Share-Based Compensation

9 Months Ended

Oct. 28, 2023

Share-Based Payment Arrangement [Abstract]

Our share-based compensation expense, by award type, consists of the following (in thousands):


	Three Months Ended				Nine Months Ended
	October 28, 2023		October 29, 2022		October 28, 2023		October 29, 2022
Restricted stock units	$	599	$	644	$	1,730	$	1,398
Restricted stock awards	279		1,610		1,979		4,900
Performance stock units	156		192		543		302
Stock options	389		351		1,104		714
Restricted cash units	82		—		439		—
Employee stock purchase plan	80		116		186		254
Share-based compensation before income taxes	1,585		2,913		5,981		7,568
Income tax detriment (benefit)	299		(153)		(123)		(120)
Net share-based compensation expense	$	1,884	$	2,760	$	5,858	$	7,448

RSUs

Restricted stock unit ("RSU") activity, including Performance stock units ("PSUs"), consists of the following (in thousands, except per share amounts):


	Shares	Weighted average grant date fair value per share
Nonvested, January 28, 2023	1,386	$	6.55
Granted	1,204	$	2.88
Vested	(219)	$	9.23
Forfeited	(488)	$	5.90
Nonvested, October 28, 2023	1,883	$	4.06

As of the end of the third quarter of fiscal year 2023, unrecognized compensation expense related to unvested RSUs, including PSUs, was $5.8 million, which is expected to be recognized over a weighted average period of approximately 2.6 years.

Restricted Stock Awards

Restricted stock award activity consists of the following (in thousands, except per share amounts):


	Shares	Weighted average grant date fair value per share
Nonvested, January 28, 2023	211	$	27.00
Granted	—
Vested	(100)	$	27.00
Forfeited	(104)	$	27.00
Nonvested, October 28, 2023	7	$	27.00

As of the end of the third quarter of fiscal year 2023, unrecognized compensation expense related to unvested restricted stock awards was $0.2 million, which is expected to be recognized over a weighted average period of approximately 1.2 years.

Stock Options

Stock option activity consists of the following (in thousands, except per share and contractual life amounts):


	Shares	Weighted average exercise price per share		Weighted average remaining contractual life (years)	Aggregate intrinsic value
Outstanding, January 28, 2023	1,444	$	7.38	9.4	$	115
Granted	1,500	$	3.16
Exercised	—
Forfeited	(582)	$	6.09
Outstanding, October 28, 2023	2,362	$	5.02	9.1	$	—
Exercisable, October 28, 2023	266	$	9.63	8.3	$	—

As of the end of the third quarter of fiscal year 2023, unrecognized compensation expense related to unvested stock options was $4.7 million, which is expected to be recognized over a weighted average period of approximately 3.2 years.

RCUs

Restricted cash units ("RCUs") are awarded to certain employees, non-employee directors and consultants and

represent the right to receive a cash payment at the end of a vesting period, subject to the employee's continued employment or service as a director or consultant. In general, RCUs vest in equal installments each year over 4 years. RCUs are cash-settled with the value of each vested RCU equal to the lower of the closing price per share of our common stock on the vesting date or a specified per share price cap. We determined that RCUs are in-substance liabilities accounted for as liability instruments in accordance with ASC 718, Compensation—Stock Compensation, due to this cash settlement feature. RCUs are remeasured based on the closing price per share of our common stock at the end of each reporting period. As of the end of the third quarter of fiscal year 2023, the liability associated with unvested RCUs was $0.4 million, which is included in accrued and other current liabilities in the condensed consolidated balance sheet.