Stock-based compensation

6 Months Ended

Jul. 31, 2017

Stock-based compensation. The Company has stock-based compensation awards that can be granted to eligible employees, officers or directors.



	Three Months Ended July 31,				Six Months Ended July 31,
	2017		2016		2017		2016
Stock-based compensation expense		$65		$68		$59		$161
Restricted stock-based compensation expense		$452		$390		$647		$668

The decrease in the six months restricted stock-based compensation expense relates to grants that vested in January 2017, and the increase in the three months comparison is due to new grants that were made in June 2017.

Stock Options. The fair value of the outstanding option awards was estimated on the grant dates using the Black-Scholes option pricing model.



	Six Months Ended July 31,
Fair value assumptions	2017	2016
Expected volatility	43.2%	43.2%
Risk free interest rate	1.2%	1.2%
Dividend yield	0	0
Expected life	5.0	5.0



Option activity	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 31, 2017	524			$11.55	4.5		$534
Exercised	(24	)	6.74			29
Expired or forfeited	(82	)	23.49
Outstanding end of period	418		9.49		4.5	274

Exercisable end of period	383			$9.59	4.2		$249



Unvested option activity	Options		Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Outstanding at January 31, 2017	74			$9.31		$69
Vested	(32	)
Expired or forfeited	(7	)	11.97
Outstanding end of period	35			$8.42		$25

As of July 31, 2017, there was $0.1 million of total unrecognized compensation expense related to unvested stock options. The expense is expected to be recognized over a period of 2.0 years.

Restricted stock. The following table summarizes restricted stock activity for the year:



Restricted stock activity	Restricted Shares		Weighted Average Grant Price Per Share		Aggregate Intrinsic Value
Outstanding at January 31, 2017	290			$8.75		$2,540
Granted	175		8.02
Issued	(55	)
Forfeited	(38	)	7.85
Outstanding end of period	372			$7.93		$2,988

As of July 31, 2017, there was $1.9 million of unrecognized compensation expense related to unvested restricted stock granted under the plans. The cost is expected to be recognized over the weighted-average period of 2.4 years.