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Stock-Based Compensation (Tables)

12 Months Ended

Jan. 27, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock-Based Compensation Expense

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 2022				Fiscal 2021				Fiscal 2020
Deferred Awards		$	5,744			$	5,683			$	5,752
Performance Awards (1)			(2,090	)			4,370				2,701
Option Awards			99				103				748
Total stock-based compensation expense		$	3,753			$	10,156			$	9,201

(1)Net credit expense for Fiscal 2022 includes a reduction of the accrual for Performance Awards based on actual and projected results relative to performance measures.

Summary of Deferred Awards Activity

Deferred Awards

The following table summarizes of the Deferred Awards activity for Fiscal 2022 and Fiscal 2021:

		Fiscal Year Ended
		January 27, 2023								January 28, 2022
(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			913			$	14.60				1,093			$	10.86
Granted			503				18.09				247				29.90
Vested			(398	)			14.14				(401	)			13.89
Forfeited			(112	)			16.94				(26	)			13.46
Unvested Deferred Awards at end    of year			906			$	16.46				913			$	14.60

Summary of Performance Awards Activity

Performance Awards

The following table provides a summary of the Performance Awards activity for Fiscal 2022 and Fiscal 2021:

		Fiscal Year Ended
		January 27, 2023								January 28, 2022
(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			436			$	21.15				393			$	18.32
Granted			248				20.65				166				29.95
Change in estimate - performance			—				—				42				15.73
Vested			(270	)			15.73				(165	)			21.90
Forfeited			(59	)			24.39				—				—
Unvested Performance Awards at    end of year			355			$	24.39				436			$	21.15

Summary of Changes in Outstanding Options Awards

Options Awards

The following table provides a summary of the changes in outstanding Options Awards for Fiscal 2022. There was no Option Awards activity during Fiscal 2021:

		Fiscal Year Ended
		January 27, 2023
		Option Awards				Weighted Average Exercise Price per Share
(in thousands, except per share amounts)
Option Awards outstanding at beginning of year			343			$	18.66
Granted			168				10.81
Exercised			—				—
Forfeited			—				—
Option Awards outstanding at end of year			511			$	16.08

Summary of Information about Option Awards Vested and Expected to Vest

The following table provides a summary of information about the Option Awards vested and expected to vest during the contractual term, as well as Option Awards exercisable as of January 27, 2023:

		Option Awards				Weighted Average Remaining Contractual Life (Years)				Weighted Average Exercise Price				Aggregate Intrinsic Value
(in thousands, except per share and contractual life amounts)
Option Awards vested and expected to vest			511				6.0			$	16.08				—
Option Awards exercisable			343				4.1			$	18.66				—

Schedule of Grand Date Fair Value of Option Award Granted

The grant date fair value of the Option Award granted during Fiscal 2022 was estimated at the grant date using the Black Scholes option pricing model with the following assumptions:

Risk-free interest rate (1)								4.2%
Expected dividend yield								0.0%
Expected volatility (2)								75.5%
Expected term (in years) (3)								6.0
Grant date fair value per share								$7.44

(1)The Risk-free interest rate is based on the U.S. Treasury constant maturity interest rate with a term consistent with the expected term of the stock option award.

(2)The Expected volatility is estimated based on the historical volatility of the Company’s common stock with a term consistent with the expected term of the stock option award.

(3)The Expected term (in years) of the stock option award represents the estimated period of time until exercise and is calculated using the simplified method. The simplified method was used to calculate the Expected term (in years) as the Company does not have sufficient historical experience exercise data to provide a reasonable basis upon which to estimate the expected term of the Option Award.

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