Stock Award Plan

6 Months Ended

Jan. 31, 2015

Stock Award Plan [Abstract]

Stock Award Plan

12. Stock Award Plan

EEI adopted the 1998 Stock Award Plan effective March 16, 1998 (the “1998 Award Plan”).  The following supplemental plans were adopted subsequent to adoption of the 1998 Award Plan:

· The 2003 Stock Award Plan (the “2003 Award Plan”), which was adopted by the Board of Directors in October 2004, approved by shareholders in January 2004, and terminated in October 2008;

· The 2007 Stock Award Plan (the “2007 Award Plan”), which was adopted by the Board of Directors in October 2007, approved by shareholders in January 2008, and terminated in October 2012; and

· The 2011 Stock Award Plan (the “2011 Award Plan”), which was adopted by the Board of Directors in October 2011, approved by shareholders in January 2012, and will terminate in October 2016.

The 1998 Award Plan and all supplemental plans are collectively referred to as the “Award Plan”.  The Award Plan permits grants of stock awards for a period of five (5) years from the date of adoption by the Board of Directors.  The Award Plan is not a qualified plan under Section 401(a) of the Internal Revenue Code.   Total gross compensation expense related to stock awards is recognized over the vesting period of awards granted.

The Company awarded 62,099 Class A shares valued at $0.9 million in October 2011, which had a three year vesting period and were fully vested in September 2014.  The Company awarded 16,387 Class A shares valued at $0.2 million in July 2013, which have a three year vesting period and will be fully vested in June 2016.  The Company recorded non-cash compensation expense of $0.1 million and $0.2 million during the six months ended January 31, 2015 and 2014, respectively, in connection with all outstanding stock compensation awards.  Total unearned compensation costs related to outstanding stock awards were $0.1 million at January 31, 2015.  The "pool" of excess tax benefits accumulated in Capital in Excess of Par Value was $0.1 million and at January 31, 2015 and July 31, 2014.