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Note 7 - Stock-based Compensation
 3 Months Ended
Apr. 30, 2021
Notes to Financial Statements  
Share-based Payment Arrangement [Text Block]
Note
7
- 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
April 30, 2021
the Company had reserved a total of
479,182
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 independent directors.
 
The Company's
2021
Omnibus Stock Incentive Plan dated
May 26, 2021 
was approved by the Company's stockholders in
May 2021 (
"2021
Plan"). The Plan will expire in
May 2024.
The
2021
Plan authorizes awards to officers, employees, consultants and independent directors.
 
Stock-based compensation expense
 
The Company has granted stock-based compensation awards to eligible employees, officers or independent directors. The following were the Company's stock-based compensation expenses for the periods presented:
 
   
Three Months Ended April 30,
  
(In thousands)
    
2021
      
2020
  
Stock-based compensation expense
   $
-
     $
2
  
Restricted stock-based compensation expense
    
272
      
217
  
Total stock-based compensation expense
   $
272
     $
219
  
 
Stock Options
 
The Company did
not
grant any stock options during the
three
months ended
April 30, 2021
. 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 at January 31, 2021
    
107
     $
9.24
      
2.5
     $
5
  
Expired or forfeited    
-
      
-
      
-
      
-
  
Outstanding at April 30, 2021
    
107
      
9.24
      
2.2
      
10
  
                                 
Options exercisable at April 30, 2021
    
107
     $
9.24
      
2.2
     $
10
  
 
No
stock options were exercised during the 
three
months ended
April 30, 2021
. 
 
There was
no
vesting, expiration or forfeiture of previously unvested stock options during the
three
months ended
April 30, 2021.
As of
April 30, 2021,
there were
no
remaining unvested stock options outstanding, and therefore
no
unrecognized compensation expense related to unvested stock options.
 
Restricted stock
 
The following table summarizes the Company's restricted stock activity for the 
three
months ended
April 30, 2021
:
(Shares in thousands)
  
Restricted Shares
    
Weighted Average Price
    
Aggregate Intrinsic Value
  
Outstanding at January 31, 2021
    
372
     $
7.62
     $
2,843
  
Forfeited or retired for taxes    
(1
 )    
6.95
      
 
  
Outstanding at April 30, 2021    
371
     $
7.62
     $
2,835
  
 
The Company did
not
grant any restricted stock, nor were any shares of restricted stock vested and issued during the
three
months ended
April 30, 2021.
As of
April 30, 2021
, there was
$1.0
million of unrecognized compensation expense related to unvested restricted stock granted under the plans. That cost is expected to be recognized over a weighted average period of
1.7
 years.