During the 2018 Annual Meeting of Shareholders, our shareholders approved the Amended and Restated 2012 Stock Incentive and Award Plan (the “2012 Plan”). The 2012 Plan provides for the granting of stock options, stock appreciation rights, restricted shares, restricted share units, performance shares, cash awards and other stock or performance-based incentives. A maximum of 4,525 common shares were originally available for grant under the 2012 Plan.

Nonqualified or incentive stock options may be granted to our employees and directors. Generally, options granted to employees may be exercised beginning one year from the date of grant at a rate not exceeding 25 percent per year and expire 10 years from the date of grant. Vesting accelerates upon a qualified termination in connection with a change in control. In the event of termination of employment due to early retirement or normal retirement at age 65, options granted within 12 months prior to termination are forfeited, and vesting continues post retirement for all other unvested options granted. In the event of disability or death, all unvested stock options granted within 12 months prior to termination (or at any time prior to December 28, 2017) fully vest. Termination for any other reason results in forfeiture of unvested options and vested options in certain circumstances. The amortized cost of options is accelerated if the retirement eligibility date occurs before the normal vesting date. Option exercises are satisfied through the issuance of treasury shares on a first-in, first-out basis. We recognized compensation expense related to stock options of $2,538 and $2,527 in the three months ended April 30, 2020 and 2019, respectively. Corresponding amounts for the six months ended April 30, 2020 and 2019 were $5,263 and $5,058

The following table summarizes activity related to stock options for the six months ended April 30, 2020:

	Number of Options			Weighted- Average Exercise Price Per Share		Aggregate Intrinsic Value		Weighted Average Remaining Term
Outstanding at October 31, 2019		1,787		$	97.74
Granted		370		$	165.04
Exercised		(228	)	$	81.40
Forfeited or expired		(21	)	$	138.83
Outstanding at April 30, 2020		1,908		$	112.28	$	94,349	6.9 years
Expected to vest		845		$	140.24	$	18,964	8.6 years
Exercisable at April 30, 2020		1,047		$	89.09	$	75,214	5.6 years

As of April 30, 2020, there was $15,769 of total unrecognized compensation cost related to unvested stock options. That cost is expected to be amortized over a weighted average period of approximately 1.7 years.

The fair value of each option grant was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions:

Six months ended	April 30, 2020	April 30, 2019
Expected volatility	24.5%-29.2%	24.1%-24.5%
Expected dividend yield	0.92%-1.16%	1.04%
Risk-free interest rate	0.50%-1.69%	2.84%-2.95%
Expected life of the option (in years)	5.3-6.2	5.3-6.2

The weighted-average expected volatility used to value the 2020 and 2019 options was 25.1% and 24.3%, respectively.

Historical information was the primary basis for the selection of the expected volatility, expected dividend yield and the expected lives of the options. The risk-free interest rate was selected based upon yields of U.S. Treasury issues with a term equal to the expected life of the option being valued.

The weighted average grant date fair value of stock options granted during the six months ended April 30, 2020 and 2019 was $37.81 and $31.74, respectively.

The total intrinsic value of options exercised during the three months ended April 30, 2020 and 2019 was $1,704 and $14,699, respectively. The total intrinsic value of options exercised during the six months ended April 30, 2020 and 2019 was $18,948 and $19,321, respectively.

Cash received from the exercise of stock options for the six months ended April 30, 2020 and 2019 was $18,547 and $14,454, respectively.

We may grant restricted shares and/or restricted share units to our employees and directors. These shares or units may not be transferred for a designated period of time (generally one to three years) defined at the date of grant.

For employee recipients, in the event of termination of employment due to early retirement with the consent of the Company, restricted shares granted within 12 months prior to termination are forfeited, and other restricted shares vest on a pro-rata basis. In the event of termination of employment due to normal retirement at age 65, restricted shares granted within 12 months prior to termination are forfeited, and, for other restricted shares, the restriction period will lapse and the shares will vest and be transferable. For restricted shares granted within 12 months prior to termination (or at any time prior to December 28, 2017), the restrictions lapse in the event of a recipient’s disability or death. Termination for any other reason prior to the lapse of any restrictions results in forfeiture of the shares.

For non-employee directors, all restrictions lapse in the event of disability or death of the non-employee director. Termination of service as a director for any other reason within one year of date of grant results in a pro-rata vesting of shares or units.

As shares or units are issued, deferred stock-based compensation equivalent to the fair value on the date of grant is expensed over the vesting period.

The following table summarizes activity related to restricted shares during the six months ended April 30, 2020:

	Number of Shares			Weighted-Average Grant Date Fair Value
Restricted shares at October 31, 2019		66		$	126.83
Granted		18		$	162.95
Forfeited		(4	)	$	138.36
Vested		(25	)	$	120.18
Restricted shares at April 30, 2020		55		$	141.09

As of April 30, 2020, there was $4,772 of unrecognized compensation cost related to restricted shares. The cost is expected to be amortized over a weighted average period of 1.9 years. The amount charged to expense related to restricted shares during the three months ended April 30, 2020 and 2019 was $688 and $1,167, respectively. These amounts included common share dividends for the three months ended April 30, 2020 and 2019 of $18, respectively. For the six months ended April 30, 2020 and 2019, the amounts charged to expense related to restricted shares were $2,261 and $1,864, respectively. These amounts included common share dividends for the six months ended April 30, 2020 and 2019 of $43 and $36, respectively.

The following table summarizes activity related to restricted share units during the six months ended April 30, 2020:

	Number of Units		Weighted-Average Grant Date Fair Value
Restricted share units at October 31, 2019		—	$	—
Granted		7	$	160.68
Restricted share units at April 30, 2020		7	$	160.68

As of April 30, 2020, there was $591 of remaining expense to be recognized related to outstanding restricted share units, which is expected to be recognized over a weighted average period of 0.5 years. The amount charged to expense related to restricted share units during each of the three months ended April 30, 2020 and 2019 was $298 and $263, respectively. For the six months ended April 30, 2020 and 2019, the corresponding amounts were $584 and $526, respectively.

Executive officers and selected other key employees are eligible to receive common share-based incentive awards. Payouts, in the form of unrestricted common shares, vary based on the degree to which corporate financial performance exceeds predetermined threshold, target and maximum performance goals over three-year performance periods. No payout will occur unless threshold performance is achieved.

The amount of compensation expense is based upon current performance projections for each three-year period and the percentage of the requisite service that has been rendered. The calculations are also based upon the grant date fair value determined using the closing market price of our common shares at the grant date, reduced by the implied value of dividends not to be paid. The per share values were $160.02 and $133.01 for 2020, $120.12 and $138.53 for 2019, and $123.45 and $138.53 for 2018. During the three months ended April 30, 2020, $3,703 was credited to expense, and for the three months ended April 30, 2019, $819 was charged to expense. For the six months ended April 30, 2020, $2,282 was credited to expense, and for the six months ended April 30, 2019, $1,596 was charged to expense. The cumulative amount recorded in shareholders’ equity at April 30, 2020 was $2,007.

Our executive officers and other highly compensated employees may elect to defer up to 100% of their base pay and cash incentive and for executive officers, up to 90% of their share-based performance incentive payout each year. Additional share units are credited for quarterly dividends paid on our common shares. Expense related to dividends paid under this plan for the three months ended April 30, 2020 and 2019 was $83 and $73, respectively. For the six months ended April 30, 2020 and 2019, the corresponding amounts were $164 and $145, respectively.

Non-employee directors may defer all or part of their cash and equity-based compensation until retirement. Cash compensation may be deferred as cash or as share equivalent units. Deferred cash amounts are recorded as liabilities, and share equivalent units are recorded as equity. Additional share equivalent units are earned when common share dividends are declared.

The following table summarizes activity related to director deferred compensation share equivalent units during the six months ended April 30, 2020:

	Number of Shares		Weighted-Average Grant Date Fair Value
Outstanding at October 31, 2019		114	$	55.52
Dividend equivalents		—	$	—
Outstanding at April 30, 2020		114	$	55.99