STOCKHOLDERS EQUITY

6 Months Ended

Jul. 31, 2011

STOCKHOLDERS EQUITY [Abstract]

STOCKHOLDERS EQUITY

9.  STOCKHOLDERS' EQUITY

Dividends

On April 6, 2011, the Company's Board of Directors declared a quarterly dividend of $0.06 per share of Class A common stock and $0.05 per share of Class B common stock payable on July 12, 2011 to shareholders of record at the close of business on June 1, 2011. The dividend was payable in either cash or Class A shares of the Company's common stock, at the election of each shareholder. Based on the shareholder election, the Company paid $0.3 million in cash and issued 59,000 shares at a fair value of $0.6 million. Shares issued in payment of the dividend were issued out of treasury stock.

On June 7, 2011, the Company's Board of Directors declared a quarterly dividend of $0.06 per share of Class A common stock and $0.05 per share of Class B common stock payable on October 10, 2011 to shareholders of record at the close of business on August 30, 2011. QAD will pay its quarterly dividend in either cash or Class A shares of the Company's common stock, at the election of each shareholder.