Shareholders' Equity

12 Months Ended

Jan. 31, 2012

Shareholders' Equity [Abstract]

Shareholders' Equity

10. Shareholders’ Equity

In June 2011, the Company issued 2,300,000 shares of common stock in a follow-on public offering. Net proceeds to the Company after underwriters’ discount and expenses were approximately $31,000,000.

The Company has 1,000,000 shares of preferred stock authorized, none of which were outstanding as of January 31, 2012 and 2011. The preferred stock may be issued in multiple series with various terms, as authorized by the Company’s Board of Directors. The Company has 20,000,000 shares of common stock authorized, of which 13,556,000 and 10,872,000 are issued as of January 31, 2012 and 2011, respectively.

During the years ended January 31, 2012 and 2010, approximately 1,000 and 2,000 shares, respectively, were surrendered in exchange for payment of taxes due upon the vesting of restricted shares. The shares had an average fair value of $14.10 and $7.40, respectively. No shares were surrendered in exchange for payment of taxes during 2011.