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Note 17 - Stock-based Compensation Plans | 12 Months Ended
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Jan. 31, 2020
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] | Note 17 - Stock-Based Compensation Plans Total estimated stock-based compensation expense recognized in our consolidated statement of operations was as follows:
Year Ended |  |  | January 31, |  |  |  | January 31, |  |  |  | January 31, |
|  |  | 2020 |  |  |  | 2019 |  |  |  | 2018 |
Cost of revenues |  |  | 220 |  |  |  | 160 |  |  |  | 90 |
Sales and marketing |  |  | 706 |  |  |  | 436 |  |  |  | 246 |
Research and development |  |  | 281 |  |  |  | 184 |  |  |  | 85 |
General and administrative |  |  | 3,702 |  |  |  | 2,930 |  |  |  | 2,386 |
Effect on net income |  |  | 4,909 |  |  |  | 3,710 |  |  |  | 2,807 |
Differences between how GAAP and applicable income tax laws treat the amount and timing of recognition of stock-based compensation expense may result in a deferred tax asset. We have recorded a valuation allowance against any such deferred tax asset except for $0.7 million ( $0.6 million at January 31, 2019) recognized in the United States. The tax benefit realized in connection with stock options exercised during 2020, 2019 and 2018 was $0.1 million, $0.2 million and nominal, respectively. Stock Options As of January 31, 2020, we had 1,021,322 stock options granted and outstanding under our shareholder-approved stock option plan and 3,661,684 remained available for grant. In addition, we had 106,500 stock options outstanding pursuant to option grants made outside of our shareholder-approved stock option plan as permitted under the rules of the Toronto Stock Exchange in certain circumstances. As of January 31, 2020, $3.5 million of total unrecognized compensation costs, net of forfeitures, related to non-vested stock option awards is expected to be recognized over a weighted average period of 2.8 years. The total fair value of stock options vested during 2020 was $1.9 million. The total number of options granted during the years ended January 31, 2020, 2019 and 2018 was 367,173, 272,144 and 274,500, respectively. The weighted average grant-date fair value of options granted during the years ended January 31, 2020, 2019 and 2018 was $8.99, $7.10 and $5.26 per option, respectively. The weighted-average assumptions were as follows:
Year Ended |  |  | January 31, 2020 |  |  |  | January 31, 2019 |  |  |  | January 31, 2018 |
Expected dividend yield (%) |  |  | – |  |  |  | – |  |  |  | – |
Expected volatility (%) |  |  | 23.5 |  |  |  | 23.6 |  |  |  | 23.5 |
Risk-free rate (%) |  |  | 1.4 |  |  |  | 2.0 |  |  |  | 1.0 |
Expected option life (years) |  |  | 5 |  |  |  | 5 |  |  |  | 5 |
A summary of option activity under all of our plans is presented as follows:
|  |  | Number of Stock Options Outstanding |  |  |  | Weighted- Average Exercise Price |  |  |  | Weighted- Average Remaining Contractual Life (years) |  |  |  | Aggregate Intrinsic Value (in millions) |
Balance at January 31, 2018 |  |  | 657,209 |  |  | $ | 18.21 |  |  |  | 4.9 |  |  |  | 5.7 |
Granted |  |  | 272,144 |  |  | $ | 27.96 |  |  |  |  |  |  |  |  |
Exercised |  |  | (46,065 | ) |  | $ | 11.75 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (3,950 | ) |  | $ | 26.43 |  |  |  |  |  |  |  |  |
Balance at January 31, 2019 |  |  | 879,338 |  |  | $ | 21.41 |  |  |  | 4.7 |  |  |  | 8.7 |
Granted |  |  | 367,173 |  |  | $ | 38.06 |  |  |  |  |  |  |  |  |
Exercised |  |  | (94,970 | ) |  | $ | 15.62 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (23,719 | ) |  | $ | 31.93 |  |  |  |  |  |  |  |  |
Balance at January 31, 2020 |  |  | 1,127,822 |  |  | $ | 26.82 |  |  |  | 4.6 |  |  |  | 20.2 |
Vested or expected to vest at January 31, 2020 |  |  | 1,127,822 |  |  | $ | 26.82 |  |  |  | 4.6 |  |  |  | 20.2 |
Exercisable at January 31, 2020 |  |  | 718,169 |  |  | $ | 22.88 |  |  |  | 4.0 |  |  |  | 15.7 |
The total intrinsic value of options exercised during the years ended January 31, 2020, 2019 and 2018 was approximately $2.0 million, $0.8 million and $2.5 million, respectively. Options outstanding and options exercisable as at January 31, 2020 by range of exercise price are as follows:
|  | Options Outstanding |  | Options Exercisable
Range of Exercise Prices |  |  | Weighted Average Exercise Price |  |  |  | Number of Stock Options |  |  |  | Weighted Average Remaining Contractual Life (years) |  |  |  | Weighted Average Exercise Price |  |  |  | Number of Stock Options |
$11.43 – $11.59 |  | $ | 11.57 |  |  |  | 126,500 |  |  |  | 1.4 |  |  | $ | 11.57 |  |  |  | 126,500 |
$18.71 – $22.57 |  | $ | 21.17 |  |  |  | 397,014 |  |  |  | 3.8 |  |  | $ | 21.08 |  |  |  | 357,014 |
$25.91 – $27.50 |  | $ | 27.49 |  |  |  | 247,935 |  |  |  | 5.2 |  |  | $ | 27.49 |  |  |  | 140,461 |
$38.04 – $39.70 |  | $ | 38.07 |  |  |  | 356,373 |  |  |  | 6.2 |  |  | $ | 38.06 |  |  |  | 94,194 |
|  | $ | 26.82 |  |  |  | 1,127,822 |  |  |  | 4.6 |  |  | $ | 22.88 |  |  |  | 718,169 |
A summary of the status of our unvested stock options under our shareholder-approved stock option plan as of January 31, 2020 is presented as follows:
|  |  | Number of Stock Options Outstanding |  |  |  | Weighted-Average Grant-Date Fair Value per Share |
Balance at January 31, 2018 |  |  | 276,067 |  |  | $ | 4.98 |
Granted |  |  | 272,144 |  |  | $ | 7.10 |
Vested |  |  | (219,043 | ) |  | $ | 5.56 |
Forfeited |  |  | (3,950 | ) |  | $ | 6.41 |
Balance at January 31, 2019 |  |  | 325,218 |  |  | $ | 6.18 |
Granted |  |  | 367,173 |  |  | $ | 8.99 |
Vested |  |  | (259,269 | ) |  | $ | 6.96 |
Forfeited |  |  | (23,469 | ) |  | $ | 7.69 |
Balance at January 31, 2020 |  |  | 409,653 |  |  | $ | 8.03 |
The above noted table excludes the 106,500 options outstanding pursuant to option grants made outside of our shareholder-approved stock option plan as permitted under the rules of the Toronto Stock Exchange in certain circumstances. Performance Share Units A summary of PSU activity is as follows:
|  |  | Number of PSUs Outstanding |  |  |  | Weighted- Average Granted Date Fair Value |  |  |  | Weighted- Average Remaining Contractual Life (years) |  |  |  | Aggregate Intrinsic Value (in millions) |
Balance at January 31, 2018 |  |  | 440,520 |  |  | $ | 15.91 |  |  |  | 6.1 |  |  |  | 11.9 |
Granted |  |  | 54,351 |  |  | $ | 35.23 |  |  |  |  |  |  |  |  |
Performance units issued |  |  | 35,512 |  |  | $ | 19.59 |  |  |  |  |  |  |  |  |
Balance at January 31, 2019 |  |  | 530,383 |  |  | $ | 18.02 |  |  |  | 5.5 |  |  |  | 16.6 |
Granted |  |  | 53,729 |  |  | $ | 53.65 |  |  |  |  |  |  |  |  |
Performance units issued |  |  | 45,762 |  |  | $ | 23.24 |  |  |  |  |  |  |  |  |
Balance at January 31, 2020 |  |  | 629,874 |  |  | $ | 21.19 |  |  |  | 5.0 |  |  |  | 28.2 |
Vested or expected to vest at January 31, 2020 |  |  | 629,874 |  |  | $ | 21.19 |  |  |  | 5.0 |  |  |  | 28.2 |
Exercisable at January 31, 2020 |  |  | 521,794 |  |  | $ | 16.45 |  |  |  | 4.3 |  |  |  | 23.4 |
The aggregate intrinsic values represent the total pre-tax intrinsic value (the aggregate closing share price of our common shares on January 31, 2020) that would have been received by PSU holders if all PSUs had been vested on January 31, 2020. As of January 31, 2020, $2.7 million of total unrecognized compensation costs related to non-vested awards is expected to be recognized over a weighted average period of 1.5 years. The total fair value of PSUs vested during 2020 was $2.6 million. Restricted Share Units A summary of RSU activity is as follows:
|  |  | Number of RSUs Outstanding |  |  |  | Weighted- Average Granted Date Fair Value |  |  |  | Weighted- Average Remaining Contractual Life (years) |  |  |  | Aggregate Intrinsic Value (in millions) |
Balance at January 31, 2018 |  |  | 299,020 |  |  | $ | 12.80 |  |  |  | 6.1 |  |  |  | 8.1 |
Granted |  |  | 38,046 |  |  | $ | 27.96 |  |  |  |  |  |  |  |  |
Balance at January 31, 2019 |  |  | 337,066 |  |  | $ | 14.42 |  |  |  | 5.6 |  |  |  | 10.6 |
Granted |  |  | 37,611 |  |  | $ | 38.04 |  |  |  |  |  |  |  |  |
Balance at January 31, 2020 |  |  | 374,677 |  |  | $ | 16.57 |  |  |  | 5.0 |  |  |  | 16.8 |
Vested or expected to vest at January 31, 2020 |  |  | 374,677 |  |  | $ | 16.57 |  |  |  | 5.0 |  |  |  | 16.8 |
Exercisable at January 31, 2020 |  |  | 336,921 |  |  | $ | 14.56 |  |  |  | 4.6 |  |  |  | 15.1 |
The aggregate intrinsic values represent the total pre-tax intrinsic value (the aggregate closing share price of our common shares on January 31, 2020) that would have been received by RSU holders if all RSUs had been vested on January 31, 2020. As of January 31, 2020, $1.3 million of total unrecognized compensation costs related to non-vested awards is expected to be recognized over a weighted average period of 1.7 years. The total fair value of RSUs vested during 2020 was $1.1 million. Deferred Share Unit Plan As at January 31, 2020, the total number of DSUs held by participating directors was 251,422 ( 277,390 at January 31, 2019), representing an aggregate accrued liability of $11.3 million ( $8.6 million at January 31, 2019). During 2020, 25,373 DSUs were granted and 51,341 DSUs were redeemed and settled in cash. As at January 31, 2020, the unrecognized aggregate liability for the unvested DSUs was nil ( nil at January 31, 2019). The fair value of the DSU liability is based on the closing price of our common shares at the balance sheet date. The total compensation cost related to DSUs recognized in our consolidated statements of operations was approximately $5.0 million, $2.2 million and $2.3 million for the years ended January 31, 2020, 2019 and 2018, respectively. Cash-Settled Restricted Share Unit Plan A summary of activity under our CRSU plan is as follows:
|  |  | Number of CRSUs Outstanding |  |  |  | Weighted- Average Remaining Contractual Life (years) |
Balance at January 31, 2018 |  |  | 58,171 |  |  |  | 1.5 |
Granted |  |  | 32,261 |  |  |  |  |
Vested and settled in cash |  |  | (45,369 | ) |  |  |  |
Balance at January 31, 2019 |  |  | 45,063 |  |  |  | 1.6 |
Granted |  |  | 30,086 |  |  |  |  |
Vested and settled in cash |  |  | (32,422 | ) |  |  |  |
Balance at January 31, 2020 |  |  | 42,727 |  |  |  | 1.6 |
Non-vested at January 31, 2020 |  |  | 42,727 |  |  |  | 1.6 |
We recognize the compensation cost of the CRSUs ratably over the service/vesting period relating to the grant and have recorded an aggregate accrued liability of $0.8 million at January 31, 2020 ( $0.6 million at January 31, 2019). As at January 31, 2020, the unrecognized aggregate liability for the unvested CRSUs was $1.1 million ( $0.8 million at January 31, 2019). The fair value of the CRSU liability is based on the closing price of our common shares at the balance sheet date. The total compensation cost related to CRSUs recognized in our consolidated statements of operations was approximately $0.9 million, $0.8 million and $1.0 million for the years ended January 31, 2020, 2019 and 2018, respectively.

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