Stock Based Compensation
|6 Months Ended|
Jul. 31, 2021
|Stock Based Compensation [Abstract]|
|Stock Based Compensation||
Note 8. Stock Based Compensation
The Company has outstanding awards under three employee stock award plans, the 2005 Long Term Incentive and Share Award Plan, the Amended and Restated 2005 Long Term Incentive and Share Award Plan (the “Old Plans”); and the 2005 Long Term Incentive and Share Award Plan (as amended and restated April 5, 2017 (the “New Plan”). Collectively, these plans are referred to herein as the Stock Award Plans. Additionally, the Company had a stock award plan for non-employee directors (the “1990 Plan”). The Company no longer issues stock options under the Old Plans or the 1990 Plan.
Compensation expense related to the grant of stock options recognized in the twenty-six weeks ended July 31, 2021 was $58,918. In addition, compensation expense of $0.2 million related to the grant of restricted shares to members of our Board of Directors was recognized in the twenty-six weeks ended July 31, 2021. Total compensation expense recognized in the twenty-six weeks ended August 1, 2020 was $0.3 million.
Equity awards authorized for issuance under the New Plan total 250,000. As of July 31, 2021, of the awards authorized for issuance under the Stock Award Plans, 133,303 options were granted and are outstanding, 54,125 of which were vested and exercisable. Shares available for future grants of options and other share-based awards under the New Plan at July 31, 2021 were 132,669.
The following table summarizes stock award activity during the twenty-six weeks ended July 31, 2021:
As of July 31, 2021, the intrinsic value of stock awards outstanding was $1.3 million and the intrinsic value of stock awards exercisable was $269,000.
The entire disclosure for share-based payment arrangement.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef