Stock Based Compensation

3 Months Ended

Apr. 30, 2022

Stock Based Compensation [Abstract]

Stock Based Compensation

Note 8. Stock Based Compensation

The Company has outstanding awards under three employee stock award plans, the 2005 Long Term Incentive and Share Award Plan, the Amended and Restated 2005 Long Term Incentive and Share Award Plan (the “Old Plans”); and the 2005 Long Term Incentive and Share Award Plan (as amended and restated April 5, 2017 (the “New Plan”). Collectively, these plans are referred to herein as the Stock Award Plans. The Company no longer issues stock options under the Old Plans.

Equity awards authorized for issuance under the New Plan total 250,000. As of April 30, 2022, of the awards authorized for issuance under the Stock Award Plans, 111,279 options were granted and are outstanding, 28,163 of which were vested and exercisable. Shares available for future grants of options and other share-based awards under the New Plan at April 30, 2022 were 144,346.

The following table summarizes stock award activity during the thirteen weeks ended April 30, 2022:

	Employee Stock Award Plans
		Number of Shares Subject To Option			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Other Share Awards (1)			Weighted Average Grant Fair Value
Balance January 29, 2022			85,965		$	13.41		7.5		90,000		$	15.39
Granted			15,000			6.55		9.9		-			-
Forfeited			(17,880	)		6.50		9.1		(55,000	)		13.63
Canceled			(6,806	)		28.58		-		-			-
Exercised			-			-		-		-			-
Balance April 30, 2022			76,279		$	11.04		7.1		35,000		$	18.14
Exercisable April 30, 2022			28,163		$	17.07		4.4		-		$	-

 ⁽¹⁾ Other Share Awards include deferred shares granted to executives and directors.

As of April 30, 2022, the intrinsic value of stock awards outstanding was $16,970 and the intrinsic value of stock awards exercisable was $15,110.