Annual report pursuant to Section 13 and 15(d)

Share-Based Compensation (Tables)

v2.4.1.9
Share-Based Compensation (Tables)
12 Months Ended
Jan. 31, 2015
Share-Based Compensation  
Schedule of assumptions used to estimate the fair value of options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal Year

 

 

    

 

2014

    

2013

    

2012

    

Risk-free interest rates (1)

 

 

 

 

 

1.3 

%  

 

0.1 

-

1.4 

%  

 

0.1 

-

1.1 

%

Expected dividend yield

 

 

 

 

 

0.0 

%  

 

 

 

0.0 

%  

 

 

 

0.0 

%

Expected volatility (2)

 

 

 

27.5 

-

28.4 

%  

 

25.5 

-

32.5 

%  

 

29 

-

35.2 

%

Expected life of options in years (3)

 

 

 

 

 

4.0 

 

 

4.0 

-

5.0 

 

 

1.0 

-

5.0 

 

Fair value of equity per share (4)

 

 

$

15.16 

-

22.75 

 

$

14.76 

-

18.28 

 

$

16.32 

-

16.99 

 


(1)

Based on interest rates for U.S. Treasury instruments with terms consistent with the expected lives of the awards.

(2)

We considered both the historical volatility as well as implied volatilities for exchange-traded options of a peer group of companies.

(3)

Expected lives were based on an analysis of historical exercise and post-vesting employment termination behavior. Since fair value was remeasured at the end of the year in fiscal 2012, and at the end of the third quarter in fiscal 2013, the expected life was adjusted based on the remaining life of the options.

(4)

The Company’s common stock valuations for periods prior to our IPO on June 27, 2014, fiscal 2013 and fiscal 2012 relied on projections of our future performance, estimates of our weighted-average cost of capital, and metrics based on the performance of a peer group of similar companies, including valuation multiples and stock price volatility.  Subsequent to June 27, 2014, the Company used the closing market price of our common stock on the grant date.

Schedule of summary of stock option activity

The stock option activity during the fiscal year ended January 31, 2015 was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

 

 

    

Weighted-

    

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

 

 

Remaining

 

Aggregate

 

 

 

Number of

 

Weighted-

 

Contractual

 

Intrinsic

 

 

 

Shares

 

Average Exercise

 

Term (In

 

Value

 

 

 

(In millions)

 

Price

 

years)

 

(In millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at beginning of year

 

11.8 

 

$

9.37 

 

 

 

 

 

 

Granted

 

1.6 

 

 

15.88 

 

 

 

 

 

 

Exercised

 

(3.0)

 

 

7.67 

 

 

 

 

 

 

Expired/Forfeited

 

(0.6)

 

 

11.82 

 

 

 

 

 

 

Outstanding at end of year

 

9.8 

 

 

10.86 

 

4.9 

 

$

146 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares exercisable at end of year

 

5.5 

 

$

8.35 

 

3.2 

 

$

96 

 

 

Schedule of nonvested restricted share activity

 

Restricted share activity during the fiscal year ended January 31, 2015 was as follows:

 

 

 

 

 

 

 

 

 

Number of

 

Weighted-

 

 

Shares

 

Average Fair

 

    

(in millions)

    

Value

Outstanding at beginning of year

 

0.80 

 

$

17.07 

Granted

 

0.30 

 

 

16.04 

Vested

 

(0.20)

 

 

16.64 

Forfeited

 

 —

 

 

16.49 

Outstanding at end of year

 

0.90 

 

$

16.79