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Note 7 - Stock-based Compensation
 9 Months Ended
Oct. 31, 2023
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

Note 7 - Stock-based compensation 

 

The Company has prior incentive plans under which previously granted awards remain outstanding but under which no new awards may be granted. At October 31, 2023 the Company had reserved a total of 250,448 shares for grants and issuances under these incentive stock plans, which includes a reserve for issuances pursuant to unvested or unexercised prior awards.

 

The Company's prior incentive plans 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 prior incentive plans 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 Company recognized the following stock-based compensation expense for the periods presented:

 

  

Three Months Ended October 31,

  

Nine Months Ended October 31,

 
  

2023

  

2022

  

2023

  

2022

 

Restricted stock-based compensation expense

 $229  $243  $686  $763 

 

Stock options

 

The Company did not grant any stock options during the three or nine months ended October 31, 2023. The following table summarizes the Company's stock option activity:

 

  

Options

  

Weighted Average Exercise Price (Per share)

  

Weighted Average Remaining Contractual Term (In years)

  

Aggregate Intrinsic Value

 

Outstanding at January 31, 2023

  40  $10.85   1.1  $19 

Exercised

  (1)  6.85   -   2 

Expired or forfeited

  (17)  10.60   -   - 

Outstanding and exercisable at October 31, 2023

  22  $11.15   0.9  $1 

 

There was no vesting, expiration or forfeiture of previously unvested stock options during the nine months ended October 31, 2023. As of October 31, 2023, 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 nine months ended  October 31, 2023:

 

  

Restricted Shares

  

Weighted Average Price (Per share)

  

Aggregate Intrinsic Value

 

Outstanding at January 31, 2023

  267  $8.55  $2,286 

Granted

  91   10.26     

Vested and issued

  (84)  8.43     

Forfeited or retired for taxes

  (47)  9.23     

Outstanding at October 31, 2023

  228  $9.35  $2,133 

 

As of October 31, 2023, there was $1.3 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 2.0 years.