NOTE 10 – STOCK-BASED COMPENSATION

Stock-based compensation expense amounts for the three and six months ended July 31, 2025 were $2.3 million and $3.5 million, respectively, and they were $1.0 million and $2.2 million for the three and six months ended July 31, 2024, respectively. At July 31, 2025, there was $10.2 million in unrecognized compensation costs related to outstanding stock awards that the Company expects to recognize over the next three years.

During the six months ended July 31, 2025, the Company awarded performance-based restricted stock units covering a target of 5,500 shares of common stock, earnings per share performance-based restricted stock units covering a target of 16,450 shares of common stock, renewable energy performance-based restricted stock units covering a target of 2,500 shares of common stock, and time-based restricted stock units covering 32,350 shares of common stock. The number of shares of common stock to be issued under certain awards may exceed the number of target shares if certain performance goals are exceeded. The changes in the maximum number of shares of common stock issuable pursuant to outstanding restricted stock units for the six months ended July 31, 2025 are presented below (shares in thousands):

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During the six months ended July 31, 2025, the Company awarded nonqualified stock options to purchase 4,000 shares of common stock at a weighted-average exercise price per share of $148.72. During the six months ended July 31, 2025, nonqualified stock options to purchase 230,433 shares of common stock were exercised at a weighted-average exercise price per share of $47.67. As of July 31, 2025, there were 223,067 nonqualified stock options outstanding.

Shares Withheld and Treasury Stock

For the six months ended July 31, 2025 and 2024, the Company used 233,478 shares and 260,630 shares of treasury stock, respectively, to settle stock option exercises and other share-based awards. For the six months ended July 31, 2025, the Company accepted 95,977 shares of common stock at the average price per share of $194.00 for the exercise price and/or tax withholding in connection with stock option exercises and other share-based award settlements. For the six months ended July 31, 2024, the Company accepted 417,431 shares of common stock at the average price per share of $68.04 for the exercise price and/or tax withholding in connection with stock option exercises and other share-based award settlements.