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Stock-Based Compensation (Tables) | 12 Months Ended
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Feb. 02, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Stock-Based Compensation Expense | The following table provides a summary of the Company’s stock-based compensation expense, which is included in Selling and administrative expense in the Consolidated Statements of Operations:
(in thousands) |  | Fiscal 2023 |  |  | Fiscal 2022 |  |  | Fiscal 2021 |
Deferred awards |  | $ | 3,491 |  |  | $ | 5,744 |  |  | $ | 5,683 |
Performance awards (1) |  |  | (87 | ) |  |  | (2,090 | ) |  |  | 4,370 |
Option awards |  |  | 423 |  |  |  | 99 |  |  |  | 103 |
Total stock-based compensation expense |  | $ | 3,827 |  |  | $ | 3,753 |  |  | $ | 10,156 |
(1) Net credit expense for Fiscal 2023 and Fiscal 2022 includes a reduction of the accrual for Performance Awards based on actual and projected results relative to performance measures and forfeitures.
Summary of Deferred Awards Activity | The following table provides a summary of the Deferred Awards activity for Fiscal 2023, Fiscal 2022 and Fiscal 2021.
|  | Fiscal Year Ended |
|  | February 2, 2024 |  |  | 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 |  |  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Deferred Awards at beginning of year |  |  | 906 |  |  | $ | 16.46 |  |  |  | 913 |  |  | $ | 14.60 |  |  |  | 1,093 |  |  | $ | 10.86 |
Granted |  |  | 844 |  |  |  | 8.53 |  |  |  | 503 |  |  |  | 18.09 |  |  |  | 247 |  |  |  | 29.90 |
Vested |  |  | (449 | ) |  |  | 12.21 |  |  |  | (398 | ) |  |  | 14.14 |  |  |  | (401 | ) |  |  | 13.89 |
Forfeited |  |  | (342 | ) |  |  | 16.53 |  |  |  | (112 | ) |  |  | 16.94 |  |  |  | (26 | ) |  |  | 13.46 |
Deferred Awards at end of year |  |  | 959 |  |  | $ | 11.44 |  |  |  | 906 |  |  | $ | 16.46 |  |  |  | 913 |  |  | $ | 14.60 |
Summary of Performance Awards Activity | The following table provides a summary of the Performance Awards activity for Fiscal 2023, Fiscal 2022 and Fiscal 2021:
|  | Fiscal Year Ended |
|  | February 2, 2024 |  |  | 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 |  |  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Performance Awards at beginning of year |  |  | 355 |  |  | $ | 24.39 |  |  |  | 436 |  |  | $ | 21.15 |  |  |  | 393 |  |  | $ | 18.32 |
Granted |  |  | 567 |  |  |  | 9.74 |  |  |  | 248 |  |  |  | 20.65 |  |  |  | 166 |  |  |  | 29.95 |
Change in estimate - performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 42 |  |  |  | 15.73 |
Vested |  |  | — |  |  |  | — |  |  |  | (270 | ) |  |  | 15.73 |  |  |  | (165 | ) |  |  | 21.90 |
Forfeited |  |  | (315 | ) |  |  | 19.68 |  |  |  | (59 | ) |  |  | 24.39 |  |  |  | — |  |  |  | — |
Performance Awards at end of year |  |  | 607 |  |  | $ | 13.14 |  |  |  | 355 |  |  | $ | 24.39 |  |  |  | 436 |  |  | $ | 21.15 |
Summary of Changes in Outstanding Options Awards | The following table provides a summary of the changes in outstanding Options Awards for Fiscal 2023 and Fiscal 2022.
|  | Fiscal Year Ended |
|  | February 2, 2024 |  |  | January 27, 2023 |
|  | Option Awards |  |  | Weighted Average Exercise Price per Share |  |  | Option Awards |  |  | Weighted Average Exercise Price per Share |
(in thousands, except per share amounts) |  |  |  |  |  |  |  |  |  |  |  |
Option Awards outstanding at beginning of year |  |  | 511 |  |  | $ | 16.08 |  |  |  | 343 |  |  | $ | 18.66 |
Granted |  |  | — |  |  |  | — |  |  |  | 168 |  |  |  | 10.81 |
Vested |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Option Awards outstanding at end of year |  |  | 511 |  |  | $ | 16.08 |  |  |  | 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 February 2, 2024:
|  | 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 |  |  |  | 3.3 |  |  | $ | 16.08 |  |  |  | — |
Option Awards exercisable |  |  | 385 |  |  |  | 1.5 |  |  | $ | 17.80 |  |  |  | — |
Performance Awards |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Schedule of Grant Date Fair Value of Award Granted | The fair value for the Performance Awards granted during Fiscal 2023, which includes a relative TSR modifier, was estimated on the grant date using a Monte Carlo simulation with the below noted assumptions:
Monte Carlo Simulation Assumptions |  |  |  |  |
Risk-free interest rate (1) |  |  |  |  | 4.46 | %
Expected dividend yield |  |  |  |  | 0.00 | %
Expected volatility (2) |  |  |  |  | 78.04 | %
Expected term (in years) (3) |  |  |  |  | 2.63 |
Grant date fair value per share |  |  |  | $ | 9.74 |
(1) The risk-free interest is based on the continuously compounded yield on a zero-coupon U.S. Treasury STRIPS as of the grant date for a period equal to the expected term. (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 performance award. (3) The expected term (in years) of the performance award represents the estimated period of time from the grant date to the end of the performance period.
Employee Stock Option |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Schedule of Grant Date Fair Value of 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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