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Share-Based Compensation | 3 Months Ended
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May 01, 2021
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Share-Based Compensation | Note 13 – Share-Based Compensation 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 a uthorizes 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 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, there were 145,534 unvested RSUs; 75,926 unvested PSUs; 48,000 unvested RSAs and options to purchase an aggregate of 135,500 shares outstanding as of May 1, 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 May 1, 2021, options to purchase an aggregate of 327,418 shares were outstanding under the 2007 Plan and 3,750 unvested RSUs and options to purchase an aggregate of 141,375 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 2022 is $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 expense was recognized as follows:
|  | Three Months Ended |
(In thousands) |  | May 1, 2021 |  |  | May 2, 2020 |
Stock Options |  | $ | 105 |  |  | $ | 133 |
Restricted Stock Awards and Restricted Stock Units |  |  | 370 |  |  |  | 357 |
Employee Stock Purchase Plan |  |  | 3 |  |  |  | 5 |
Total |  | $ | 478 |  |  | $ | 495 |
Stock Options There were no stock options granted during the three months ended May 1, 2021 and May 2, 2020. Aggregated information regarding stock option activity for the three months ended May 1, 2021 is summarized below:
|  | Number of Options |  |  | Weighted Average Exercise Price |
Outstanding at January 31, 2021 |  |  | 622,083 |  |  | $ | 14.63 |
Granted |  |  | — |  |  |  | — |
Exercised |  |  | (3,775 | ) |  |  | 8.84 |
Forfeited |  |  | (14,015 | ) |  |  | 14.96 |
Canceled |  |  | — |  |  |  | — |
Outstanding at May 1, 2021 |  |  | 604,293 |  |  | $ | 14.66 |
Set forth below is a summary of options outstanding at May 1, 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 |  |  | 37,244 |  |  | $ | 7.97 |  |  |  | 1.2 |  |  |  | 37,244 |  |  | $ | 7.97 |  |  |  | 1.2 |
$10.01-15.00 |  |  | 349,299 |  |  | $ | 13.62 |  |  |  | 4.6 |  |  |  | 337,299 |  |  | $ | 13.61 |  |  |  | 4.5 |
$15.01-20.00 |  |  | 217,750 |  |  | $ | 17.47 |  |  |  | 6.6 |  |  |  | 165,492 |  |  | $ | 17.21 |  |  |  | 6.4 |
|  |  | 604,293 |  |  | $ | 14.66 |  |  |  | 5.1 |  |  |  | 540,035 |  |  | $ | 14.32 |  |  |  | 4.9 |
As of May 1, 2021, there was approximately $0.1 million of unrecognized compensation expense related to stock options which is expected to be recognized over a weighted average period of approximately 0.7 years. Restricted Stock Units (RSUs) and Restricted Stock Awards (RSAs) Aggregated information regarding RSU and RSA activity for the three months ended May 1, 2021 is summarized below:
|  | RSAs & RSUs |  |  | Weighted Average Grant Date Fair Value |
Outstanding at January 31, 2020 |  |  | 197,413 |  |  | $ | 9.96 |
Granted |  |  | 124,096 |  |  |  | 14.26 |
Vested |  |  | (48,299 | ) |  |  | 10.26 |
Forfeited |  |  | — |  |  |  | — |
Outstanding at May 1, 2021 |  |  | 273,210 |  |  | $ | 11.86 |
As of May 1, 2021, there was approximately $2.5 million of unrecognized compensation expense related to RSUs and RSAs which is expected to be recognized over a weighted average period of 1.1 years. Employee Stock Purchase Plan We have an Employee Stock Purchase Plan allowing eligible employees to purchase shares of common stock at a 15% discount from fair value on the first or last day of an offering period, whichever is less. A total of 247,500 shares were reserved for issuance under this plan. During the three months ended May 1, 2021 and May 2, 2020, there were 1,813 and 3,755 shares, r e spectively, purchased under this plan. As of May 1, 2021, 8,561 shares remain available for purchase under our Employee Stock Purchase Plan.

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