Stock Based Compensation (Tables)

12 Months Ended

Jan. 31, 2015

A summary of stock option activity is summarized as follows:



	Fiscal Year
	2014
	Options			Weighted Average Exercise Price
Outstanding — beginning of year	2,304,407			4.46
Granted	1,318,078			4.95
Exercised	(246,155		)	1.91
Expired	(168,060		)	5.31
Forfeited	(770,947		)	5.75
Outstanding — end of year	2,437,323			4.52
Exercisable — end of year	1,192,220			3.83
Aggregate intrinsic value of outstanding options at year end	$	9,798,038
Aggregate intrinsic value of exercisable options at year end	$	4,792,724

Schedule of Weighted-Average Assumptions

The fiscal 2014, 2013 and 2012 stock-based compensation was estimated at the date of grant using a Black-Scholes option pricing model with the following weighted average assumptions for each fiscal year:



	2014		2013		2012
Expected life	6 years		6 years		5 years
Risk-free interest rate	1.35	%	1.81	%	0.35	%
Weighted average volatility factor	0.60		0.66		0.57
Dividend yield	—		—		—
Forfeiture rate	22	%	21	%	—



	Number of Options	Average Exercise Price			Remaining Life in Years
January 31, 2015
Outstanding	2,437,323	$	4.52	(1)	7.91
Exercisable	1,192,220	$	3.83	(2)	6.67

_______________


(1)	The exercise prices range from $1.65 to $8.17, of which 463,924 shares are between $1.65 and $2.00 per share, 519,978 shares are between $2.08 and $4.00 per share, and 1,453,421 shares are between $4.08 and $8.17 per share.


(2)	The exercise prices range from $1.65 to $8.17, of which 454,424 shares are between $1.65 and $2.00 per share, 280,667 shares are between $2.08 and $4.00 per share, and 457,129 shares are between $4.08 and $8.17 per share.

Schedule of Restricted Stock Award Activity

A summary of restricted stock award activity for the period is presented below:



	Non-vested Number of Shares		Weighted Average Grant Date Fair Value
Non-vested balance at January 31, 2012	126,457		$	1.68
Granted	137,325		2.01
Vested	(126,457	)	1.79
Forfeited/expired	—		—
Non-vested balance at January 31, 2013	137,325		$	2.01
Granted	29,698		6.65
Vested	(137,325	)	2.01
Forfeited/expired	—		—
Non-vested balance at January 31, 2014	29,698		$	6.01
Granted	120,306		4.31
Vested	(29,698	)	6.65
Forfeited/expired	—		—
Non-vested balance at January 31, 2015	120,306		$	4.31