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NOTE 11 - SHARE-BASED COMPENSATION | 12 Months Ended
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Jan. 29, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 11 – SHARE-BASED COMPENSATION The Stock Incentive Plan permits incentive awards of restricted stock, restricted stock units, stock appreciation rights and performance grants to key employees. A maximum of 750,000 shares of the Company’s common stock is authorized for issuance under the Stock Incentive Plan. The Stock Incentive Plan also provides for annual restricted stock awards to non-employee directors. We have issued restricted stock awards to each non-employee directors since January 2006. We account for restricted stock awards as “non-vested equity shares” until the awards vest or are forfeited. Restricted stock awards to non-employee directors vest if the director remains on the board through a 36-month service period and may vest earlier upon certain events specified in the plan. The fair value of each share of restricted stock is the market price of our stock on the grant date. The weighted average grant-date fair value of restricted stock awards issued during fiscal years 2012, 2011 and 2010 was $9.83, $11.60 and $12.51 per share, respectively. The restricted stock awards outstanding as of January 29, 2012 had an aggregate grant-date fair value of $230,000, after taking vested and forfeited restricted shares into account. As of January 29, 2012, we have recognized non-cash compensation expense of approximately $96,000 related to these non-vested awards and $221,000 for awards that have vested. The remaining $133,000 of grant-date fair value for restricted stock and restricted awards outstanding at January 29, 2012 will be recognized over the remaining vesting periods for these awards. For each restricted common stock issuance, the following table summarizes restricted stock activity, including the weighted average issue price of those shares on the grant date, the fair value of each grant of restricted stock on the grant date, compensation expense recognized for the unvested shares of restricted stock for each grant and the remaining fair value of the unvested shares of restricted stock for each grant as of January 29, 2012:
|  | Whole |  |  | Grant-Date |  |  | Aggregate |  |  | Compensation |  |  | Grant-Date Fair Value |
|  | Number of |  |  | Fair Value |  |  | Grant-Date |  |  | Expense |  |  | Unrecognized At |
|  | Shares |  |  | Per Share |  |  | Fair Value |  |  | Recognized |  |  | January 29, 2012 |
Awards outstanding balance at February 1, 2009 |  |  |  |  |  |  |  |  |  |  |  | 368 |  |  |  |
Shares Issued on January 15, 2010 |  |  | 2,831 |  |  | $ | 12.51 |  |  |  | 35 |  |  |  | 25 |  |  |  | 10 |
Shares Issued on June 11, 2010 |  |  | 7,325 |  |  | $ | 11.60 |  |  |  | 85 |  |  |  | 47 |  |  |  | 38 |
Shares Issued on June 10, 2011 |  |  | 11,165 |  |  | $ | 9.83 |  |  |  | 110 |  |  |  | 24 |  |  |  | 85 |
Awards outstanding at January 29, 2012: |  |  | 21,321 |  |  |  |  |  |  |  | 230 |  |  |  | 96 |  |  |  | 133 |
We awarded service-based restricted stock units to an executive during the 2012 fiscal year. Each restricted stock unit, or “RSU”, entitles the executive to receive one share of the Company’s common stock if he remains continuously employed with the Company through the end of a three-year service period. The RSUs may be paid in shares of the Company’s common stock, cash, or both, at the discretion of the Compensation Committee. The RSUs are accounted for as “non-vested stock grants.” Similar to the restricted stock grants issued to our non-employee directors, RSU compensation expense is recognized ratably over the applicable service period. However, unlike restricted stock grants, no shares are issued, or other payment made, until the end of the applicable service period (commonly referred to as “cliff vesting”) and the grantee is not entitled to receive dividends with respect to the RSUs during that time. The fair value of each RSU is the market price of a share of our common stock on the grant date, reduced by the present value of the dividends expected to be paid on a share of our common stock during the applicable service period, discounted at the appropriate risk-free rate. The following table presents RSU activity for the year ended January 29, 2012:
|  | Whole |  |  | Grant-Date |  |  | Aggregate |  |  | Compensation |  |  | Grant-Date Fair Value |
|  | Number of |  |  | Fair Value |  |  | Grant-Date |  |  | Expense |  |  | Unrecognized At |
|  | Shares |  |  | Per Share |  |  | Fair Value |  |  | Recognized |  |  | January 30, 2011 |
RSUs Awarded on September 7, 2011 |  |  | 10,684 |  |  | $ | 8.21 |  |  |  | 88 |  |  |  | 12 |  |  |  | 76 |
Awards outstanding at January 29, 2012: |  |  | 10,684 |  |  |  |  |  |  | $ | 88 |  |  | $ | 12 |  |  | $ | 76 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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