Stock-Based Compensation (Tables)

6 Months Ended

Jul. 31, 2013

Stock-Based Compensation [Abstract]

Summary of activity under Option and Stock Plans

A summary of activity under the Option and Stock Plans for the six months ended July 31, 2013 is presented below:

Options	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contract Term (Years)		Weighted Average Fair Value
Outstanding, January 31, 2013		926,224		$	14.34		5.39	$	5.93
Granted		81,000		$	16.15
Forfeited		—		$	—
Exercised		(40,224	)	$	3.08
Outstanding, July 31, 2013		967,000		$	14.96		5.53	$	5.89
Exercisable, July 31, 2013		670,500		$	13.78		4.65	$	6.18
Exercisable, January 31, 2013		537,724		$	12.16		4.46	$	6.12

Summary of change in number of non-vested options to purchase shares of common stock

A summary of the change in the number of non-vested options to purchase shares of common stock for the six months ended July 31, 2013 is presented below:

	Shares			Weighted Average Fair Value
Nonvested, January 31, 2013		388,500		$	5.67
Granted		81,000		$	3.30
Forfeited		—		$	—
Vested		(173,000	)	$	5.29
Nonvested, July 31, 2013		296,500		$	5.24

Summary of assumptions used to estimate fair value of stock options granted

The fair value of each stock option granted in the six-month period ended July 31, 2013 was estimated on the corresponding date of award using the Black-Scholes option-pricing model based on the following weighted average assumptions.

	Six Months Ended July 31, 2013
Dividend yield		3.72	%
Expected volatility		33.54	%
Risk-free interest rate		0.87	%
Expected life in years		5.5