Share-Based Compensation

3 Months Ended

May 01, 2021

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

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

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

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

spectively, purchased under this plan.

As of May 1, 2021,

8,561

shares remain available for purchase under our Employee Stock Purchase Plan.