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Stock-Based Compensation
 12 Months Ended
Jan. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock Based Compensation Stock-Based Compensation
Stock Incentive Plans

Under the Company's two stock plans are the 2019 Employee Stock Incentive Plan (the “2019 Plan”), the Company may grant an aggregate of 1,000,000 shares to its employees in the form of restricted stock units and non-employee directors in the form of restricted stock awards. Restricted stock awards granted under the 2019 Plan are expensed ratably over the vesting period of the awards. The Company determines the fair value of its restricted stock units or awards and related compensation expense as the difference between the market value of the units or awards on the date of grant less the exercise price of the units or awards granted. During fiscal year 2024, the Company granted zero awards to non-employee directors, vested 93,600 shares according to their terms and forfeited 0 shares under the 2019 Plan. As of January 31, 2024, there were approximately 537,925 shares available for future issuance under the 2019 Plan.

The following table summarizes the stock-based compensation expense related to restricted stock awards recognized in the Company's statement of operations during fiscal years ended January 31, is as follows:

20242023
(in thousands)
Cost of goods sold$113 $148 
Selling, general and administrative expenses482 464 
Total stock-based compensation expense$595 $612 
The following table summarizes the Company’s restricted stock unit awards activity, and related information for fiscal years ended January 31,: 
 20242023
Restricted stock unitsWeighted- Average Exercise PriceRestricted stock unitsWeighted- Average Exercise Price
Outstanding at beginning of year187,200 $4.40 420,870 $4.37 
Granted70,510 3.89 — — 
Vested(93,600)4.40 (233,670)3.82 
Forfeited— — — — 
Outstanding at end of year164,110 4.18 187,200 4.40 
Weighted-average fair value of restricted stock units granted during the year$274,284 3.89 $— — 
Weighted-average fair value of restricted stock units vested during the year$411,840 $892,619 
As of January 31, 2024, there was $229,000 of total unrecognized compensation expense related to restricted stock awards. That expense is expected to be recognized over a weighted-average period of 0.3 years.

To satisfy employee minimum statutory tax withholding requirements for restricted stock awards that vest, the Company withholds and retires a portion of the vesting common shares, unless an employee elects to pay cash. In fiscal 2024 and 2023, the Company withheld 27,781 and 55,838 common shares, respectively, with a total value of approximately $110,000 and $213,000, respectively. These amounts are presented as a cash outflow from financing activities in the accompanying consolidated statements of cash flows.