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Employee Stock Purchase Plan
12 Months Ended
Jan. 31, 2017
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract]  
EMPLOYEE STOCK PURCHASE PLAN
EMPLOYEE STOCK PURCHASE PLAN
The Company has an Employee Stock Purchase Plan under which associates may purchase up to 1,000,000 shares of common stock. Under the plan, eligible associates may elect to contribute, through payroll deductions, up to 10% of their base pay to a trust during any plan year, i.e., January 1 through December 31 of the same year. Semi-annually, typically in January and July of each year, the plan issues, for the benefit of the employees, shares of common stock at the lesser of (a) 85% of the fair market value of the common stock on the first day of the vesting period (January 1 or July 1), or (b) 85% of the fair market value of the common stock on the last day of the vesting period (June 30 or December 31 of the same year). At January 31, 2017, 502,547 shares remain that can be purchased under the plan.
The Company recognized compensation expense of $5,000 and $20,000 for fiscal years 2016 and 2015, respectively, under this plan.
During fiscal 2016, 25,617 shares were purchased at the price of $1.02 per share; during fiscal 2015, 27,071 shares were purchased at the price of $2.38 per share and 42,050 shares were purchased at the price of $1.20 per share. The cash received for shares purchased from the plan was $26,000 and $115,000 in fiscal 2016 and 2015, respectively.
The purchase price at June 30, 2017 will be 85% of the lower of (a) the closing price on January 3, 2017 ($1.30) or (b) the closing price on June 30, 2017.