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Stock-Based Compensation and Stockholders' Rights
 12 Months Ended
Jan. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Based Compensation and Stockholders' Rights
Stock-Based Compensation and Stockholders’ Rights
Stock Incentive Plans
The Company's two stock plans are the 2011 Employee Stock Incentive Plan (the “2011 Plan”) and the 2007 Employee Incentive Stock Plan (the “2007 Plan”). Under the 2011 Plan, the Company may grant an aggregate of 1,000,000 shares to its employees and non-employee directors in the form of stock options or awards. Restricted stock or stock units awarded under the 2011 Plan are expensed ratably over the vesting period of the awards. The Company determines the fair value of its restricted stock unit awards and related compensation expense as the difference between the market value of the awards on the date of grant less the exercise price of the awards granted. The Company granted 518,626 awards during fiscal 2014. As of January 31, 2015, there were approximately 878,694 shares available for future issuance under the 2011 Plan.
Under the 2007 Plan, the Company may grant an aggregate of 1,000,000 shares to its employees and non-employee directors in the form of stock options or awards. Restricted stock or stock units awarded under the 2007 Plan are expensed ratably over the vesting period of the awards. The Company determines the fair value of its restricted stock unit awards and related compensation expense as the difference between the market value of the awards on the date of grant less the exercise price of the awards granted. The Company granted no awards during fiscal 2014. As of January 31, 2015, there were approximately 13,075 shares available for future issuance under the 2007 Plan.
Accounting for the Plans
Restricted Stock Unit Awards
The following table presents a summary of restricted stock and stock unit awards:
 
 
 
 
Expense for 12 months ended
 
Unrecognized
Compensation
Cost at
Date of Grants
Units Granted
Terms of Vesting
 
1/31/2015
 
1/31/2014
 
1/31/2013
 
1/31/2015
2011 Stock Incentive Plan


 

 

 

 

06/24/2014
28,626
1 year
 
$
49,000

 
$
—

 
$
—

 
$
25,000

06/24/2014
490,000
5 years
 
171,000

 
—

 
—

 
1,108,000

12/03/2013
10,000
1 year
 
13,000

 
6,000

 
—

 
—

12/03/2013
18,000
5 years
 
—

 
1,000

 
—

 
—

06/25/2013
71,430
1 year
 
50,000

 
100,000

 
—

 
—

06/19/2012
31,250
1 year
 
—

 
17,000

 
33,000

 
—

06/19/2012
520,000
5 years
 
157,000

 
160,000

 
111,000

 
366,000

2007 Stock Incentive Plan
 
 
 

 

 

 

06/19/2012
78,125
1 year
 
—

 
41,000

 
82,000

 
—

03/21/2012
40,000
Immediate
 
—

 
—

 
80,000

 
—

06/21/2011
68,960
1 year
 
—

 
—

 
67,000

 
—

06/16/2009
382,500
5 years
 
62,000

 
198,000

 
226,000

 
—

06/19/2007
262,500
5 years
 
—

 
—

 
99,000

 
—

Totals for the period


 
$
502,000

 
$
523,000

 
$
698,000

 
$
1,499,000

A summary of the Company’s restricted stock unit awards activity, and related information for the following years ended January 31, is as follows: 
 
2015
 
2014
 
2013
 
Restricted
stock units
 
Weighted-
average fair
value of
restricted
stock units
 
Restricted
stock units
 
Weighted-
average fair
value of
restricted
stock units
 
Restricted
stock units
 
Weighted-
average fair
value of
restricted
stock units
Outstanding at beginning of year
544,430

 
$
1.87

 
743,375

 
$
1.89

 
290,960

 
$
3.80

Granted
518,626

 
2.61

 
99,430

 
2.07

 
669,375

 
1.62

Vested
(232,430
)
 
2.38

 
(260,375
)
 
2.01

 
(204,960
)
 
3.63

Forfeited
(18,000
)
 
2.61

 
(38,000
)
 
2.00

 
(12,000
)
 
3.5

Outstanding at end of year
812,626

 
1.87

 
544,430

 
1.87

 
743,375

 
1.89

Weighted-average fair value of restricted stock units granted during the year
 
 
$
2.61

 
 
 
$
2.07

 
 
 
$
1.62


The aggregate fair value of restricted stock unit awards vested during fiscal years 2014, 2013 and 2012 was $553,000, $523,000 and $744,000, respectively.