Note 7 - Stock-based Compensation

3 Months Ended

Apr. 30, 2023

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

Note 7 - Stock-based compensation 

The Company has prior incentive plans under which previously granted awards remain outstanding but under which no new awards may be granted. At April 30, 2023 the Company had reserved a total of 307,446 shares for grants and issuances under these incentive stock plans, which includes a reserve for issuances pursuant to unvested or unexercised prior awards.

The Company's prior incentive plans 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 prior incentive plans authorized awards to officers, employees, consultants, and independent directors.

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.

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 April 30,
(In thousands)	2023		2022
Restricted stock-based compensation expense	$	229	$	236

Stock Options

The Company did not grant any stock options during the three months ended April 30, 2023. The following table summarizes the Company's stock option activity:

(Shares in thousands)	Options		Weighted Average Exercise Price (Per share)		Weighted Average Remaining Contractual Term (In years)		Aggregate Intrinsic Value
Outstanding at January 31, 2023		40	$	10.85		1.1	$	19
Outstanding at April 30, 2023		40		10.85		0.9		29
Options exercisable at April 30, 2023		40	$	10.85		0.9	$	29

There was no vesting, expiration or forfeiture of previously unvested stock options during the three months ended April 30, 2023. As of April 30, 2023, 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 three months ended April 30, 2023:

(Shares in thousands)	Restricted Shares			Weighted Average Price (Per share)		Aggregate Intrinsic Value
Outstanding at January 31, 2023		267		$	8.55	$	2,652
Granted		1			10.96
Forfeited or retired for taxes		(1	)		6.52
Outstanding at April 30, 2023		267		$	8.56	$	2,288

As of April 30, 2023, there was $0.9 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.