Note 7 - Stock-based Compensation

6 Months Ended

Jul. 31, 2019

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

Note

7

- Stock-based compensation

At

July 31, 2019

, the Company had

one

incentive stock plan under which new equity incentive awards

may

be granted:

• 2017 Omnibus Stock Incentive Plan dated June 13, 2017, as amended, which the Company's stockholders approved in June 2017 ( "2017 Plan").

The Company has prior incentive plans under which previously granted awards remain outstanding, but under which

no

new awards

may

be granted. At

July 31, 2019

the Company had reserved a total of

690,549

shares for grants and issuances under these incentive stock plans, which includes a reserve for issuances pursuant to unvested or unexercised prior awards, and shares for new grants or issuances pursuant to the

2017

Plan.

While the

2017

Plan provides for the grant of deferred shares, non-qualified stock options, incentive stock options, restricted shares, restricted stock units, and performance-based restricted stock units intended to qualify under section

422

of the Internal Revenue Code, to date the Company has issued only restricted shares and restricted stock units under the

2017

Plan and currently intends to continue this practice. The

2017

Plan authorizes awards to officers, employees, consultants, and directors.

The Company has stock-based compensation awards that can be granted to eligible employees, officers or directors. The following is the stock-based compensation expense:

	Three Months Ended July 31,				Six Months Ended July 31,
	2019		2018		2019		2018
Stock-based compensation expense	$	3	$	9	$	8	$	23
Restricted stock-based compensation expense		403		432		552		688
Total stock-based compensation expense	$	406	$	441	$	560	$	711

Stock Options

The Company did

not

grant any stock options during the 

six

months ended

July 31, 2019

. The following tables summarizes the Company's stock option activity:

Option activity	No. of Shares Underlying Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding (unvested) at January 31, 2019		218			8.60		3.8	$	257
Exercised		(37	)		6.91				75
Expired or forfeited		(20	)		7.99
Outstanding at July 31, 2019		161			8.96		3.6		179
Exercisable at July 31, 2019		158		$	8.99		3.6	$	175

The Company received less than 

$0.3

 million during the 

six

months ended

July 31, 2019

, for stock options exercised. 

Unvested option activity	No. of Shares Underlying Options			Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Outstanding (unvested) at January 31, 2019		11		$	7.00	$	19
Vested		(7	)
Expired or forfeited		(1	)		7.99
Outstanding at July 31, 2019		3		$	7.33	$	5

As of

July 31, 2019

, there was less than $

0.1

million of total unrecognized compensation expense related to unvested stock options. The expense is expected to be recognized over a weighted average period of 

0.9

years.

Restricted stock

The following table summarizes the Company's restricted stock activity for the

first

six

months of fiscal

2019:

Restricted stock activity	Restricted Shares			Weighted Average Grant Price Per Share		Aggregate Intrinsic Value
Outstanding (unvested) at January 31, 2019		283			8.74	$	2,476
Granted		133			9.09
Vested and issued		(52	)		8.86
Forfeited or retired for taxes		(22	)		8.85
Outstanding (unvested) end at July 31, 2019		342			8.85	$	3,034

A

s of

July 31, 2019

, there was

$1.8

million of unrecognized compensation expense related to unvested restricted stock granted under the plans. That cost is expected to be recognized over a weighted average period of

2.4

 years.