Stock Options and Restricted Stock (Tables)

12 Months Ended

Jan. 31, 2015

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Activity for Non-Vested Shares (Restricted Shares)

The following table summarizes activity for non-vested shares (“restricted shares”) under the 2006 Plan for fiscal 2014:

	Number of Shares			Weighted-average grant-date fair value ⁽¹⁾
Restricted Shares
Restricted shares outstanding at beginning of year		2,017,940		$	5.01
Restricted shares granted		115,166		$	5.31
Deferred shares granted ⁽²⁾		11,238		$	5.22
Restricted shares vested		(352,848	)	$	4.77
Restricted shares canceled		(94,968	)	$	5.00

Restricted and Deferred shares outstanding at end of year		1,696,528		$	5.09

—	The fair value of a restricted share is equal to the Company’s closing stock price on the date of grant.

—

During fiscal 2014, the Company granted 11,238 shares of deferred stock, with a fair value of approximately $58,643, to a director as compensation in lieu of cash and in accordance with his irrevocable election. The shares of deferred stock, which have no continued service requirement, will vest three years from the date of grant. The Company recognized compensation expense in full on the date of grant.

Common Stock Shares Issued to Non-Employee Directors as Compensation

The following shares of common stock, with the respective fair value, were issued to its non-employee directors as compensation for fiscal 2014, fiscal 2013 and fiscal 2012:

	Number of shares of common stock issued		Fair value of common stock issued
Fiscal 2014		40,910	$	213,749
Fiscal 2013		43,541	$	255,884
Fiscal 2012		31,707	$	123,976

Employee Stock Plan, 2006 Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Stock Option Activity

The following table summarizes stock option activity under the 2006 Plan for fiscal 2014:

	Number of Shares			Weighted-average exercise price per option		Weighted-average remaining contractual term	Aggregate intrinsic value
Stock Options
Outstanding options at beginning of year		2,721,569		$	4.95
Options granted		170,596		$	5.29
Options canceled		(118,139	)	$	4.32
Options exercised		(26,224	)	$	4.69

Outstanding options at end of year		2,747,802		$	4.97	7.9 years	$	457,575
Options exercisable at end of year		607,628		$	4.77	6.4 years	$	309,799
Vested and expected to vest at end of year		1,585,755		$	4.91	7.6 years	$	411,863

Employee Stock Plan, 1992 Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Stock Option Activity

The following table summarizes stock option activity under the 1992 Plan for fiscal 2014:

	Number of Shares			Weighted-average exercise price per option		Weighted-average remaining contractual term	Aggregate intrinsic value ⁽¹⁾
Stock Options
Outstanding options at beginning of year		911,775		$	6.82
Options granted		—			—
Options canceled		(686,775	)	$	6.77
Options exercised ⁽¹⁾		(7,500	)	$	5.67

Outstanding options at end of year		217,500		$	7.01	0.3 years		—
Options exercisable at end of year		217,500		$	7.01	0.3 years		—
Vested and expected to vest at end of year		217,500		$	7.01	0.3 years		—

(1)	The majority of outstanding options were out-of-the-money at January 31, 2015; therefore, the intrinsic value was immaterial.