Under the Company’s Employee Stock Option Plan, as amended and restated as of April 4, 2013 (the “Plan”), the Compensation Committee of the Board of Directors, which consists of four of the Company’s non-employee directors, has the authority to grant participants incentive stock options, nonqualified stock options, restricted stock, stock appreciation rights and stock awards, for up to 11,000,000 shares of common stock.

Stock options granted to participants under the plan generally became exercisable in equal installments over three years or cliff-vested after three years and remain exercisable until the tenth anniversary of the date of grant. All stock options granted under the Plan have an exercise price equal to or greater than the fair market value of the Company’s common stock on the grant date.

The fair value of the stock options, less expected forfeitures, is amortized on a straight-line basis over the vesting term. Total compensation expense for stock option grants recognized during the three months ended July 31, 2019 and 2018 was $0.1 million (net of tax of approximately $27,000) and approximately $22,000 (net of tax of approximately $7,000), respectively. Total compensation expense for stock option grants recognized during the six months ended July 31, 2019 and 2018 was $0.3 million (net of tax of $0.1 million) and $0.4 million (net of tax of $0.1 million), respectively. As of July 31, 2019, there was $0.3 million of unrecognized compensation cost related to unvested stock options. Total consideration received for stock option exercises during the three months ended July 31, 2019 and 2018 was zero and $1.8 million, respectively. Total consideration received for stock option exercises during the six months ended July 31, 2019 and 2018 was $0.2 million and $5.5 million, respectively.

The following table summarizes the Company’s stock options activity during the first six months of fiscal 2020:

	Outstanding Options			Weighted Average Exercise Price per Option		Option Price Per Share		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value $(000)
Options outstanding at January 31, 2019 (264,244 options exercisable)		566,260		$	28.43	$ 23.35-$42.12		6.2		$	2,654
Granted		—			—
Exercised		(5,150	)	$	30.36	$	30.36
Cancelled		—			—
Options outstanding at July 31, 2019		561,110		$	28.41	$23.35-$42.12		5.7		$	480
Exercisable at July 31, 2019		399,905		$	30.45			4.9			—
Expected to vest at July 31, 2019		160,025		$	23.35				7.7	$	477

The fair value of stock options exercised during the first six months of fiscal 2020 was approximately $63,000 and the intrinsic value was approximately $47,000.

Under the Plan, the Company can also grant stock awards to employees. For the three months ended July 31, 2019 and 2018, compensation expense for stock awards was $1.0 million (net of tax of $0.3 million) and $0.6 million (net of tax of $0.2 million), respectively. For the six months ended July 31, 2019 and 2018, compensation expense for stock awards was $2.1 million (net of tax of $0.7 million) and $1.7 million (net of tax of $0.6 million), respectively. As of July 31, 2019, there was $11.7 million of unrecognized compensation cost related to unvested stock awards.

The following table summarizes the Company’s stock awards activity during the first six months of fiscal 2020:

	Number of Stock Award Units			Weighted- Average Grant Date Fair Value		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value ($(000's)
Units outstanding at January 31, 2019		447,022		$	32.27	1.4	$	14,282
Units granted		261,067		$	32.91
Units vested		(146,288	)	$	29.51
Units forfeited		(8,698	)	$	35.58
Units outstanding at July 31, 2019		553,103		$	33.34	2.0	$	14,563

Outstanding stock awards can be classified as either time-based stock awards or performance-based stock awards. Time-based stock awards vest over time subject to continued employment. Performance-based stock awards vest over time subject both to continued employment and to the achievement of corporate financial performance goals. Upon the vesting of a stock award, shares are issued from the pool of authorized shares. For performance-based stock awards the number of shares issued related to the performance units granted can vary from 0% to 150% of the target number of underlying stock award units, depending on the extent of the achievement of predetermined financial goals. The total fair value of stock award units that vested during the first six months of fiscal 2020 was $4.3 million. The number of shares issued related to the remaining stock awards are established at grant date.