Stock Based Compensation Arrangements

6 Months Ended

Apr. 30, 2012

Stock Based Compensation Arrangements [Abstract]

STOCK BASED COMPENSATION ARRANGEMENTS

11. STOCK BASED COMPENSATION ARRANGEMENTS

The Company issued 18,358 and 32,514 shares of restricted stock during the three and six months ended April 30, 2012, respectively, and cancelled no shares in either period. The Company issued 136,153 and 329,484 shares of restricted stock during the three and six months ended April 30, 2011, respectively, and cancelled no shares in either period. The Company values shares of restricted stock at fair value as of the grant date. The Company issued no stock options in either period.

The Company did not issue or cancel any options to purchase shares of common stock during the three and six months ended April 30, 2012. The Company issued options to purchase 100,000 shares of common stock during the three and six months ended April 30, 2011, and cancelled no options in the periods. The options issued have an exercise price of $1.64 per share and expire in 2018. The options had a total grant-date fair value of $95, based on the Black-Scholes model and estimated share-price volatility of 75.2%, estimated life of 4.3 years and a risk-free rate of 1.8%. The Company values options at fair value as of the grant date.

Stock-based compensation amounted to $429 and $863 in the three and six months ended April 30, 2012, respectively, and $352 and $627 in the three and six months ended April 30, 2011, respectively.