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Note 7 - Stock-based Compensation
 3 Months Ended
Apr. 30, 2024
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.

 

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 April 30, 2024 the Company had reserved a total of 245,150 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 Company recognized the following stock-based compensation expense for the periods presented:

 

  

Three Months Ended April 30,

 
  

2024

  

2023

 

Restricted stock-based compensation expense

 $228  $229 

 

Stock options

 

The Company did not grant any stock options during the three months ended April 30, 2024. 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, 2024

  22  $11.15   0.7  $6 

Exercised

  (1)  6.85   -   2 

Expired or forfeited

  -   11.39   -   - 

Outstanding and exercisable at April 30, 2024

  21  $11.39   0.4  $7 

 

There was no vesting, expiration or forfeiture of previously unvested stock options during the three months ended April 30, 2024. In addition, 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, 2024:

 

  

Restricted Shares

  

Weighted Average Price (Per share)

  

Aggregate Intrinsic Value

 

Outstanding at January 31, 2024

  223  $9.33  $2,079 

Granted

  -   -     

Vested and issued

  -   -     

Forfeited or retired for taxes

  -   -     

Outstanding at April 30, 2024

  223  $9.33  $2,079 

 

As of April 30, 2024, there was $0.8 million of unrecognized compensation expense related to unvested restricted stock granted under the plans. These costs are expected to be recognized over a weighted average period of 1.7 years.