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Equity and Stock-Based Compensation
9 Months Ended
Oct. 31, 2019
Equity [Abstract]  
Equity and Stock-Based Compensation
Equity and Stock-Based Compensation
During the three months ended October 31, 2019, the Company’s board of directors (the "Board") declared quarterly dividends of $0.5625 per share for our Preferred Stock. The Board also approved the grant of 80,000 non-qualified stock options and 5,500 shares of restricted stock during the third quarter of fiscal 2020. The non-qualified stock options had an average option price of $3.72 while the restricted stock was granted at an average price of $3.95 per share. Total compensation expense recognized for stock-based awards granted under the Company’s equity incentive plan during the three and nine months ended October 31, 2019 was approximately $270,000 and $611,000, respectively, and during the three and nine months ended October 31, 2018 was approximately $207,000 and $575,000, respectively.
Refer to Note 11 for additional details related to the issuance of Preferred Stock under the Company's ATM offering program.