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Share-Based Compensation | 12 Months Ended
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Jan. 31, 2021
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Share-Based Compensation | Note 15—Share-Based Compensation The Company maintains the following share-based compensation plans: Stock Plans: We have one equity incentive plan from which we are authorized to grant equity awards, the AstroNova, Inc. 2018 Equity Incentive Plan (the “2018 Plan”). The 2018 Plan provides for, among other things, the issuance of awards, including incentive stock options, non-qualified stock options, stock appreciation rights, time-based restricted stock units (“RSUs”), or performance-based restricted stock units (“PSUs”) and restricted stock awards (RSAs). The 2018 Plan authorizes the issuance of up to 950,000 shares of common stock, plus an additional number of shares equal to the number of shares subject to awards granted under the previous equity incentive plans that are forfeited, cancelled, satisfied without the issuance of stock, otherwise terminated (other than by exercise), or, for shares of stock issued pursuant to any unvested award, that are reacquired by us at not more than the grantee’s purchase price (other than by exercise). Under the 2018 Plan, all awards to employees generally have a minimum vesting period of one year. Options granted under the 2018 Plan must be issued at an exercise price of not less than the fair market value of our common stock on the date of grant and expire after ten years. Under the 2018 Plan, 186,500 unvested shares of restricted stock and options to purchase an aggregate of 135,500 shares were outstanding as of January 31, 2021. In addition to the 2018 Plan, we previously granted equity awards under our 2015 Equity Incentive Plan (the “2015 Plan”) and our 2007 Equity Incentive Plan (the “2007 Plan”). No new awards may be issued under either the 2007 or 2015 Plans, but outstanding awards will continue to be governed by those plans. As of January 31, 2021, options to purchase an aggregate of 337,958 shares were outstanding under the 2007 Plan and 10,833 unvested shares of restricted stock and options to purchase an aggregate of 148,625 shares were outstanding under the 2015 Plan. We also have a Non-Employee Director Annual Compensation Program (the “Program”), under which each of our non-employee directors automatically receives a grant of restricted stock on the date of their re-election to our board of directors. The number of whole shares granted is equal to the number calculated by dividing the stock component of the director compensation amount determined by the compensation committee for that year by the fair market value of our stock on that day. The value of the restricted stock award for fiscal 2021 was $60,000. Shares of restricted stock granted under the Program become vested on the first anniversary of the date of grant, conditioned upon the recipient’s continued service on our board of directors through that date. Share-Based Compensation: Share-based compensation expense has been recognized as follows:
|  | Years Ended January 31 |
|  | 2021 |  |  | 2020 |  |  | 2019 |
(In thousands) |  |  |  |  |  |  |  |  |
Stock Options |  | $ | 517 |  |  | $ | 616 |  |  | $ | 783 |
Restricted Stock Awards and Restricted Stock Units |  |  | 1,285 |  |  |  | 1,136 |  |  |  | 1,088 |
Employee Stock Purchase Plan |  |  | 17 |  |  |  | 23 |  |  |  | 15 |
Total |  | $ | 1,819 |  |  | $ | 1,775 |  |  | $ | 1,886 |
Stock Options: Aggregated information regarding stock options granted under the plans is summarized below:
|  | Number of Shares |  |  | Weighted- Average Exercise Price Per Share |
Options Outstanding, January 31, 2018 |  |  | 745,270 |  |  | $ | 12.52 |
Options Granted |  |  | 196,000 |  |  |  | 18.21 |
Options Exercised |  |  | (150,125 | ) |  |  | 10.62 |
Options Forfeited |  |  | (16,300 | ) |  |  | 15.10 |
Options Cancelled |  |  | (3,700 | ) |  |  | 8.95 |
Options Outstanding, January 31, 2019 |  |  | 771,145 |  |  | $ | 14.30 |
Options Granted |  |  | — |  |  |  | — |
Options Exercised |  |  | (57,175 | ) |  |  | 11.60 |
Options Forfeited |  |  | (34,526 | ) |  |  | 15.73 |
Options Cancelled |  |  | (400 | ) |  |  | 6.22 |
Options Outstanding, January 31, 2020 |  |  | 679,044 |  |  | $ | 14.46 |
Options Granted |  |  | — |  |  |  | — |
Options Exercised |  |  | (1,200 | ) |  |  | 7.60 |
Options Forfeited |  |  | (54,361 | ) |  |  | 12.89 |
Options Cancelled |  |  | (1,400 | ) |  |  | 7.36 |
Options Outstanding, January 31, 2021 |  |  | 622,083 |  |  | $ | 14.63 |
Set forth below is a summary of options outstanding at January 31, 2021:
Outstanding |  |  | Exercisable |
Range of Exercise prices |  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Life |  |  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted Average Remaining Contractual Life |
$5.00-10.00 |  |  | 41,044 |  |  | $ | 7.97 |  |  |  | 1.3 |  |  |  | 41,044 |  |  | $ | 7.97 |  |  |  | 1.3 |
$10.01-15.00 |  |  | 359,314 |  |  |  | 13.63 |  |  |  | 4.9 |  |  |  | 326,741 |  |  |  | 13.65 |  |  |  | 4.7 |
$15.01-20.00 |  |  | 221,725 |  |  |  | 17.48 |  |  |  | 6.8 |  |  |  | 167,367 |  |  |  | 17.22 |  |  |  | 6.7 |
|  |  | 622,083 |  |  | $ | 14.63 |  |  |  | 5.3 |  |  |  | 535,152 |  |  | $ | 14.33 |  |  |  | 5.1 |
No options were granted during fiscal 2021 or fis cal 2020. The weighted-average estimated fair value of options granted during fiscal 2019 was $7.43. As of January 31, 2021, there was $0.2 million of unrecognized compensation expense related to the unvested stock options granted under the plans. This expense is expected to be recognized over a weighted-average period of 0.8 years. As of January 31, 2021, the aggregate intrinsic value (the aggregate difference between the closing stock price of our common stock on January 31, 2021, and the exercise price of the outstanding options) that would have been received by the option holders if all options had been exercised was $0.1 million for all exercisable options and $0.1 million for all options outstanding. The total aggregate intrinsic value of options exercised during 2021, 2020 and 2019 was $4,000, $0.5 million and $1.1 million, respectively. Restricted Stock Units (RSUs) and Restricted Stock Awards (RSAs): Aggregated information regarding RSUs and RSAs granted under the Plan is summarized below:
|  | RSAs & RSUs |  |  | Weighted-Average Grant Date Fair Value |
Outstanding at January 31, 2018 |  |  | 177,347 |  |  | $ | 13.99 |
Granted |  |  | 108,790 |  |  |  | 17.85 |
Vested |  |  | (67,447 | ) |  |  | 14.26 |
Forfeited |  |  | (85,023 | ) |  |  | 14.17 |
Outstanding at January 31, 2019 |  |  | 133,667 |  |  | $ | 16.90 |
Granted |  |  | 119,522 |  |  |  | 19.86 |
Vested |  |  | (59,930 | ) |  |  | 14.50 |
Forfeited |  |  | (58,625 | ) |  |  | 19.00 |
Outstanding at January 31, 2020 |  |  | 134,634 |  |  | $ | 16.79 |
Granted |  |  | 245,131 |  |  |  | 7.61 |
Vested |  |  | (64,997 | ) |  |  | 17.28 |
Forfeited |  |  | (117,355 | ) |  |  | 8.83 |
Outstanding at January 31, 2021 |  |  | 197,413 |  |  | $ | 9.96 |
As of January 31, 2021, there was $1.1 million of unrecognized compensation expense related to unvested RSUs and RSAs. This expense is expected to be recognized over a weighted average period of 0.8 years. Employee Stock Purchase Plan (ESPP): Our ESPP allows eligible employees to purchase shares of common stock at a 15% discount from fair market value on the date of purchase. A total of 247,500 shares were initially reserved for issuance under this plan. Summarized plan activity is as follows:
|  | Years Ended January 31 |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Shares Reserved, Beginning |  |  | 24,974 |  |  |  | 33,853 |  |  |  | 39,207 |
Shares Purchased |  |  | (14,600 | ) |  |  | (8,879 | ) |  |  | (5,354 | )
Shares Reserved, Ending |  |  | 10,374 |  |  |  | 24,974 |  |  |  | 33,853 |

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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