Stock-Based Compensation (Tables)

3 Months Ended

Apr. 30, 2016

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

	Restricted shares			Restricted Stock Units ⁽¹⁾		Deferred shares ⁽²⁾		Fully-vested shares ⁽³⁾			Total number of shares			Weighted-average grant-date fair value ⁽⁴⁾
Shares
Outstanding non-vested shares at beginning of year		1,320,143			—		31,587		—			1,351,730		$	5.09
Shares granted		—			423,230		8,434		13,800			445,464		$	5.14
Shares vested/issued		(1,666	)		—		—		(13,800	)		(15,466	)	$	4.76
Shares canceled		—			—		—		—			—			—
Outstanding non-vested shares at end of quarter		1,318,477			423,230		40,021		—			1,781,728		$	5.11

(1)

During the first three months of fiscal 2016, the Company granted 423,230 RSUs in connection with the 2016-2017 LTIP. The RSUs are time-vested awards that will vest over three years with the first 50% vesting on April 1, 2018 and the remaining 50% on April 1, 2019.

(2)

During the first three months of fiscal 2016, the Company granted 8,434 shares of deferred stock, with a fair value of approximately $39,084 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.

(3)

During the first three months of fiscal 2016, the Company granted 13,800 shares of stock, with a fair value of approximately $63,894 to certain directors as compensation in lieu of cash, in accordance with their irrevocable elections. 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 Plan. Any shares in excess of the minimum required election are issued from the Company’s Non-Employee Director Stock Purchase Plan.

(4)

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

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 share activity under the 2006 Plan for the first three months of fiscal 2016:

	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		2,728,621	$	5.00
Options granted		—		—
Options canceled		—		—
Options exercised		—		—
Outstanding options at end of quarter		2,728,621	$	5.00	6.7 years	$	1,157,774
Options exercisable at end of quarter		1,040,417	$	4.88	6.0 years	$	615,408