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Note 7 - Stock-based Compensation

6 Months Ended

Jul. 31, 2021

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.

The Company has prior incentive plans under which previously granted awards remain outstanding, including the 2017 Plan, but under which no new awards may be granted. At July 31, 2021 the Company had reserved a total of 433,119 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 2021 Plan will expire in May 2024. The 2021 Plan authorizes awards to officers, employees, consultants and independent directors. Grants were made to the Company's employees, officers and independent directors under the 2021 Plan, as described below.

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 July 31,*				*Six Months Ended July 31,*
(In thousands)	*2021*		*2020*		*2021*		*2020*
Stock-based compensation expense	$	-	$	1	$	-	$	3
Restricted stock-based compensation expense		276		259		548		476
Total stock-based compensation expense	$	276	$	260	$	548	$	479

Stock Options

The Company did not grant any stock options during the three or six months ended July 31, 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
Exercised		-			-		-		-
Expired or forfeited		(15	)		7.69		-		-
Outstanding at July 31, 2021		92			9.50		2.2		17

Options exercisable at July 31, 2021		92		$	9.50		2.2	$	17

No stock options were exercised during the six months ended July 31, 2021.

There was no vesting, expiration or forfeiture of previously unvested stock options during the six months ended July 31, 2021. As of July 31, 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 six months ended July 31, 2021:

(Shares in thousands)	*Restricted Shares*			*Weighted Average Price*		*Aggregate Intrinsic Value*
Outstanding at January 31, 2021		372		$	7.62	$	2,843
Granted		120			7.14
Vested and issued		(113	)		7.51
Forfeited or retired for taxes		(39	)		7.28
Outstanding at July 31, 2021		340		$	7.50	$	2,561

As of July 31, 2021, there was $1.6 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 1.9 years.