Note 4 - Stockholders' Equity

12 Months Ended

Jan. 31, 2017

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

4.

STOCKHOLDERS’ EQUITY

Common Stock

The Company has

two

classes of common stock. Each share of Class B Common Stock entitles the holder to

one

vote and each share of Class A Common Stock entitles the holder to

1/20th

of

one

vote. On all matters, the Class A Common Stock and the Class B Common Stock will vote as a single class, except as otherwise required by applicable law or the articles of incorporation. Neither the Class A Common Stock nor the Class B Common Stock are convertible into the other, unless either or both classes becomes subject to exclusion from the principal national securities exchange on which such securities are traded, in which case all outstanding shares of Class A Common Stock

may

be converted into shares of Class B Common Stock on a share-for-share basis by resolution of the Board of Directors. There are no restrictions on the transferability of either class.

The amount of any dividend payable in cash or non-cash property of the Company (other than a dividend payable solely in the Company’s capital stock) with respect to each share of Class A Common Stock is equal to

120%

of the value of any such dividend payable with respect to a share of Class B Common Stock, except for dividends declared for the purpose of distributing all or some of the proceeds received by the Company from any transaction determined by the Board to be a material transaction not in the ordinary course of business or for the purpose of effecting a spin-off of a subsidiary of the Company (in either case, such dividend will be paid ratably, on a per share basis, to all holders of Common Stock).

Issuance of Common Stock

On

January

22,

2015,

the Company closed an offering of

2,000,000

shares of Class A common stock. The net proceeds to the Company from the sale of the stock were

$37.0

million after deducting underwriting discounts and commissions and offering expenses.

On

February

18,

2015

the offering underwriters exercised in full an option to purchase additional shares. As a result,

450,000

shares of Class A common stock were issued generating approximately

$8.4

million in additional net proceeds.

Dividends

The following table sets forth the dividends declared and paid by the Company during fiscal

2017:

Declaration Date	Record Date	Payable	Dividend Class A		Dividend Class B		Amount
12/13/2016	12/27/2016	1/5/2017	$	0.072	$	0.06	$	1,331,000
9/14/2016	9/28/2016	10/5/2016	$	0.072	$	0.06	$	1,328,000
6/14/2016	6/28/2016	7/7/2016	$	0.072	$	0.06	$	1,326,000
4/12/2016	4/26/2016	5/3/2016	$	0.072	$	0.06	$	1,316,000