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Share-Based Compensation | 6 Months Ended
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Jul. 29, 2023
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 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 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 124,439 unvested RSUs; 188,633 unvested PSUs; and options to purchase an aggregate of 135,500 shares outstanding as of July 29, 2023. 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 Plan or 2015 Plan, but outstanding awards will continue to be governed by those plans. As of July 29, 2023, options to purchase an aggregate of 264,949 shares were outstanding under the 2007 Plan and options to purchase an aggregate of 130,000 shares were outstanding under the 2015 Plan. We also have a Non-Employee Director Annual Compensation Program (the “Program”) under which each non-employee director receives an automatic grant of RSAs on the date of the regular full meeting of the Board of Directors held each fiscal quarter. Under the Program, the number of whole shares to be granted each quarter is equal to 25% of the number calculated by dividing the director’s annual compensation amount by the fair market value of the Company’s stock on such day. On June 5, 2023, the director’s annual compensation amount was adjusted to be $70,000. All RSA’s granted under this Program vest immediately. Share-based compensation expense was recognized as follows:
| Three Months Ended |  | Six Months Ended |
(In thousands) |  | July 29, 2023 |  |  | July 30, 2022 |  |  | July 29, 2023 |  |  | July 30, 2022 |
Stock Options | $ | — |  | $ | 1 |  | $ | — |  | $ | 7 |
Restricted Stock Awards and Restricted Stock Units |  | 391 |  |  | 234 |  |  | 743 |  |  | 562 |
Employee Stock Purchase Plan |  | 7 |  |  | — |  |  | 11 |  |  | 3 |
Total | $ | 398 |  | $ | 235 |  | $ | 754 |  | $ | 572 |
Stock Options Aggregated information regarding stock option activity for the six months ended July 29, 2023 is summarized below:
|  | Number of Options |  | Weighted Average Exercise Price |
Outstanding at January 31, 2023 |  |  | 547,199 |  | $ | 15.16 |
Granted |  |  | — |  |  | — |
Exercised |  |  | (6,700) |  |  | 10.57 |
Forfeited |  |  | (5,825) |  |  | 15.53 |
Canceled |  |  | (4,225) |  |  | 10.50 |
Outstanding at July 29, 2023 |  |  | 530,449 |  | $ | 15.25 |
Set forth below is a summary of options outstanding at July 29, 2023:
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 |  |  | — |  |  | $ | — |  |  |  | — |  |  |  | — |  |  | $ | — |  |  |  | — |
$10.01-15.00 |  |  | 318,174 |  |  | $ | 13.78 |  |  |  | 2.5 |  |  |  | 318,174 |  |  | $ | 13.78 |  |  |  | 2.5 |
$15.01-20.00 |  |  | 212,275 |  |  | $ | 17.44 |  |  |  | 4.3 |  |  |  | 212,275 |  |  | $ | 17.44 |  |  |  | 4.3 |
|  |  | 530,449 |  |  | $ | 15.25 |  |  |  | 3.2 |  |  |  | 530,449 |  |  | $ | 15.25 |  |  |  | 3.2 |
There were no stock options granted in fiscal 2023, or during the first six months of fiscal 2024, and as of July 29, 2023, there was no unrecognized compensation expense related to stock options. Restricted Stock Units (RSUs), Performance-Based Stock Units (PSUs) and Restricted Stock Awards (RSAs) Aggregated information regarding RSU, PSU and RSA activity for the six months ended July 29, 2023 is summarized below:
|  | RSUs, PSUs & RSAs |  | Weighted Average Grant Date Fair Value |
Outstanding at January 31, 2023 |  |  | 274,927 |  | $ | 12.82 |
Granted |  |  | 147,327 |  |  | 12.57 |
Vested |  |  | (104,505) |  |  | 12.10 |
Forfeited |  |  | (4,677) |  |  | 12.49 |
Outstanding at July 29, 2023 |  |  | 313,072 |  | $ | 12.95 |
As of July 29, 2023, there was approximately $2.0 million of unrecognized compensation expense related to RSUs, PSUs and RSAs, which is expected to be recognized over a weighted average period of 1.1 years. Employee Stock Purchase Plan On June 7, 2022, we adopted the AstroNova Inc. 2022 Employee Stock Purchase Plan (“2022 ESPP”) to replace our previous Employee Stock Purchase Plan (the “Prior ESPP”). The 2022 ESPP allows 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 40,000 shares were reserved for issuance under the 2022 ESPP and 5,045 shares were purchased under the 2022 ESPP during the year ended January 31, 2023. During the six months ended July 29, 2023, there were 4,822 shares purchased under the 2022 ESPP. During the six months ended July 30, 2022, there were 1,550 shares purchased under the Prior ESPP, and no additional purchases may be made under the Prior ESPP. As of July 29, 2023, 30,130 shares remain available for purchase under the 2022 ESPP.

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