Restricted Stock

3 Months Ended

Apr. 30, 2011

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]

Restricted Stock

Compensation expense recorded in the first three months of fiscal 2011 and 2010 relating to restricted stock grants was $155,000 and $22,000, respectively. As of April 30, 2011, there was $3,134,000 of total unrecognized compensation cost related to non-vested restricted stock granted. That cost is expected to be recognized over a weighted average period of 1.3 years. No restricted stock vested during the first three months of fiscal 2011 and 2010. On March 31, 2011, the Company granted a total of 513,000 shares of restricted stock to employees in lieu of an annual cash bonus for fiscal 2010. The restricted stock vests in two equal annual installments beginning March 31, 2012 and ending March 31, 2013. The aggregate market value of the restricted stock at the date of the reward was $3,257,000 and is being amortized as compensation expense over the two-year vesting period.

A summary of the status of the Company’s non-vested restricted stock activity as of April 30, 2011 and changes during the three-month period then ended is as follows:




	Shares	Weighted Average Grant Date Fair Value
Non-vested outstanding, January 29, 2011	40,000	$	1.90
Granted	513,000	$	6.36
Vested	—	$	—
Forfeited	—	—
Non-vested outstanding, April 30, 2011	553,000	$	6.04