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COMMON STOCK AND STOCK-BASED COMPENSATION
9 Months Ended
Jan. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
COMMON STOCK AND STOCK-BASED COMPENSATION
COMMON STOCK AND STOCK-BASED COMPENSATION
 
During the fiscal quarter ended October 31, 2015, the Compensation Committee of the Board of Directors authorized a new long-term incentive program for key employees consisting of performance-based Restricted Stock Awards (“RSAs”) and time-based Restricted Stock Units (“RSUs”).

The number of RSAs earned will vary based on performance relative to established goals for fiscal 2020 adjusted EBITDA, with 50% of the target shares earned for threshold performance (representing 342,000 shares), 100% of the target shares earned for target performance (representing 684,000 shares) and 150% of the target shares earned for maximum performance (representing 1,026,000 shares).

At the target level of performance, the expected expense for the RSAs over the five-year period will be $21.8 million. During the three months and nine months ended January 30, 2016, the Company recorded respectively, $1.2 million and $1.6 million in compensation expense related to the RSA’s.
    
As of January 30, 2016, the Company is recording the RSA compensation expense based on target performance. In future periods, if management makes a determination that the target will likely be exceeded for fiscal 2020, a catch-up adjustment to compensation expense will be recorded in that period. In addition, if management makes a determination that the target will likely not be met for fiscal 2020, a reversal of expense will be recorded in that period. These amounts could be material to the financial statements.

The Company also granted 516,000 RSU's to key employees. The RSU’s are subject to a five-year vesting period, with 30% vesting on each of April 28, 2018 and April 27, 2019 and 40% vesting on May 2, 2020. The total expense for the RSU's is expected to be $16.5 million through 2020. During the three months and nine months ended January 30, 2016, the Company recorded respectively, $1.2 million and $1.6 million of compensation expense related to the RSU's.