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Stock-Based Compensation
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Jan. 31, 2015
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments | STOCK-BASED COMPENSATION We determine the fair value of stock options and restricted stock issued under our long term incentive plans as of the grant date. We recognize the related compensation expense over the period from the date of grant to the date when the award is no longer contingent on the employee providing additional service to the Company. The Oil-Dri Corporation of America 2006 Long Term Incentive Plan (the “2006 Plan”) permits the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards and other stock-based and cash-based awards. Our employees and outside directors are eligible to receive grants under the 2006 Plan. The total number of shares of stock subject to grants under the 2006 Plan may not exceed 937,500. Stock options have been granted to our outside directors with a vesting period of one year and stock options granted to employees generally vest 25% two years after the grant date and in each of the three following anniversaries of the grant date. In addition, restricted shares have been issued under the 2006 Plan as described in the restricted stock section below. Stock Options A summary of stock option transactions is shown below:
There were no stock options exercised in the second quarter of either fiscal 2015 or 2014. The amount of cash received from the exercise of stock options during the first three months of fiscal 2015 was $15,000 and the related tax benefit was $3,000. The amount of cash received from the exercise of stock options during the first three months of fiscal 2014 was $51,000 and the related tax benefit was $24,000. No stock options were granted in the first six months of either fiscal 2015 or 2014. Restricted Stock All of our non-vested restricted stock as of January 31, 2015 was issued under the 2006 Plan with vesting periods between two years and five years. Under the 2006 Plan, 2,000 restricted shares of Common Stock were granted in the second quarter of fiscal year 2015. No restricted shares were granted in the second quarter of fiscal 2014. Stock-based compensation expense related to non-vested restricted stock in the second quarter of fiscal years 2015 and 2014 was $348,000 and $319,000, respectively. In the first six months of fiscal years 2015 and 2014, the stock-based compensation expense related to non-vested restricted stock was $656,000 and $560,000, respectively. A summary of restricted stock transactions is shown below:
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