XML 30 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
Employee Stock Purchase Plan
12 Months Ended
Jan. 31, 2018
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, 2018, 455,265 shares remain that can be purchased under the plan.
The Company recognized compensation expense of $19,000 and $5,000 for fiscal years 2017 and 2016, respectively, under this plan.
During fiscal 2017, 21,234 shares were purchased at the price of $0.98 per share and 26,048 shares were purchased at the price of $0.91 per share; during fiscal 2016, 25,617 shares were purchased at the price of $1.02 per share. The cash received for shares purchased from the plan was $45,000 and $26,000 in fiscal 2017 and 2016, respectively.
The purchase price at June 30, 2018 will be 85% of the lower of (a) the closing price on January 2, 2018 ($1.68) or (b) the closing price on June 30, 2018.