Quarterly report pursuant to Section 13 or 15(d)

Stock Repurchase Program

Stock Repurchase Program
3 Months Ended
Apr. 30, 2015
Equity [Abstract]  
Stock Repurchase Program
8. Stock Repurchase Program

On September 4, 2013, our Board of Directors authorized the repurchase of up to $25.0 million of our common stock through a share repurchase program, which we increased to $40.0 million on May 31, 2014 in connection with an extension of the termination date to April 30, 2015. Under the program, we were authorized to repurchase shares through Rule 10b5-1 plans, open market purchases, privately negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934. This share repurchase program did not obligate us to acquire any specific number of shares and could be suspended or discontinued at any time. All repurchases were expected to be funded from our current cash and investment balances. The timing and amount of shares to be repurchased was based on market conditions and other factors, including price, corporate and regulatory requirements, and alternative investment opportunities. Any shares repurchased by us under the share repurchase program reduced the number of shares outstanding. Pursuant to the share repurchase program, we executed a Rule 10b5-1 plan in June 2014 to repurchase shares. We did not repurchase any shares of our common stock during the three months ended April 30, 2015 and the repurchase authorization expired by its terms on April 30, 2015. Through April 30, 2015, we used $5.5 million of cash in connection with the repurchase 591,520 shares of our common stock (an average price of $9.31 per share) under this program.