Deferred stock

In June 2017 under the Omnibus Plan described above, the Company granted deferred stock units to each non-employee director at the time of the annual meeting of stockholders equal to the result of dividing $40,000 by the fair market value of the common stock on the date of grant. The stock vests on the date of grant, however it will only be distributed to the directors upon their separation from service. Since this stock is granted to non-employees, the Company records a mark-to-market adjustment on a quarterly basis, offsetting this to the deferred liability account.

As of January 31, 2018, there were approximately 90,070 deferred stock units outstanding included in restricted stock activity below:

Restricted stock

The Company has granted restricted stock to executive officers and employees. The restricted stock vest ratably over three 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, 2018 and 2017, respectively:



(Shares in thousands)	Restricted shares		Weighted average price		Aggregate intrinsic value
Outstanding on January 31, 2016	163			$6.40		$1,040
Granted	254		7.29
Issued	(123	)
Forfeited	(4	)	6.72
Outstanding on January 31, 2017	290			$8.75		$2,533

Granted	178		8.06
Issued	(101	)
Forfeited	(7	)	7.15
Outstanding on January 31, 2018	360			$9.05		$3,254

As of January 31, 2018, there was $1.4 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 1.1 years.

(In thousands)

Deferred compensation liabilities