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Stock-Based Compensation (Tables)
 12 Months Ended
Jan. 31, 2022
Share-based Payment Arrangement [Abstract]  
Schedule of Weighted Average Assumptions Used for Calculation of Fair Value of Stock Options Granted

The table below presents the weighted average assumptions used with the Black-Scholes option-pricing model for the calculation of the fair value of stock options granted during the fiscal years ended January 31, 2022 and January 31, 2021. There were no stock options granted during the fiscal year ended January 31, 2020.

 

 

 

Fiscal Year Ended January 31, 2022

 

 

Fiscal Year Ended January 31, 2021

 

Expected volatility

 

 

51.61

%

 

 

50.66

%

Expected life in years

 

 

6.0

 

 

 

6.0

 

Risk-free interest rates

 

 

0.89

%

 

 

0.39

%

Dividend rate

 

 

2.90

%

 

 

4.07

%

Weighted average fair value per option at date of grant

 

$

10.23

 

 

$

4.86

 
Schedule of Stock Option Plan

The following table summarizes the Company’s stock option plan as of January 31, 2022 and changes during each of the fiscal years in the three-year period ended January 31, 2022:

 

 

 

Outstanding
 Options

 

 

Weighted
Average
Exercise
Price per
Option

 

 

Option
Price Per
Share

 

 

Weighted
Average
Remaining
Contractual
Term
(years)

 

 

Aggregate
Intrinsic
Value
$(000)

 

Options outstanding at January 31,
   2019 (264,244 options exercisable)

 

 

566,260

 

 

$

28.43

 

 

 

 

 

 

 

 

 

 

Granted

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

(5,150

)

 

$

30.36

 

 

 

 

 

 

 

 

 

 

Cancelled

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

Options outstanding at January 31,
   2020 (399,905 options exercisable)

 

 

561,110

 

 

$

28.41

 

 

 

 

 

 

 

 

 

 

Granted

 

 

550,000

 

 

$

15.25

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

Cancelled

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

Options outstanding at January 31,
   2021 (561,110 options exercisable)

 

 

1,111,110

 

 

$

21.90

 

 

$12.42-$42.12

 

 

 

6.9

 

 

$

2,975

 

Granted

 

 

201,875

 

 

$

27.62

 

 

$

27.62

 

 

 

 

 

 

 

Exercised (a)

 

 

(330,151

)

 

$

26.01

 

 

$16.87-$30.36

 

 

 

 

 

 

 

Cancelled

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Options outstanding at January 31,
   2022

 

 

982,834

 

 

$

21.69

 

 

$12.42-$42.12

 

 

 

7.5

 

 

$

15,441

 

Exercisable at January 31, 2022

 

 

242,959

 

 

$

31.11

 

 

 

 

 

 

3.5

 

 

$

1,776

 

Expected to vest at January 31,
   2022

 

 

691,920

 

 

$

18.49

 

 

 

 

 

 

8.8

 

 

$

12,857

 

 

(a) Includes 60,000 options exercised at an exercise price of $26.59 per option, 32,600 options exercised at an exercise price of $30.34 per option, 43,440 options exercised at an exercise price of $27.74 per option and 57,300 options exercised at an exercise price of $23.35 per option for which 115,037 shares of common stock of the Company were tendered to the Company by the holder of the stock options for the payment of the exercise price of these options.

Schedule of Information Related to Stock Option Activity

The table below presents information related to stock option activity for the years ended January 31, 2022, 2021 and 2020:

 

 

 

Fiscal Year Ended
January 31,

 

 

 

2022

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Total fair value of stock options exercised

 

$

3,652

 

 

$

-

 

 

$

63

 

Total fair value of stock options vested

 

$

64

 

 

$

1,475

 

 

$

1,621

 
Schedule of Non-vested Stock Options

A summary of the Company’s non-vested stock options at January 31, 2022 and changes during fiscal 2022 are presented below:

 

 

 

Shares

 

 

Weight Average
Grant Date Fair
Value

 

 

 

 

 

 

 

 

Non-vested stock options:

 

 

 

 

 

 

Non-vested at January 31, 2021

 

 

550,000

 

 

$

4.86

 

Granted

 

 

201,875

 

 

$

10.23

 

Vested

 

 

(12,000

)

 

$

5.31

 

Non-vested at January 31, 2022

 

 

739,875

 

 

$

6.32

 
Schedule of Transactions for Restricted Stock Units Under Plan

Transactions for stock awards under the Plan since fiscal 2019 are summarized as follows:

 

 

 

Number of
Stock Award
Units

 

 

Weighted-
Average Grant
Date Fair Value

 

 

Weighted-
Average
Remaining
Contractual
Term (years)

 

 

Aggregate Intrinsic Value
($(000's)

 

Units outstanding at January 31, 2019

 

 

447,022

 

 

$

32.27

 

 

 

 

 

 

 

Units granted

 

 

274,133

 

 

$

32.47

 

 

 

 

 

 

 

Units granted adjustment for fiscal year 2019 grants (a)

 

 

20,409

 

 

$

39.95

 

 

 

 

 

 

 

Units granted adjustment for fiscal year 2020 grants (b)

 

 

(73,067

)

 

$

32.91

 

 

 

 

 

 

 

Units vested

 

 

(151,448

)

 

$

29.27

 

 

 

 

 

 

 

Units forfeited

 

 

(26,810

)

 

$

34.80

 

 

 

 

 

 

 

Units outstanding at January 31, 2020

 

 

490,239

 

 

$

33.50

 

 

 

 

 

 

 

Units granted

 

 

171,229

 

 

$

13.30

 

 

 

 

 

 

 

Units vested

 

 

(212,070

)

 

$

26.05

 

 

 

 

 

 

 

Units forfeited

 

 

(33,404

)

 

$

31.20

 

 

 

 

 

 

 

Units outstanding at January 31, 2021

 

 

415,994

 

 

$

29.17

 

 

 

 

 

 

 

Units granted

 

 

129,497

 

 

$

27.82

 

 

 

 

 

 

 

Units vested

 

 

(234,961

)

 

$

31.75

 

 

 

 

 

 

 

Units forfeited

 

 

(14,247

)

 

$

32.21

 

 

 

 

 

 

 

Units outstanding at January 31, 2022

 

 

296,283

 

 

$

26.39

 

 

 

1.7

 

 

$

10,983

 

 

(a)
Grant adjustment made due to exceeding the fiscal 2019 financial goal.
(b)
Grant adjustment made due to not reaching the fiscal 2020 financial goal.