STOCKHOLDERS' EQUITY

9 Months Ended

Oct. 31, 2011

STOCKHOLDERS' EQUITY [Abstract]

STOCKHOLDERS' EQUITY

8.  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. 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 $0.8 million in cash and issued 14,000 shares at a fair value of $0.1 million. Shares issued in payment of the dividend were issued out of treasury stock.

On September 20, 2011, the Company's Board of Directors declared a quarterly dividend of $0.072 per share of Class A common stock and $0.06 per share of Class B common stock payable on January 9, 2012 to shareholders of record at the close of business on November 29, 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.

Stock Repurchase Program

On September 22, 2011, the Company announced that its Board of Directors approved a stock repurchase program which authorized management to purchase up to one million shares of the Company's Class A and/or Class B shares of common stock. During the third quarter of fiscal 2012, the Company repurchased 46,500 and 3,200 shares of Class A and Class B common stock, respectively, authorized under the program at an average price of $11.45 and $11.59 per share of Class A and Class B, respectively, including fees, for total consideration of $0.6 million.  Repurchased shares are classified as treasury stock.