SUBSEQUENT EVENTS	3 Months Ended
Apr. 30, 2022
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 15 – SUBSEQUENT EVENTS Income Tax Return Examinations During the fiscal year ended January 31, 2021, the IRS concluded examinations of the Company’s consolidated federal income tax returns for Fiscal 2016, as amended; Fiscal 2017, as amended; and Fiscal 2018 with its focus on the research and development tax credits included therein. In January 2021, the IRS issued its final revenue agents reports that documented its understanding of the facts, attempted to summarize the Company’s arguments in support of the research and development claims and stated its position which disagreed with the Company’s treatment of a substantial amount of the costs that support the Company’s claims. In March 2021, the Company submitted a formal protest of the findings of the IRS examiner and requested an appeals hearing. At the conclusion of the hearing that occurred in May 2022, the Company agreed to accept a settlement offer from the IRS in the amount of approximately $7.9 million, before interest. As a result, during the three-month period ending July 31, 2022 (the second quarter of the current fiscal year), the Company will make an unfavorable adjustment to its liability for uncertain income tax positions in the approximate amount of $6.3 million, before interest, in accordance with Accounting Standards Codification Topic 740, Income Taxes. Common Stock Repurchases Subsequent to April 30, 2022, the Company repurchased shares of its common stock pursuant to the Share Repurchase Plan. As of June 8, 2022, the Company had repurchased 383,177 shares since the end of the quarter, all on the open market, for an aggregate price of approximately $14.2 million, or $37.14 per share.

SUBSEQUENT EVENTS

3 Months Ended

Apr. 30, 2022

NOTE 15 – SUBSEQUENT EVENTS

Income Tax Return Examinations

During the fiscal year ended January 31, 2021, the IRS concluded examinations of the Company’s consolidated federal income tax returns for Fiscal 2016, as amended; Fiscal 2017, as amended; and Fiscal 2018 with its focus on the research and development tax credits included therein.

In January 2021, the IRS issued its final revenue agents reports that documented its understanding of the facts, attempted to summarize the Company’s arguments in support of the research and development claims and stated its position which disagreed with the Company’s treatment of a substantial amount of the costs that support the Company’s claims. In March 2021, the Company submitted a formal protest of the findings of the IRS examiner and requested an appeals hearing.

At the conclusion of the hearing that occurred in May 2022, the Company agreed to accept a settlement offer from the IRS in the amount of approximately $7.9 million, before interest. As a result, during the three-month period ending July 31, 2022 (the second quarter of the current fiscal year), the Company will make an unfavorable adjustment to its liability for uncertain income tax positions in the approximate amount of $6.3 million, before interest, in accordance with Accounting Standards Codification Topic 740, Income Taxes.

Common Stock Repurchases

Subsequent to April 30, 2022, the Company repurchased shares of its common stock pursuant to the Share Repurchase Plan. As of June 8, 2022, the Company had repurchased 383,177 shares since the end of the quarter, all on the open market, for an aggregate price of approximately $14.2 million, or $37.14 per share.