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Stock-Based Compensation and Stockholders' Rights
 12 Months Ended
Jan. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Based Compensation and Stockholders' Rights
Stock-Based Compensation
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. There were 504,404 awards granted and 259,284 awards were vested during fiscal 2018. As of January 31, 2018, there were approximately 303,832 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 and the plan expired during fiscal 2018.
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
 
1/31/2018
 
1/31/2017
 
1/31/2016
 
1/31/2018
2011 Stock Incentive Plan


 

 

 

 

06/20/2017
40,404

1 year
 
$
133,000

 
$
—

 
$
—

 
$
67,000

06/20/2017
464,000

5 years
 
292,000

 
—

 
—

 
1,901,000

06/21/2016
51,284

1 year
 
67,000

 
133,000

 
—

 
—

06/21/2016
36,000

3 years
 
16,000

 
32,000

 
—

 
—

06/22/2015
48,000

4 years
 
33,000

 
32,000

 
22,000

 
44,000

06/22/2015
27,174

1 year
 
—

 
25,000

 
50,000

 
—

06/24/2014
490,000

5 years
 
240,000

 
240,000

 
246,000

 
320,000

06/24/2014
28,626

5 years
 
—

 
—

 
25,000

 
—

06/19/2012
520,000

5 years
 
49,000

 
147,000

 
150,000

 
—

Totals for the period


 
$
830,000

 
$
609,000

 
$
493,000

 
$
2,332,000

A summary of the Company’s restricted stock unit awards activity, and related information for the following years ended January 31, is as follows: 
 
2018
 
2017
 
2016
 
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
491,284

 
$
2.46

 
657,174

 
$
2.34

 
812,626

 
$
2.24

Granted
504,404

 
4.95

 
87,284

 
3.89

 
75,174

 
2.76

Vested
(259,284
)
 
4.86

 
(223,174
)
 
4.04

 
(212,626
)
 
2.79

Forfeited
(44,000
)
 
4.42

 
(30,000
)
 
2.61

 
(18,000
)
 
2.74

Outstanding at end of year
692,404

 
4.25

 
491,284

 
2.46

 
657,174

 
2.34

Weighted-average fair value of restricted stock units granted during the year
 
 
4.95

 
 
 
3.89

 
 
 
2.76


The aggregate fair value of restricted stock unit awards vested during fiscal years 2018, 2017, and 2016 was $1,260,120, $901,623 and $593,227, respectively.