(14)	Stock-Based Compensation

Compensation expense for all stock option awards is measured at fair value on the date of the grant and such cost is recognized over the service period for awards that are expected to vest. The fair value of restricted stock units is based on the number of shares granted and the average of the opening and closing stock price on the day on which they are granted. We use the Black-Scholes valuation model in order to determine the fair value of stock option grants on the date of grant.

Stock Options

Under our incentive stock plans, options may be granted to directors, officers and associates with an exercise price equal to the fair market value of our common stock on the date of grant. Stock option grants generally vest ratably over five years and expire within ten years after the date of grant. Shares issued upon exercise of options are issued from treasury shares.

The following assumptions were used in the calculation of fair value:

	Fiscal Year
	2013			2012			2011
Expected dividend yield		0.51	%		0.94	%		—
Risk-free interest rate		1.24	%		0.75	%		1.53	%
Expected life in years		5.00			5.44			5.00
Historical Volatility		0.57			0.51			0.51

A summary of information with respect to stock option plans for fiscal years 2013, 2012, and 2011, and changes during the periods then ended, is presented below.

	Options (in actual shares)			Weighted- average exercise price
Outstanding at January 31, 2011		777,193		$	4.54
Granted		10,120			4.06
Exercised		(12,530	)		2.99
Forfeited and expired		(119,700	)		3.88
Outstanding at January 31, 2012		655,083		$	4.68
Granted		140,420			2.08
Exercised		—			—
Forfeited and expired		(13,060	)		5.17
Outstanding at January 31, 2013		782,443		$	4.21
Granted		10,120			3.85
Exercised		(25,000)			2.30
Forfeited and expired		(246,786	)		3.63
Outstanding at January 31, 2014		520,777		$	4.57

The total intrinsic value of stock options exercised for the fiscal years ended January 31, 2014, 2013 and 2012 was approximately $4,000, $0, and $7,000, respectively. The total fair value of stock options granted for the fiscal years ended January 31, 2014, 2013 and 2012 was approximately $18,000, $129,000 and $19,000, respectively. The total fair value of stock option shares vested during the fiscal years ended January 31, 2014, 2013 and 2012 was approximately $162,000, $210,000 and $241,000, respectively.

As of January 31, 2014 and 2013, we had a total of 157,054 options with a weighted average exercise price of $3.63 and 309,994 options with a weighted average exercise price of $3.90, respectively, that were unvested.

Due to a corporate restructuring initiated on February 15, 2013, options of certain terminated associates were forfeited and are no longer considered outstanding.

At January 31, 2014, the options outstanding, both exercisable and unexercisable, and their related weighted-average exercise price, and the weighted-average remaining contractual life for the ranges of exercise prices are shown in the table below.

	Options		Weighted- average exercise price		Weighted- average remaining contractual life		Aggregate intrinsic value
Range: $1.69 to $4.99
Options outstanding and exercisable at January 31, 2014		182,967	$	3.18		5.02 years	$	—
Options outstanding and unexercisable at January 31, 2014		117,006	$	2.62		8.40 years	$	—

Range: $5.00 to $8.70
Options outstanding and exercisable at January 31, 2014		180,756	$	6.79		3.83 years	$	—
Options outstanding and unexercisable at January 31, 2014		40,048	$	6.57		6.79 years	$	—

At January 31, 2014, the number of options exercisable was 363,723 and the weighted-average exercise price of those options was $4.97.

The per share weighted-average exercise price and the per share weighted-average fair value of stock options at the date of grant, using the Black-Scholes option-pricing model are as follows:

	Weighted Average Exercise price for Fiscal Year						Weighted Average Fair value for Fiscal Year
	2013		2012		2011		2013		2012		2011
Options granted at market price	$	3.85	$	2.05	$	4.06	$	1.83	$	0.87	$	1.85
Options granted at prices exceeding market price	$	—	$	2.26	$	—	$	—	$	0.68	$	—
Total options granted	$	3.85	$	2.08	$	4.06	$	1.83	$	0.84	$	1.85

Restricted Stock Awards

Restricted stock awards, including restricted stock units and performance-based restricted stock awards, may be granted to eligible directors, officers, and associates with a grant date fair value equal to the average of the opening and closing stock price of our common stock on the day on which they are granted. Restricted stock units entitle the grantee to receive shares of stock at the end of a vesting period, based solely on the grantee’s continuing employment. Restricted stock units will typically vest ratably over two years from the date of grant. Performance-based restricted stock awards have specific performance conditions that must be met before shares will be issued. Once issued, the shares typically vest ratably over two years from the date the performance conditions are achieved. Compensation expense for performance-based restricted stock awards is recognized from the date of grant through the vesting date, once it is deemed probable that the performance conditions will be met.

A summary of information with respect to restricted stock awards for fiscal years 2013, 2012, and 2011, and changes during the periods then ended, is presented below.

	Awards (in actual shares)			Weighted-average grant date fair value
Outstanding at January 31, 2011		315,282		$	5.83
Granted		—			—
Vested		(191,324	)		5.46
Forfeited and expired		(45,208	)		5.94
Outstanding at January 31, 2012		78,750		$	6.45
Granted		—			—
Vested		(78,750	)		2.00
Forfeited and expired		—			—
Outstanding at January 31, 2013		—		$	—
Granted		—			—
Vested		—			—
Forfeited and expired		—			—
Outstanding at January 31, 2014		—		$	—