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Note 9 - Stock-based Compensation
 12 Months Ended
Jan. 31, 2021
Notes to Financial Statements  
Share-based Payment Arrangement [Text Block]
Note
9
- Stock-based compensation
 
The Company's
2017
Omnibus Stock Incentive Plan dated
June 13, 2017,
as amended, which the Company's stockholders approved in
June 2017 (
"2017
Plan"), expired in
June 2020.
Prior to the
2017
Plan's expiration, grants were made to the Company's employees, officers and independent directors, as described below.
 
The Company has prior incentive plans under which previously granted awards remain outstanding, but under which
no
new awards
may
be granted. At
January 31, 2021
, the Company had reserved a total of
522,970
shares for grants and issuances under these incentive stock plans, which includes a reserve for issuances pursuant to unvested or unexercised prior awards.
 
While the
2017
Plan provided 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, the Company issued only restricted shares and restricted stock units under the
2017
Plan. The
2017
Plan authorized awards to officers, employees, consultants, and directors.
 
Stock compensation expense
 
The Company has granted stock-based compensation awards to eligible employees, officers or independent directors. The Company recognized the following stock-based compensation expense for the periods presented:
 
(In thousands)
  
2020
  
2019
Stock-based compensation expense
   $
3
 
   $
12
 
Restricted stock based compensation expense
    
1,041
 
    
999
 
Total stock-based compensation expense
   $
1,044
 
   $
1,011
 
 
Stock options
 
The Company did
not
grant any stock options during the years ended
January 31, 2021
or
2020.
The following tables summarizes the Company's stock option activity:
 
(Shares in thousands)
  
Options
    
Weighted average exercise price
    
Weighted average remaining contractual term
    
Aggregate intrinsic value
  
Outstanding on January 31, 2019
    
218
     $
8.60
      
3.8
     $
257
  
                                 
Exercised
    
(53
 )    
6.91
      
 
      
162
  
Expired or forfeited
    
(33
 )    
7.10
      
 
      
 
  
Outstanding on January 31, 2020
    
132
      
8.98
      
3.2
      
160
  
                                 
Options exercisable on January 31, 2020
    
129
     $
9.01
      
3.1
      
155
  
                                 
Exercised
    
-
      
 
      
 
      
 
  
Expired or forfeited
    
(25
 )    
7.85
      
 
      
 
  
Outstanding on January 31, 2021
    
107
      
9.24
      
2.5
      
5
  
                                 
Options exercisable on January 31, 2021
    
107
     $
9.24
      
2.5
     $
5
  
 
No
stock options were exercised during the years ended
January 31, 2021
or
2020.
 
 
 
Unvested options outstanding (shares in thousands)
  
Options
  
Weighted-average grant date fair value
  
Aggregate intrinsic value
Outstanding on January 31, 2020
    
3
 
   $
7.33
 
   $
4
 
Granted
    
-
 
    
-
 
    
 
 
Vested
    
(3
)
    
 
 
    
 
 
Expired or forfeited    
-
 
    
 
 
    
 
 
Outstanding on January 31, 2021
    
-
 
   $
-
 
   $
-
 
 
As of 
January 31, 2021,
there were
no
remaining unvested stock options outstanding, and therefore
no
unrecognized compensation expense related to unvested stock options.
 
Deferred stock
 
As part of their compensation, each year the Company grants deferred stock units to each non-employee director, equal to the result of dividing the award amount by the fair market value of the common stock on the date of grant. The stock vests on the date of grant; however, it is only distributed to the directors upon their separation from service. In
June 2019,
the Company granted
23,104
deferred stock units from the
2017
Plan, and as of
January 31, 2021
, there were approximately
97,799
deferred stock units outstanding included in the restricted stock activity shown below. 
 
Restricted stock
 
The Company has granted restricted stock to executive officers, independent directors and employees. The restricted stock vest ratably over 
one
to
four
years. The Company calculates restricted stock compensation expense based on the grant date fair value and recognizes expense on a straight-line basis over the vesting period. The following table summarizes restricted stock activity for the years ended 
January 31, 2021
and
2020,
respectively:
 
(Shares in thousands)
  
Restricted shares
  
Weighted average price
  
Aggregate intrinsic value
Outstanding on January 31, 2019
    
274
 
   $
8.74
 
   $
2,392
 
Granted
    
152
 
    
9.09
 
    
 
 
Issued
    
(79
)
    
 
 
    
 
 
Forfeited
    
(26
)
    
8.79
 
    
 
 
Outstanding on January 31, 2020
    
321
 
   $
9.03
 
   $
2,902
 
Granted
    
156
 
    
5.88
 
    
 
 
Issued
    
(64
)
    
 
 
    
 
 
Forfeited
    
(41
)
    
8.31
 
    
 
 
Outstanding on January 31, 2021
    
372
 
   $
7.62
 
   $
2,843
 
 
The fair value of restricted stock vested was $
0.5
 million and $
0.8
 million in
2020
and
2019
, respectively. As of
January 31, 2021
, there was
$1.3
 million of unrecognized compensation cost related to unvested restricted stock granted under the plans. That cost is expected to be recognized over the weighted-average period of
1.8
years.