Note 7 - Stock-based Compensation

9 Months Ended

Oct. 31, 2022

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

Note 7 - Stock-based compensation 

The Company's 2021 Omnibus Stock Incentive Plan dated May 26, 2021 was approved by the Company's stockholders in May 2021 ("2021 Plan"). The 2021 Plan will expire in May 2024. The 2021 Plan authorizes awards to officers, employees, consultants and independent directors. Grants were made to the Company's employees, officers and independent directors under the 2021 Plan, as described below.

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. 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 independent directors.

The Company has prior incentive plans under which previously granted awards remain outstanding, including the 2017 Plan, but under which no new awards may be granted. At October 31, 2022 the Company had reserved a total of 309,875  shares for grants and issuances under these incentive stock plans, which includes a reserve for issuances pursuant to unvested or unexercised prior awards.

Stock-based 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:

	Three Months Ended October 31,				Nine Months Ended October 31,
(In thousands)	2022		2021		2022		2021
Restricted stock-based compensation expense	$	243	$	270	$	763	$	818
Total stock-based compensation expense	$	243	$	270	$	763	$	818

Stock Options

The Company did not grant any stock options during the three or nine months ended October 31, 2022. The following table summarizes the Company's stock option activity:

(Options in thousands)	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 31, 2022		67		$	9.51		1.7	$	63
Exercised		(14	)		6.63		-		49
Expired or forfeited		(11	)		10.62		-		-
Outstanding at October 31, 2022		42			10.62		1.7		22
Options exercisable at October 31, 2022		42		$	10.62		1.7	$	22

There was no vesting, expiration or forfeiture of previously unvested stock options during the nine months ended October 31, 2022. As of October 31, 2022, there were no remaining unvested stock options outstanding, and therefore no unrecognized compensation expense related to unvested stock options.

Restricted stock

The following table summarizes the Company's restricted stock activity for the nine months ended October 31, 2022:

(Shares in thousands)	Restricted Shares			Weighted Average Price		Aggregate Intrinsic Value
Outstanding at January 31, 2022		354		$	7.48	$	2,652
Granted		102			10.96
Vested and issued		(147	)		7.30
Forfeited or retired for taxes		(42	)		6.87
Outstanding at October 31, 2022		267		$	8.55	$	2,287

As of October 31, 2022, there was $1.4 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 2.0 years.