015, and August 1, 2014, was $48.48 and $45.23 per share, respectively.

The fair value of each option granted by the Company was estimated using a Black-Scholes pricing model, which uses the assumptions noted in the following table.  The Company uses historical data to estimate volatility of the Company’s common stock and option exercise and employee termination assumptions.  The risk-free rate for the contractual life of the option is based on the U.S. Treasury zero coupon issues in effect at the time of the grant.

	Nine Months Ended
	July 31,	August 1,
	2015	2014
Volatility	40.73 - 41.89%	41.87 - 43.17%
Risk-free interest rate	1.43 - 2.00%	1.73 - 2.99%
Expected life (years)	5 - 9	5 - 9
Dividends	0	0

The Company granted 22,000 and 77,575 restricted stock units in the nine month periods ended July 31, 2015, and August 1, 2014, respectively.  The weighted-average grant date fair value of restricted stock units granted during the nine month periods ended July 31, 2015, and August 1, 2014, was $112.53 and $84.50 per share, respectively.  The fair value of each restricted stock unit granted by the Company is equal to the fair market value of the Company’s common stock on the date of grant.