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Stock-Based Compensation | 12 Months Ended
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Jan. 29, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Stock-Based Compensation | NOTE 5. STOCK-BASED COMPENSATION The Company expenses the fair value of all stock awards over their respective vesting periods, ensuring that, the amount of cumulative compensation cost recognized at any date is at least equal to the portion of the grant-date value of the award that is vested at that date. The Company has elected to adjust compensation expense for an estimated forfeiture rate for those shares not expected to vest and to recognize compensation cost on a straight-line basis for awards that only have a service requirement with multiple vest dates. The Company has granted the following types of stock awards to employees at management levels and above:
| i. | Time vesting stock awards ("Deferred Awards") are in the form of restricted stock units and only require each recipient to complete a service period for the awards to be earned. Deferred Awards generally vest over three years. The fair value of Deferred Awards is based on the closing price of the Company's common stock on the grant date and is reduced for estimated forfeitures of those awards not expected to vest due to employee turnover.
| ii. | Performance-based stock awards ("Performance Awards") are in the form of restricted stock units and have, in addition to a service requirement, performance criteria that must be achieved for the awards to be earned. For Performance Awards granted in Fiscal 2018 and after, the Target Shares earned can range from 50% to 200% once minimum thresholds have been reached, and depend on the achievement of Adjusted EBITDA and revenue performance measures for the cumulative three-fiscal year performance period beginning in the fiscal year of the grant date. The applicable percentage of the Target Shares, as determined by performance, vest after the completion of the applicable three-year performance period, and unearned Target Shares are forfeited. The fair value of the Performance Awards granted in Fiscal 2018 and after are based on the closing price of the Company’s common stock on the grant date. Stock based compensation expense is recognized ratably over the related service period reduced for estimated forfeitures of those awards not expected to vest due to employee turnover and adjusted based on the Company's estimate of the percentage of the aggregate Target Shares expected to be earned. Typically, the Company accrues for Performance Awards on a 100% payout unless it becomes probable that the outcome will be significantly different, or the performance can be accurately measured. The performance period has been completed for the 2018 Performance Awards and based on the Company’s performance relative to the Adjusted EBITDA and revenue performance measures these awards are accrued at 111%. The 2019 Performance Awards are accrued at 100% payout.
| iii. | Stock option awards ("Option Awards") provide the recipient with the option to purchase a set number of shares at a stated exercise price over the term of the contract, which is ten years for all Option Awards currently outstanding. Options are granted with a strike price equal to the stock price on the date of grant and vest ratably over a four-year period. The fair value of each Option Award is estimated on the grant date using the Black-Scholes option pricing model.
The following table summarizes the Company's stock-based compensation expense, which is included in Selling and administrative expense in the Consolidated Statements of Operations:
(in thousands) |  | Fiscal 2020 |  |  | Fiscal 2019 |  |  | Fiscal 2018 |
Deferred Awards |  | $ | 5,752 |  |  | $ | 5,591 |  |  | $ | 4,407 |
Performance Awards |  |  | 2,701 |  |  |  | 2,352 |  |  |  | 1,006 |
Option Awards |  |  | 748 |  |  |  | 748 |  |  |  | 748 |
Total stock-based compensation expense |  | $ | 9,201 |  |  | $ | 8,690 |  |  | $ | 6,161 |
Deferred Awards The following table provides a summary of the Deferred Awards activity for Fiscal 2020 and Fiscal 2019:
|  | Fiscal Year Ended |
|  | January 29, 2021 |  |  | January 31, 2020 |
(in thousands, except per share amounts) |  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Unvested deferred awards at beginning of year |  |  | 745 |  |  | $ | 18.49 |  |  |  | 594 |  |  | $ | 21.96 |
Granted |  |  | 765 |  |  |  | 6.97 |  |  |  | 428 |  |  |  | 15.62 |
Vested |  |  | (299 | ) |  |  | 19.68 |  |  |  | (210 | ) |  |  | 21.93 |
Forfeited |  |  | (118 | ) |  |  | 12.22 |  |  |  | (67 | ) |  |  | 20.65 |
Unvested deferred awards at end of year |  |  | 1,093 |  |  | $ | 10.86 |  |  |  | 745 |  |  | $ | 18.49 |
Total unrecognized stock-based compensation expense related to unvested Deferred Awards was approximately $5.4 million as of January 29, 2021, which is expected to be recognized ratably over a weighted average period of 1.7 years. Deferred Awards granted to employees during Fiscal 2020 vest ratably over a period of three years. Performance Awards The following table provides a summary of the Performance Awards activity for Fiscal 2020 and Fiscal 2019:
|  | Fiscal Year Ended |
|  | January 29, 2021 |  |  | January 31, 2020 |
(in thousands, except per share amounts) |  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Unvested performance awards at beginning of year |  |  | 412 |  |  | $ | 18.15 |  |  |  | 176 |  |  | $ | 21.93 |
Granted |  |  | — |  |  |  | — |  |  |  | 265 |  |  |  | 15.73 |
Change in estimate - performance |  |  | 16 |  |  |  | 21.90 |  |  |  | — |  |  |  | — |
Vested |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | (35 | ) |  |  | 18.02 |  |  |  | (29 | ) |  |  | 18.85 |
Unvested performance awards at end of year |  |  | 393 |  |  | $ | 18.32 |  |  |  | 412 |  |  | $ | 18.15 |
Total unrecognized stock-based compensation expense related to unvested Performance Awards was approximately $1.5 million as of January 29, 2021 which is expected to be recognized ratably over a weighted average period of 1.0 years. Performance Awards granted to employees during Fiscal 2019 and Fiscal 2018 vest, if earned, after completion of the applicable three-year performance period. Options Awards The following table provides a summary of the Options Award activity for Fiscal 2020 and Fiscal 2019:
|  | Fiscal Year Ended |
|  | January 29, 2021 |  |  | January 31, 2020 |
(in thousands, except per share amounts) |  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Unvested option awards at beginning of year |  |  | 171 |  |  | $ | 8.73 |  |  |  | 257 |  |  | $ | 8.73 |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Vested |  |  | (86 | ) |  |  | 8.73 |  |  |  | (86 | ) |  |  | 8.73 |
Forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Unvested option awards at end of year |  |  | 85 |  |  | $ | 8.73 |  |  |  | 171 |  |  | $ | 8.73 |
Total unrecognized stock-based compensation expense related to unvested Option Awards was approximately $0.1 million as of January 29, 2021, which is expected to be recognized ratably over a weighted average period of 0.2 years. The Option Awards have a life of ten years and vest ratably over the first four years. As of January 29, 2021, 257,351 shares related to Option Awards were exercisable. No options were exercised during the fiscal year ended January 29, 2021.

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