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Note 6 - Stock-based Compensation | 9 Months Ended
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Oct. 28, 2023
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] | 6. Stock-based Compensation On April 14, 2020, the Board of Directors (the “Board”) of Build-A-Bear Workshop, Inc. (the “Company”) adopted, subject to stockholder approval, the Build-A-Bear Workshop, Inc. 2020 Omnibus Incentive Plan (the “2020 Incentive Plan”). On June 11, 2020, the Company’s stockholders approved the 2020 Incentive Plan. On April 11, 2023, the Board adopted, subject to stockholder approval, the Build-A-Bear Workshop, Inc. Amended and Restated 2020 Omnibus Incentive Plan (the “Restated 2020 Incentive Plan”). On June 8, 2023, at the Company’s 2023 Annual Meeting of Stockholders (the “Annual Meeting”), the Company’s stockholders approved the Restated 2020 Incentive Plan. The Restated 2020 Incentive Plan, which is administered by the Compensation and Development Committee of the Board, permits the grant of stock options (including both incentive and non-qualified stock options), stock appreciation rights, other stock-based awards, including restricted stock and restricted stock units, cash-based awards, and performance awards pursuant to the terms of the Restated 2020 Incentive Plan. The Restated 2020 Incentive Plan will terminate on April 11, 2033, unless earlier terminated by the Board. The total number of shares of the Company’s common stock authorized for issuance under the Restated 2020 Incentive Plan increased by 800,000 to a maximum of 1,800,000 since its inception as the 2020 Incentive Plan, subject to customary capitalization adjustments, substitutions of acquired company awards and certain additions of acquired company plan shares, plus shares that are subject to outstanding awards made under the Build-A-Bear Workshop, Inc. 2017 Omnibus Incentive Plan (the “2017 Plan”) that on or after April 14, 2020 may be forfeited, expire or be settled for cash. For the thirteen weeks ended October 28, 2023 and October 29, 2022, selling, general and administrative expense included stock-based compensation expense of $0.7 million and $0.6 million, respectively. For the thirty-nine weeks ended October 28, 2023 and October 29, 2022 selling, general, and administrative expense included stock-based compensation expense of $2.5 million and $1.9 million, respectively. As of October 28, 2023, there was $1.7 million of total unrecognized compensation expense related to unvested restricted stock awards which is expected to be recognized over a weighted-average period of 1.7 years. The following table is a summary of the balances and activity for stock options for the thirty-nine weeks ended October 28, 2023:
|  | Options |
|  | Shares |  |  | Weighted Average Exercise Price |
Outstanding, January 28, 2023 |  |  | 177,519 |  |  | $ | 14.20 |
Granted |  |  | - |  |  |  | - |
Exercised |  |  | (143,115 | ) |  |  | 12.87 |
Forfeited |  |  | - |  |  |  | - |
Canceled or expired |  |  | - |  |  |  | - |
Outstanding, October 28, 2023 |  |  | 34,404 |  |  | $ | 19.73 |
The following table is a summary of the balances and activity related to time-based and performance-based restricted stock for the thirty-nine weeks ended October 28, 2023:
|  | Time-Based Restricted Stock |  |  | Performance-Based Restricted Stock |
|  | Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Shares |  |  | Weighted Average Grant Date Fair Value |
Outstanding, January 28, 2023 (1) |  |  | 287,983 |  |  | $ | 8.78 |  |  |  | 295,048 |  |  | $ | 8.13 |
Granted (1) |  |  | 65,759 |  |  |  | 23.52 |  |  |  | 65,254 |  |  |  | 24.75 |
Vested |  |  | (208,620 | ) |  |  | 7.20 |  |  |  | - |  |  |  | - |
Adjustment for performance achievement |  |  | - |  |  |  | - |  |  |  | 57,756 |  |  |  | 2.87 |
Earned and Vested |  |  | - |  |  |  | - |  |  |  | (215,130 | ) |  |  | 2.78 |
Forfeited (1) |  |  | (4,838 | ) |  |  | 12.91 |  |  |  | (3,466 | ) |  |  | 18.03 |
Outstanding, October 28, 2023 (1) |  |  | 140,284 |  |  | $ | 17.89 |  |  |  | 199,462 |  |  | $ | 17.62 |
| (1) | Performance-based restricted stock outstanding, granted, and forfeited are presented at 100% of target.
The total fair value of shares vested during the thirty-nine weeks ended October 28, 2023 and October 29, 2022 was $2.1 million and $2.0 million, respectively. The outstanding performance shares as of October 28, 2023 consist of the following:
|  | Performance Shares |
Unearned shares subject to performance-based restrictions at target: |  |  |  |
2021 - 2023 consolidated, cumulative earnings before interest, taxes, depreciation and amortization (EBITDA) objectives |  |  | 39,821 |
2021 - 2023 consolidated revenue growth objectives |  |  | 13,274 |
2022 - 2024 consolidated, earnings before interest, taxes, depreciation and amortization (EBITDA) growth objectives |  |  | 60,835 |
2022 - 2024 consolidated revenue growth objectives |  |  | 20,278 |
2023 - 2025 consolidated pre-tax income growth objectives |  |  | 42,415 |
2023 - 2025 consolidated revenue growth objectives |  |  | 22,839 |
Performance shares outstanding, October 28, 2023 |  |  | 199,462 |

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