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Note 10 - Stock-based Compensation | 12 Months Ended
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Jan. 31, 2020
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] | Note 10 - Stock-based compensation At January 31, 2020 , the Company had one incentive stock plan under which new equity incentive awards may be granted:
| • | 2017 Omnibus Stock Incentive Plan as Amended June 13, 2017, as amended, which stockholders approved in June 2017 ( "2017 Plan")
The Company has prior incentive plans under which previously granted awards remain outstanding, but under which no new awards may be granted. At January 31, 2020 , the Company had reserved a total of 613,904 shares for grants and issuances under these incentive stock plans, which includes a reserve for issuances pursuant to unvested or unexercised prior awards, and shares for new grants or issuances pursuant to the 2017 Plan. While the 2017 Plan provides 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, to date the Company has issued only restricted shares and restricted stock units under the 2017 Plan and currently intends to continue this practice. The 2017 Plan authorizes awards to officers, employees, consultants, and directors. The 2017 Plan expires on June 12, 2020. Stock compensation expense The Company recognized the following stock based compensation expense:
(In thousands) |  | 2019 |  | 2018
Stock-based compensation expense |  | $ | 12 |  |  | $ | 33 |
Restricted stock based compensation expense |  |  | 999 |  |  |  | 1,132 |
Total stock-based compensation expense |  | $ | 1,011 |  |  | $ | 1,165 |
Stock options Options vest ratably over 4 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 following summarizes the activity related to options outstanding under all plans for the years ended January 31, 2020 and 2019. The Company did not grant any stock options in 2019 or 2018.
(Shares in thousands) |  | Options |  |  | Weighted average exercise price |  |  | Weighted average remaining contractual term |  |  | Aggregate intrinsic value |
Outstanding on January 31, 2018 |  |  | 358 |  |  | $ | 9.44 |  |  |  | 4 |  |  | $ | 482 |
Exercised |  |  | (77 | ) |  |  | 6.83 |  |  |  |  |  |  |  | 162 |
Expired or forfeited |  |  | (63 | ) |  |  | 16.2 |  |  |  |  |  |  |  |  |
Outstanding on January 31, 2019 |  |  | 218 |  |  |  | 8.6 |  |  |  | 3.8 |  |  |  | 257 |
Options exercisable on January 31, 2019 |  |  | 207 |  |  | $ | 8.69 |  |  |  | 3.6 |  |  |  | 239 |
Exercised |  |  | (53 | ) |  |  | 6.91 |  |  |  |  |  |  |  | 162 |
Expired or forfeited |  |  | (33 | ) |  |  | 7.1 |  |  |  |  |  |  |  |  |
Outstanding on January 31, 2020 |  |  | 132 |  |  |  | 8.98 |  |  |  | 3.2 |  |  |  | 160 |
Options exercisable on January 31, 2020 |  |  | 129 |  |  | $ | 9.01 |  |  |  | 3.14 |  |  | $ | 155 |
The Company received $ 0.4 million and $ 0.5 million in 2019 and 2018 , respectively, for stock options exercised.
Unvested options outstanding (shares in thousands) |  | Options |  | Weighted-average grant date fair value |  | Aggregate intrinsic value
Outstanding on January 31, 2019 |  |  | 11 |  |  | $ | 7.00 |  |  | $ | 19 |
Granted |  |  | — |  |  |  | — |  |  |  |  |
Vested |  |  | (6 | ) |  |  |  |  |  |  |  |
Expired or forfeited |  |  | (2 | ) |  |  | 7.1 |  |  |  |  |
Outstanding on January 31, 2020 |  |  | 3 |  |  | $ | 7.33 |  |  | $ | 4 |
The fair value of stock options vested was less than $0.1 million in 2019 and $0.1 in 2018, respectively. Based on historical experience the Company expects 94% of these options to vest. As of January 31, 2020 , there was less than $0.1 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 0.4 years. Deferred stock As part of their compensation, each year the Company grants deferred stock units to each non-employee director, equal to the result of dividing the award amount by the fair market value of the common stock on the date of grant. The stock vests on the date of grant; however, it is only distributed to the directors upon their separation from service. In June 2019, the Company granted 23,104 deferred stock units from the 2017 Plan, and as of January 31, 2020 , there were approximately 125,049 deferred stock units outstanding included in the restricted stock activity shown below. As a result of certain events that occurred during second quarter of 2018, including a settlement of a stock-based award previously granted to a retiring member of the Company's Board of Directors, the Company changed its method of accounting for deferred stock compensation arrangements granted to the Company's directors from liability accounting treatment to equity accounting treatment and, as such, reclassified $0.7 million from a liability to additional paid in capital. 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, 2019 and 2020 , respectively:
(Shares in thousands) |  | Restricted shares |  | Weighted average price |  | Aggregate intrinsic value
Outstanding on January 31, 2018 |  |  | 360 |  |  | $ | 9.05 |  |  | $ | 3,254 |
Granted |  |  | 148 |  |  |  | 9.76 |  |  |  |  |
Issued |  |  | (94 | ) |  |  |  |  |  |  |  |
Forfeited |  |  | (131 | ) |  |  | 7.92 |  |  |  |  |
Outstanding on January 31, 2019 |  |  | 283 |  |  | $ | 8.74 |  |  | $ | 2,476 |
Granted |  |  | 152 |  |  |  | 9.09 |  |  |  |  |
Issued |  |  | (51 | ) |  |  |  |  |  |  |  |
Forfeited |  |  | (26 | ) |  |  | 8.79 |  |  |  |  |
Outstanding on January 31, 2020 |  |  | 358 |  |  | $ | 9.03 |  |  | $ | 3,234 |
The fair value of restricted stock vested was $ 0.8 million and $ 1.1 million in 2019 and 2018 , respectively. As of January 31, 2020 , there was $1.5 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 2.1 years.

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