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Note 9 - Stock-based Compensation | 12 Months Ended
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Jan. 31, 2021
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] | Note 9 - Stock-based compensation The Company's 2017 Omnibus Stock Incentive Plan dated June 13, 2017, as amended, which the Company's stockholders approved in June 2017 ( "2017 Plan"), expired in June 2020. Prior to the 2017 Plan's expiration, grants were made to the Company's employees, officers and independent directors, as described below. 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, 2021 , the Company had reserved a total of 522,970 shares for grants and issuances under these incentive stock plans, which includes a reserve for issuances pursuant to unvested or unexercised prior awards. While the 2017 Plan 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 Company issued only restricted shares and restricted stock units under the 2017 Plan. The 2017 Plan authorized awards to officers, employees, consultants, and directors. Stock 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:
(In thousands) |  | 2020 |  | 2019
Stock-based compensation expense |  | $ | 3 |  |  | $ | 12 |
Restricted stock based compensation expense |  |  | 1,041 |  |  |  | 999 |
Total stock-based compensation expense |  | $ | 1,044 |  |  | $ | 1,011 |
Stock options The Company did not grant any stock options during the years ended January 31, 2021 or 2020. The following tables summarizes the Company's stock option activity:
(Shares in thousands) |  | Options |  |  | Weighted average exercise price |  |  | Weighted average remaining contractual term |  |  | Aggregate intrinsic value |
Outstanding on January 31, 2019 |  |  | 218 |  |  | $ | 8.60 |  |  |  | 3.8 |  |  | $ | 257 |
Exercised |  |  | (53 | ) |  |  | 6.91 |  |  |  |  |  |  |  | 162 |
Expired or forfeited |  |  | (33 | ) |  |  | 7.10 |  |  |  |  |  |  |  |  |
Outstanding on January 31, 2020 |  |  | 132 |  |  |  | 8.98 |  |  |  | 3.2 |  |  |  | 160 |
Options exercisable on January 31, 2020 |  |  | 129 |  |  | $ | 9.01 |  |  |  | 3.1 |  |  |  | 155 |
Exercised |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |
Expired or forfeited |  |  | (25 | ) |  |  | 7.85 |  |  |  |  |  |  |  |  |
Outstanding on January 31, 2021 |  |  | 107 |  |  |  | 9.24 |  |  |  | 2.5 |  |  |  | 5 |
Options exercisable on January 31, 2021 |  |  | 107 |  |  | $ | 9.24 |  |  |  | 2.5 |  |  | $ | 5 |
No stock options were exercised during the years ended January 31, 2021 or 2020.
Unvested options outstanding (shares in thousands) |  | Options |  | Weighted-average grant date fair value |  | Aggregate intrinsic value
Outstanding on January 31, 2020 |  |  | 3 |  |  | $ | 7.33 |  |  | $ | 4 |
Granted |  |  | - |  |  |  | - |  |  |  |  |
Vested |  |  | (3 | ) |  |  |  |  |  |  |  |
Expired or forfeited |  |  | - |  |  |  |  |  |  |  |  |
Outstanding on January 31, 2021 |  |  | - |  |  | $ | - |  |  | $ | - |
As of January 31, 2021, there were no remaining unvested stock options outstanding, and therefore no unrecognized compensation expense related to unvested stock options. 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, 2021 , there were approximately 97,799 deferred stock units outstanding included in the restricted stock activity shown below. Restricted stock The Company has granted restricted stock to executive officers, independent directors and employees. The restricted stock vest ratably over one 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, 2021 and 2020, respectively:
(Shares in thousands) |  | Restricted shares |  | Weighted average price |  | Aggregate intrinsic value
Outstanding on January 31, 2019 |  |  | 274 |  |  | $ | 8.74 |  |  | $ | 2,392 |
Granted |  |  | 152 |  |  |  | 9.09 |  |  |  |  |
Issued |  |  | (79 | ) |  |  |  |  |  |  |  |
Forfeited |  |  | (26 | ) |  |  | 8.79 |  |  |  |  |
Outstanding on January 31, 2020 |  |  | 321 |  |  | $ | 9.03 |  |  | $ | 2,902 |
Granted |  |  | 156 |  |  |  | 5.88 |  |  |  |  |
Issued |  |  | (64 | ) |  |  |  |  |  |  |  |
Forfeited |  |  | (41 | ) |  |  | 8.31 |  |  |  |  |
Outstanding on January 31, 2021 |  |  | 372 |  |  | $ | 7.62 |  |  | $ | 2,843 |
The fair value of restricted stock vested was $ 0.5 million and $ 0.8 million in 2020 and 2019 , respectively. As of January 31, 2021 , there was $1.3 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 1.8 years.

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