(11) Stock-Based Compensation

Stock-Based Compensation

During the 13 weeks ended August 3, 2019 and August 4, 2018, the Company recognized total stock-based compensation expense of $494 and $482, respectively. During the 26 weeks ended August 3, 2019 and August 4, 2018, the Company recognized stock-based compensation expense of $948 and $2,054, 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 3, 2019, the number of shares available for awards under the 2019 Performance Incentive Plan (the “2019 Plan”) was 3,067. As of August 3, 2019, there were 1,113 unvested stock awards outstanding under the 2019 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 13 weeks ended August 3, 2019, 54 shares were issued under the ESPP and the number of shares available for issuance was 512.

Nonvested Restricted Stock Awards

During the 13 and 26 weeks ended August 3, 2019 and August 4, 2018, 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 2, 2019	26	$	11.25
Grants	—		—
Forfeitures	—		—
Vested	(26)		11.25
Balance at August 3, 2019	—	$	—

		Weighted
		average
		grant-date
	Shares	fair value
Balance at February 3, 2018	108	$	11.25
Grants	—		—
Forfeitures	(2)		—
Vested	(80)		11.25
Balance at August 4, 2018	26	$	11.25

Nonvested Performance-Based Stock Awards

During the 13 and 26 weeks ended August 3, 2019, the Company issued 289 nonvested performance-based stock awards to employees at a weighted average grant date fair value of $3.53 per share. The nonvested performance-based stock awards issued to employees vest in full on the third anniversary of the grant date. The number of shares issued is contingent on management achieving fiscal year 2019 performance targets for omni-channel revenue growth and adjusted EPS. If minimum threshold performance targets are not achieved, no shares will vest. The maximum number of shares subject to the award is 578, and the “target” number of shares subject to the award is 289 as reported below. Following the end of the performance period (fiscal year 2019), 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.

During the 13 and 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 was 326, and the “target” number of shares subject to the award was 163. Following the end of the performance period (fiscal year 2018), the number of shares eligible to vest, based on actual performance was 34.

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 2, 2019	34	$	6.07
Grants	289		3.56
Forfeitures	(7)		4.91
Vested	(6)		11.25
Balance at August 3, 2019	310	$	3.64

		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

Nonvested Stock Unit Awards

During the 13 and 26 weeks ended August 3, 2019, the Company issued 459 and 616 nonvested stock units to employees and members of the Board of Directors of the Company at an average value of $4.06 per share. 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 shares issued to the members of the Board of Directors of the Company vest over a twelve month period.

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.

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 2, 2019	441	$	4.92
Grants	616		4.06
Forfeitures	(43)		5.18
Vested	(211)		4.84
Balance at August 3, 2019	803	$	4.27

		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