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STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Apr. 30, 2014
STOCK-BASED COMPENSATION [Abstract]  
Allocation of stock-based compensation expense

The following table sets forth reported stock-based compensation expense for the three months ended April 30, 2014 and 2013:


 
 
Three Months Ended
April30,
 
 
 
2014
  
2013
 
 
 
(in thousands)
 
Cost of maintenance, subscription and other revenue
 
$
37
  
$
38
 
Cost of professional services
  
87
   
98
 
Sales and marketing
  
127
   
167
 
Research and development
  
92
   
139
 
General and administrative
  
533
   
502
 
Total stock-based compensation expense
 
$
876
  
$
944
 
Weighted average assumptions used to value SARs
The weighted average assumptions used to value SARs granted in the three months ended April 30, 2014 and 2013 are shown in the following table:

 
 
Three Months Ended
April 30,
 
 
 
2014
  
2013 (5)
 
Expected life in years (1)
  
3.75
   
—
 
Risk free interest rate (2)
  
1.14
%
  
—
 
Volatility (3)
  
49
%
  
—
 
Dividend rate (4)
  
2.44
%
  
—
 
_____________________________________
(1)
The expected life of SARs granted under the stock-based compensation plans is based on historical vested stock option and SAR exercise and post-vest forfeiture patterns and includes an estimate of the expected term for stock options and SARs that were fully vested and outstanding.
(2)
The risk-free interest rate is based on the U.S. Treasury yield for a term consistent with the expected life of SARs in effect at the time of grant.
(3)
The Company estimates the volatility of its common stock at the date of grant based on the historical volatility of the Company’s common stock for a period equivalent to the expected life of the SARs, which it believes is representative of the expected volatility over the expected life of the SARs.
(4)
The Company expects to continue paying quarterly dividends at the same rate as the three months ending on April 30, 2014.
(5)
There were no SARs granted during the three months ended April 30, 2013.
Activity for outstanding stock options and SARs
The following table summarizes the activity for outstanding stock options and SARs for the three months ended April 30, 2014:

 
 
 
Stock Options/
SARs
(in thousands)
  
Weighted
Average
Exercise
Price per
Share
  
Weighted Average
RemainingContractualTerm (years)
  
Aggregate
Intrinsic Value
(in thousands)
 
Outstanding at January 31, 2014
  
2,842
  
$
11.19
  
  
 
Granted
  
7
   
19.66
  
  
 
Exercised
  
(248
)
  
10.53
  
  
 
Expired
  
(2
)
  
13.41
  
  
 
Forfeited
  
(23
)
  
11.69
  
  
 
Outstanding at April 30, 2014
  
2,576
  
$
11.27
   
5.0
  
$
18,899
 
Vested and expected to vest at April 30, 2014 (1)
  
2,549
  
$
11.26
   
5.0
  
$
18,716
 
Vested and exercisable at April 30, 2014
  
1,211
  
$
10.89
   
3.6
  
$
9,190
 
 
(1)
The expected-to-vest SARs are the result of applying the pre-vesting forfeiture rate assumptions to total outstanding SARs.
Summary of activity for RSUs
The following table summarizes the activity for RSUs for the three months ended April 30, 2014:
 
 
 
RSUs
  
Weighted
Average
Grant Date
Fair Value
 
 
 
(in thousands)
  
 
 
 
  
 
Restricted stock at January 31, 2014  
  
430
  
$
11.02
 
Granted  
  
2
   
19.44
 
Released (1)  
  
(6
)
  
10.45
 
Forfeited  
  
(13
)
  
10.61
 
Restricted stock at April 30, 2014  
  
413
  
$
11.10
 
_____________________________________

(1)
The number of RSUs released includes shares withheld on behalf of employees to satisfy statutory tax withholding requirements.