Stock-Based Compensation and Stockholders' Rights

9 Months Ended

Oct. 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 2,000,000 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 75,174 awards under the 2011 Plan during the nine month periods ended October 31, 2015. As of October 31, 2015, there were approximately 803,520 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 0 awards under the 2007 Plan during 2015 and 0 awards under the 2007 Plan during the quarter ended October 31, 2015. As of October 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 at October 31, 2015 and 2014:



			Expense for 3 months ended				Expense for 9 months ended				Unrecognized Compensation Cost at
Date of Grants	Units Granted	Terms of Vesting	10/31/2015		10/31/2014		10/31/2015		10/31/2014		10/31/2015
2011 Stock Incentive Plan
6/22/2015	48,000	4 years	$	8,000	$	—	$	13,000	$	—	$	118,000
6/22/2015	27,174	1 year	19,000		—		33,000		—		44,000
6/24/2014	28,626	1 year	—		18,000		25,000		31,000		—
6/24/2014	490,000	5 years	60,000		64,000		185,000		107,000		860,000
12/3/2013	10,000	1 year	—		—		—		12,000		—
6/25/2013	71,430	1 year	—		—		—		50,000		—
6/19/2012	520,000	5 years	37,000		39,000		114,000		118,000		233,000
2007 Stock Incentive Plan
6/16/2009	382,500	5 years	—		—		—		62,000		—
Totals for the period			$	124,000	$	121,000	$	370,000	$	380,000	$	1,255,000