(10) Stock-Based Compensation

Stock-Based Compensation

During the 13 weeks ended October 29, 2016 and October 31, 2015, the Company recognized total stock-based compensation expense of $905 and $594, respectively. During these same periods, the Company recognized a net tax benefit related to stock-based compensation expense of $349 and $229, respectively. During the 39 weeks ended October 29, 2016 and October 31, 2015, the Company recognized total stock-based compensation expense of $2,463 and $1,671, respectively. During these same periods, the Company recognized a net tax benefit related to stock-based compensation expense of $951 and $643, respectively. Compensation expense related to the Company's stock-based payment awards is recognized in selling, general, and administrative expenses in the consolidated Statements of Income.

Employee Stock Plans

As of October 29, 2016, the number of shares available for awards under the 2013 Performance Incentive Plan (the “2013 Plan”) was 1,148. As of October 29, 2016, there were 629 awards outstanding under the 2013 Plan.

Employee Stock Purchase Plan

The Company also has an Employee Stock Purchase Plan (“ESPP”) that was approved by shareholders in fiscal year 2015, under which 800 shares of common stock have been authorized. Shares are issued under the ESPP twice yearly at the end of each offering period. As of October 29, 2016, approximately 34 shares of common stock have been issued under the ESPP. These shares were issued at discounted price of $6.85 per share.

Nonvested Restricted Stock Awards

During the 13 weeks ended October 29, 2016, the Company did not issue any nonvested restricted stock awards to employees. During the 39 weeks ended October 29, 2016, the Company issued 162 nonvested restricted stock awards to employees at a weighted average grant date fair value of $11.25 per share. The nonvested stock awards issued to employees vest over three years, with one third vesting on each grant date anniversary.

The following table sets forth the rollforward of outstanding nonvested stock awards (per share amounts are not in thousands):


		Weighted
		average
		grant-date
	Shares	fair value
Balance at January 30, 2016	—	$	—
Grants	162		11.25
Forfeitures	—		—
Vested	—		—
Balance at October 29, 2016	162	$	11.25

Nonvested Performance-Based Stock Awards

During the 13 weeks ended October 29, 2016, the Company did not issue any nonvested performance-based stock awards to employees. During the 39 weeks ended October 29, 2016, the Company issued 159 nonvested performance-based stock awards to employees at a weighted average grant date fair value of $11.25 per share. The nonvested performance-based stock awards issued to employees vest over three years with one third vesting on each grant date anniversary. The number of shares issued is contingent on management achieving a fiscal year 2016 performance target for same store sales and return on invested capital for new stores. If minimum threshold performance targets are not achieved, no shares will be vested. The maximum number of shares subject to the award is 159 as reported above, and the "target" number of shares subject to the award is 106, which is two-thirds of the maximum number. Following the end of the performance period (fiscal year 2016), the number of shares eligible to vest, based on actual performance, will be fixed and vesting will then be subject to each employee’s continued employment over the remaining service period. The issued shares represent management’s estimate of the most likely outcome of the performance conditions to be achieved for the performance period. If management’s assessment of the most likely outcome of the levels of performance conditions to be achieved changes, the number of issued shares will be revised accordingly.

The following table sets forth the rollforward of outstanding nonvested performance-based stock awards (per share amounts are not in thousands):


		Weighted
		average
		grant-date
	Shares	fair value
Balance at January 30, 2016	—	$	—
Grants	159		11.25
Forfeitures	—		—
Vested	—		—
Balance at October 29, 2016	159	$	11.25

Nonvested Stock Unit Awards

During the 13 weeks ended October 29, 2016, the Company did not issue any nonvested stock unit awards. During the 39 weeks ended October 29, 2016, the Company issued 29 nonvested stock units to independent members of the Board of Directors at a value of $9.81 per share. These nonvested stock units vest over 12 months with one twelfth vesting each month from the grant date.

During the 13 weeks ended October 31, 2015, the Company issued 24 nonvested stock units to independent members of the Board of Directors at a value of $11.70 per share. These nonvested stock units vest over 12 months with one twelfth vesting each month from the grant date. During the 39 weeks ended October 31, 2015, the Company issued 28 nonvested stock units to employees or independent members of the Board of Directors at an average value of $11.28 per share. The nonvested stock units issued to employees vest over four years with one fourth vesting on each grant date anniversary. The nonvested stock units issued to independent members of the Board of Directors vest over 12 months with one twelfth vesting each month from the grant date.

The Company had no net share settlements in the 13 weeks and 39 weeks ended October 29, 2016 and October 31, 2015, respectively.

The following table sets forth the rollforward of outstanding nonvested stock units (per share amounts are not in thousands):


		Weighted
		average
		grant-date
	Shares	fair value
Balance at January 30, 2016	599	$	7.15
Grants	29		9.81
Forfeitures	5		7.05
Vested	313		7.32
Balance at October 29, 2016	310	$	7.23

		Weighted
		average
		grant-date
	Shares	fair value
Balance at January 31, 2015	888	$	7.06
Grants	28		11.28
Forfeitures	4		7.06
Vested	302		7.18
Balance at October 31, 2015	610	$	7.19