EQUITY

6 Months Ended

Jul. 31, 2013

Equity [Abstract]

Equity

10. Equity

Equity Incentive Plans

The Company has two employee incentive stock option plans: the "2002 stock option plan" and the "2006 equity incentive plan." The 2006 equity incentive plan replaced the 2002 stock option plan, which was terminated and no further options will be granted under the 2002 stock option plan.

A summary of our stock option activity under the 2002 stock option plan and 2006 equity incentive plan as of July 31, 2013 is as follows:

	Shares			Weighted Avg. Exercise Price		Weighted Avg. Remaining Contract Life in years		Aggregate Intrinsic Value
Outstanding at January 31, 2013		368,550		$	4.66		1.42	$	1,229,000
Granted		-			-
Exercised		(167,300	)		4.56
Canceled, forfeited or expired		(6,750	)		4.44
Outstanding at July 31, 2013		194,500		$	4.76		1.72	$	2,176,595
Exercisable at July 31, 2013		194,500		$	4.76		1.72	$	2,176,595

There was no compensation expense related to stock options for the six months ended July 31, 2013 and 2012. As of July 31, 2013, there was no unamortized stock-based compensation expense related to unvested stock options, as the options are fully vested.

The Company's outstanding restricted shares, which were issued under the 2006 equity incentive plan, vest at 25% per year commencing with the first anniversary of the grant date. Compensation expense, representing the fair market value of the shares at the date of grant, net of assumptions regarding estimated future forfeitures, is charged to earnings over the vesting period. Compensation expense included in general and administrative expenses in the Company's consolidated statement of operations, relating to these grants was $97,000 and $138,000 for the six months ended July 31, 2013 and 2012, respectively. As of July 31, 2013, 38,000 non-vested restricted shares were outstanding at a weighted average grant date value of $5.83. As of July 31, 2013, there was $165,000 of unamortized stock-based compensation cost related to these non-vested shares which is expected to be recognized over a remaining period of 26 months.

The Company adopted a Long Term Incentive Plan ("LTIP") in 2006 and another in 2010. The 2010 LTIP replaced the 2006 LTIP and no further awards are being made under the 2006 LTIP. Awards under the 2010 LTIP consist of either phantom stock full-value awards and/or phantom appreciation-only awards. Expense related to the 2010 LTIP was $2,894,000 and $434,000 for the six months ended July 31, 2013 and 2012, respectively, and was recorded to stock option expense.