Stock-Based Compensation

3 Months Ended

Apr. 29, 2017

(10) Stock-Based Compensation

Stock-Based Compensation

During the 13 weeks ended April 29, 2017 and April 30, 2016, the Company recognized total stock-based compensation expense of $650 and $625, respectively. During these same periods, the Company recognized a net tax benefit related to stock-based compensation expense of $253 and $233, respectively. Compensation expense related to the Company's stock-based payment awards is recognized in selling, general, and administrative expenses in the condensed consolidated Statements of Operations.

Employee Stock Plans

As of April 29, 2017, the number of shares available for awards under the 2013 Performance Incentive Plan (the “2013 Plan”) was 1,475. As of April 29, 2017, there were 410 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. For the period ended April 29, 2017, no shares were issued under this plan.

Nonvested Restricted Stock Awards

During the 13 weeks ended April 29, 2017, the Company did not issue any nonvested restricted stock awards to employees.

During the 13 weeks ended April 30, 2016, the Company issued 162 nonvested 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 28, 2017	162	$	11.25
Grants	—		—
Forfeitures	—		—
Vested	54		11.25
Balance at April 29, 2017	108	$	11.25

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

Nonvested Performance-Based Stock Awards

During the 13 weeks ended April 29, 2017, the Company did not issue any nonvested performance-based stock awards to employees.

During the 13 weeks ended April 30, 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 was contingent on management achieving a fiscal year 2016 performance target for same store sales and return on invested capital for new stores. Based on the performance conditions met for 2016, the finalized granted awards was 73.

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 28, 2017	73	$	11.25
Grants	—		—
Forfeitures	—		—
Vested	24		11.25
Balance at April 29, 2017	49	$	11.25

Nonvested Stock Unit Awards

During the 13 weeks ended April 29, 2017, the Company issued 172 nonvested stock units to employees of the Company at a value of $4.62 per share. These nonvested stock units vest over a three year period with one third of the shares vesting on each grant date anniversary.

During the 13 weeks ended April 30, 2016, the Company issued no nonvested stock units to employees.

The Company had no net share settlements in the 13 weeks ended April 29, 2017 and April 30, 2016.

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 28, 2017	301	$	7.17
Grants	172		4.62
Forfeitures	1		7.06
Vested	295		7.13
Balance at April 29, 2017	177	$	4.74

		Weighted
		average
		grant-date
	Shares	fair value
Balance at January 30, 2016	599	$	7.15
Grants	—		—
Forfeitures	—		—
Vested	298		7.16
Balance at April 30, 2016	301	$	7.14

- 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 + Details