You can manage the Local License Server through a separate tool called CLM Administrator Server.
Note that the installation steps and screen shots in this document are taken from the software package provided by Hexagon. The dialog boxes for other software packages may differ slightly.
More:
Viewing Floating Licenses on Local License Server
Viewing Floating Licenses in Use
Updating Floating Licenses on Local License Server
Activating New Floating Licenses
Re-Hosting Floating Licenses on Local License Server
Verifying the Connection to the Hexagon Network License Server