Stock-Based Compensation (Tables)

9 Months Ended

Oct. 31, 2015

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

	Restricted shares			Deferred shares ⁽¹⁾		Fully-vested shares ⁽²⁾			Total number of shares			Weighted-average grant-date fair value ⁽³⁾
Shares
Outstanding non-vested shares at beginning of year		1,685,290			11,238		—			1,696,528		$	5.09
Shares granted		10,000			15,790		46,536			72,326		$	4.89
Shares vested/issued		(32,223	)		—		(46,536	)		(78,759	)	$	5.00
Shares canceled		—			—		—			—			—
Outstanding non-vested shares at end of quarter		1,663,067			27,028		—			1,690,095		$	5.08

(1)

During the first nine months of fiscal 2015, the Company granted 15,790 shares of deferred stock, with a fair value of approximately $78,209 to certain directors as compensation in lieu of cash, in accordance with their irrevocable elections. The shares of deferred stock will vest three years from the date of grant or at separation of service, based on the irrevocable election of each director.

(2)

During the first nine months of fiscal 2015, the Company granted 46,536 shares of stock, with a fair value of approximately $230,143 to certain directors as compensation in lieu of cash, in accordance with their irrevocable elections. Beginning in fiscal 2015, directors are required to elect 50% of their quarterly retainer in equity. All shares paid to directors to satisfy this election are issued from the Company’s 2006 Stock Incentive Plan. Any shares in excess of the minimum required election will be issued from the Company’s Non-Employee Director Stock Purchase Plan.

(3)

The fair value of a restricted share, deferred share and fully-vested share is equal to the Company’s closing stock price on the date of grant.

Valuation Assumptions for Stock Options

The fair value of each option granted is estimated on the date of grant using the Black-Scholes option-pricing model. For the first nine months of fiscal 2015, there were no grants of stock options. The following assumptions were used for grants for the first nine months of fiscal 2014:

	November 1, 2014
Expected volatility		46.0	%
Risk-free interest rate	0.79%-0.93%
Expected life	3.1 - 3.5 yrs
Dividend rate		—

Employee Stock Plan, 2006 Plan

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

Stock Option Activity

The following tables summarize the stock option activity and restricted share activity under the 2006 Plan for the first nine months of fiscal 2015:

	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		2,747,802		$	4.97
Options granted		—			—
Options canceled		(60,287	)	$	5.04
Options exercised ⁽¹⁾		(22,136	)	$	4.59
Outstanding options at end of quarter		2,665,379		$	4.98	7.2 years	$	2,376,745
Options exercisable at end of quarter		588,692		$	4.74	5.6 years	$	719,276

(1)

The intrinsic value of options exercised was immaterial.

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 the first nine months of fiscal 2015:

	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		217,500		$	7.01
Options granted
Options expired		(201,500	)	$	7.00
Options canceled		(1,000	)	$	7.38
Options exercised		—			—
Outstanding options at end of quarter		15,000		$	7.18	0.2 years		—
Options exercisable at end of quarter		15,000		$	7.18	0.2 years		—

(1)

The intrinsic value of the options outstanding at October 31, 2015 was immaterial.