(9) Stock-Based Compensation

Stock-Based Compensation

During the 13 weeks ended August 4, 2018 and July 29, 2017, the Company recognized total stock-based compensation expense of $482 and $399, respectively. During the 26 weeks ended August 4, 2018 and July 29, 2017, the Company recognized total stock-based compensation expense of $2,054 and $1,052, 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 August 4, 2018, the number of shares available for awards under the 2013 Performance Incentive Plan (the “2013 Plan”) was 304. As of August 4, 2018, there were 659 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 August 4, 2018, 45 shares were issued under this plan and the number of shares available for issuance was 607.

Nonvested Restricted Stock Awards

During the 13 and 26 weeks ended August 4, 2018 and July 29, 2017, the Company did not issue any nonvested restricted stock awards to employees.

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 February 3, 2018	108	$	11.25
Grants	—		—
Forfeitures	2		11.25
Vested	80		11.25
Balance at August 4, 2018	26	$	11.25

		Weighted
		average
		grant-date
	Shares	fair value
Balance at January 28, 2017	162	$	11.25
Grants	—		—
Forfeitures	—		—
Vested	54		11.25
Balance at July 29, 2017	108	$	11.25

Nonvested Performance-Based Stock Awards

During the 13 weeks ended August 4, 2018, the Company did not issue any performance-based stock awards. During the 26 weeks ended August 4, 2018, the Company issued 163 nonvested performance-based stock awards to employees at a weighted average grant date fair value of $4.91 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 fiscal year 2018 performance targets for same store sales and gross margin. If minimum threshold performance targets are not achieved, no shares will vest. The maximum number of shares subject to the award is 326, and the “target” number of shares subject to the award is 163 as reported below. Following the end of the performance period (fiscal year 2018), 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 estimate 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 granted shares will be revised accordingly.

During the 13 and 26 weeks ended July 29, 2017, the Company did not issue any nonvested performance-based stock awards to employees.

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 February 3, 2018	49	$	11.25
Grants	163		4.91
Forfeitures	5		5.36
Vested	46		11.25
Balance at August 4, 2018	161	$	5.15

		Weighted
		average
		grant-date
	Shares	fair value
Balance at January 28, 2017	73	$	11.25
Grants	—		—
Forfeitures	—		—
Vested	24		11.25
Balance at July 29, 2017	49	$	11.25

Nonvested Stock Unit Awards

During the 13 weeks ended August 4, 2018, the Company issued 69 nonvested stock units to employees and independent members of the Board of Directors of the Company at an average value of $5.22 per share. During the 26 weeks ended August 4, 2018, the Company issued 319 nonvested stock units to employees of the Company at an average value of $4.87 per share.

During the 13 weeks ended July 29, 2017, the Company issued 284 nonvested stock units to employees and independent members of the Board of Directors of the Company at an average value of $5.38 per share. During the 26 weeks ended July 29, 2017, the Company issued 456 nonvested stock units to employees of the Company at an average value of $5.09 per share.

The shares issued to the independent members of the Board of Directors vest over 12 months with one twelfth vesting each month from the grant date. The shares issued to employees of the Company vest over a three year period with one third of the shares vesting on each grant date anniversary.

The Company had no net share settlements in the 13 weeks ended August 4, 2018 and July 29, 2017.

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 February 3, 2018	419	$	5.15
Grants	319		4.87
Forfeitures	6		4.91
Vested	264		5.26
Balance at August 4, 2018	468	$	4.89

		Weighted
		average
		grant-date
	Shares	fair value
Balance at January 28, 2017	301	$	7.17
Grants	456		5.09
Forfeitures	1		7.06
Vested	308		7.08
Balance at July 29, 2017	448	$	5.12