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Stock-Based Compensation (Tables)
 12 Months Ended
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.