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Stock options | 12 Months Ended
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Jan. 31, 2012
Stock options [Abstract] |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 10 - Stock options Under the 2004 Stock Option Plan ("Option Plan"), 250,000 shares of common stock are reserved for issuance to employees of the Company and its affiliates as well as advisors and consultants to the Company. In addition, under the Option Plan, the number of shares that may be issued shall be increased by an additional two percent of the aggregate number of shares of Common Stock outstanding as of the last day of the most recently completed fiscal year of the Company, beginning January 31, 2005. Option exercise prices will be no less than fair market value for the common stock on the date of grant. The options granted under the Option Plan may be either non-qualified options or incentive options. Under the 2009 Independent Directors' Stock Option Plan, 100,000 shares of common stock are reserved for issuance to Directors of the Company. In addition, the number of shares that may be issued shall be increased May 1, 2010 and each May 1 thereafter until May 1, 2019, pursuant to the terms of this Plan shall be increased by the number equal to 0.35% of the aggregate number of shares of common stock outstanding as of the last day of the most recently ended fiscal year of the Company. Pursuant to the 2009 Independent Directors' Stock Option Plan, an option to purchase 10,000 shares of common stock is granted automatically to each director who is not an employee of the Company (an "Independent Director") on the date the individual is first elected as an Independent Director. An option to purchase 1,000 shares was granted to each Independent Director acting on June 23, 2009, and options to purchase 1,000 shares are granted to each Independent Director upon each date such Independent Director is re-elected as an Independent Director, commencing with the Company's annual meeting for the year 2009. Such options vest ratably over four years and are exercisable for up to ten years from the date of grant. To cover the exercise of vested options, the Company issues new shares from its authorized but unissued share pool. The Company calculates all stock compensation expense based on the grant date fair value of the option and recognizes expense on a straight-line basis over the four-year vesting period of the option. The fair value of each option award was estimated on the date of grant using the Black-Scholes Merton option-pricing model that used the assumptions noted in the following table. The principal variable assumptions utilized in valuing options and the methodology for estimating such model inputs include:
1. | risk-free interest rate - an estimate based on the "Market yield on U.S. Treasury securities at the rate for the period described in assumption 3 below, quoted on investment basis" for the end of week closest to the stock option grant date, from the Federal Reserve web site;
2. | expected volatility - an estimate based on the historical volatility of MFRI Common Stock's weekly closing stock price for the period 1/1/93 to the date of grant; and
3. | expected life of the option - an estimate based on historical experience including the effect of employee terminations.
|  | 2011 |  | 2010 |  |
1. | Risk-free interest rate | 1.54%-5.13% |  | 1.88%-5.16% |  |
2. | Expected volatility | 51.72%-66.82% |  | 51.72%-66.82% |  |
3. | Expected life in years | 4.9 to 7 |  | 5 to 7 |  |
4. | Dividend yield | — |  | — |  |
The following summarizes the activity related to options outstanding under the plans for the years ended January 31, 2011 and 2012:
| Options |  | Weighted average exercise price |  | Weighted average remaining contractual term |  | Aggregate intrinsic value |
Outstanding at January 31, 2010 | 680 |  | $13.20 | 7.2 |  | $379
Granted | 162 |  | 6.10 |  |  |
Exercised | (15 | ) | 3.00 |  |  | 84 |
Expired or forfeited | (50 | ) | 13.63 |  |  |
Outstanding at January 31, 2011 | 777 |  | 11.88 |  | 6.9 |  | 2,241 |
Options exercisable at January 31, 2011 | 408 |  |  | 5.4 |  | 1,000 |
Granted | 155 |  | 7.68 |  |  |
Exercised | (61 | ) | 3.42 |  |  | 240 |
Expired or forfeited | (28 | ) | 19.29 |  |  |
Outstanding at January 31, 2012 | 843 |  | 11.48 |  | 6.9 |  | 430 |
Options exercisable at January 31, 2012 | 470 |  | $14.37 | 5.7 |  | $217
Range of exercise prices | Options outstanding |  | Weighted average remaining contractual life |  | Weighted average exercise price |  | Options exercisable |  | Weighted average exercise price |
$2.00-$2.99 | 19 |  | 1 |  | $2.1674 | 19 |  | $2.1674
6.00-6.99 | 312 |  | 7.9 |  | 6.4589 |  | 122 |  | 6.5676 |
7.00-7.99 | 201 |  | 8 |  | 7.6650 |  | 50 |  | 7.6150 |
10.00-10.99 | 70 |  | 4.4 |  | 10.0750 |  | 70 |  | 10.0750 |
12.00-12.99 | 3 |  | 6.3 |  | 12.6650 |  | 2 |  | 12.6650 |
13.00-13.99 | 10 |  | 6.4 |  | 13.6500 |  | 7 |  | 13.6500 |
16.00-16.99 | 1 |  | 6.1 |  | 16.1150 |  | 1 |  | 16.1150 |
17.00-17.99 | 122 |  | 6.4 |  | 17.6436 |  | 94 |  | 17.6462 |
26.00-26.99 | 3 |  | 5.5 |  | 26.0450 |  | 3 |  | 26.0450 |
$28.00-$28.99 | 102 |  | 4.4 |  | 28.9900 |  | 102 |  | 28.9900 |
Outstanding at January 31, 2012 | 843 |  | 6.9 |  | $11.4781 | 470 |  | $14.3714
The weighted average fair value of options granted, net of options surrendered, during 2011 and 2010 are estimated at $3.84 and $3.40, per share, respectively, on the date of grant.
Unvested options outstanding | Options |  | Weighted-average grant date fair value |  | Aggregate intrinsic value
Outstanding at beginning of the year | 369 |  | $9.98 | $1,241
Granted | 155 |  | 7.68 |  |
Vested | (149 | ) | 12.99 |  |
Expired or forfeited | (2 | ) | 8.34 |  |
Outstanding at end of the year | 373 |  | $7.84 | $212
Based on historical experience the Company expects 85% of these options to vest. As of January 31, 2012, there was $1.0 million of unrecognized compensation cost related to unvested stock options granted under the plans. That cost is expected to be recognized over the weighted-average period of 2.4 years. The stock-based compensation expense for the years ended January 31, 2012 and 2011 was $0.6 million and $0.9 million, respectively.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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