XML 29 R19.htm IDEA: XBRL DOCUMENT

Note 12 - Stock-based Compensation

3 Months Ended

Apr. 30, 2021

Share-based Payment Arrangement [Text Block]

12.

STOCK-BASED COMPENSATION

The Company’s equity awards consist of RSUs, PSUs and SARs. For a description of the Company’s stock-based compensation plans, see Note 6 “Stock-Based Compensation” in Notes to Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended January 31, 2021.

Stock-Based Compensation

The following table sets forth reported stock-based compensation expense for the three months ended April 30, 2021 and 2020:

	Three Months Ended April 30,
	2021		2020
	(in thousands)
Cost of subscription	$	112	$	107
Cost of maintenance		127		109
Cost of professional services		385		337
Sales and marketing		769		508
Research and development		609		451
General and administrative		1,635		893
Total stock-based compensation expense	$	3,637	$	2,405

RSU Information

The estimated fair value of RSUs was calculated based on the closing price of the Company’s common stock on the date of grant, reduced by the present value of dividends foregone during the vesting period.

The following table summarizes the activity for RSUs for the three months ended April 30, 2021:

	RSUs			Weighted Average Grant Date Fair Value
	(in thousands)
Restricted stock at January 31, 2021		698		$	41.56
Granted		12			71.65
Released ⁽¹⁾		(8	)		30.97
Forfeited		(11	)		40.56
Restricted stock at April 30, 2021		691		$	42.23

(1)

The number of RSUs released includes shares withheld on behalf of employees to satisfy the minimum statutory tax withholding requirements.

The Company withholds a portion of the released shares as consideration for the Company’s payment of applicable employee income taxes. During the three months ended April 30, 2021, the Company withheld 3,000 shares for payment of these taxes at a value of $0.2 million.

Total unrecognized compensation cost related to RSUs was approximately $20.3 million as of April 30, 2021. This cost is expected to be recognized over a weighted-average period of approximately 2.3 years.

PSU Information

The following table summarizes the activity for PSUs for the three months ended April 30, 2021:

	PSUs (in thousands)		Weighted Average Grant Date Fair Value
Performance stock units at January 31, 2021		153	$	40.26
Granted		—		—
Released		—		—
Forfeited		—		—
Performance stock units at April 30, 2021		153	$	40.26

The Company withholds a portion of the released shares as consideration for the Company’s payment of applicable employee income taxes. During the three months ended April 30, 2021, the Company did not withhold shares for payment of these taxes as there were no shares released during the quarter.

Total unrecognized compensation cost related to PSUs was approximately $1.5 million as of April 30, 2021. This cost is expected to be recognized over a period of approximately 0.6 years.

SAR Information

The following table summarizes the activity for outstanding SARs for the three months ended April 30, 2021:

	SARs (in thousands)		Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding at January 31, 2021		1,144	$	27.01
Granted		—		—
Exercised		—		—
Expired		—		—
Forfeited		—		—
Outstanding at April 30, 2021		1,144	$	27.01		2.6	$	47,013
Vested and exercisable at April 30, 2021		1,002	$	24.28		2.3	$	43,525

The aggregate intrinsic value in the table above represents the total pretax intrinsic value (the aggregate difference between the closing stock price of the Company’s common stock based on the last trading day as of April 30, 2021, and the exercise price for in-the-money SARs) that would have been received by the holders if all SARs had been exercised on April 30, 2021. The total intrinsic value of SARs exercised in the three months ended April 30, 2021 was zero.

The number of SARs exercised includes shares withheld on behalf of employees to satisfy minimum statutory tax withholding requirements. During the three months ended April 30, 2021, the Company did not withhold shares for payment of these taxes as there were no exercises during the quarter.

At April 30, 2021, there was approximately $1.0 million of total unrecognized compensation cost related to unvested SARs. This cost is expected to be recognized over a weighted-average period of approximately 0.8 years.