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Stock-Based Compensation

3 Months Ended

May 01, 2021

(10) Stock-Based Compensation

Stock-Based Compensation

During the 13 weeks ended May 1, 2021 the Company recognized total stock-based compensation expense of $1,016. During the 13 weeks ended May 2, 2020 the Company recognized total stock-based compensation expense of $736. 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 May 1, 2021, the number of shares available for awards under the 2019 Performance Incentive Plan (the “2019 Plan”) was 2,202. As of May 1, 2021, there were 1,267 unvested stock awards outstanding under the 2019 Plan. As of January 30, 2021, due to the pending merger with the Great Outdoors Group, the Company has discontinued the ESPP program in accordance with the plan document.

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. For the 13 weeks ended May 1, 2021, no shares were issued under the ESPP and, as of May 1, 2021, the number of shares available for issuance was 374.

Nonvested Performance-Based Stock Awards

During the 13 weeks ended May 1, 2021, the Company did not issue any nonvested performance-based stock awards.

During the 13 weeks ended May 2, 2020, the Company issued 198 nonvested performance-based stock awards to employees at a weighted average grant date fair value of $5.63 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 2020, 2021, and 2022 performance targets for total revenue growth and adjusted EPS. If minimum threshold performance targets are not achieved, no shares will vest. Based on the performance conditions met for fiscal year 2020, 396 shares were issued, which was the maximum number of shares subject to the award. Vesting of the shares earned are subject to the employees’ continued employment with the Company.

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, 2021	624	$	5.13
Grants	—		—
Forfeitures	(13)		5.63
Vested	(22)		4.91
Balance at May 1, 2021	589	$	5.13

		Weighted
		average
		grant-date
	Shares	fair value
Balance at February 1, 2020	250	$	3.66
Grants	198		5.63
Forfeitures	—		—
Vested	—		—
Balance at May 2, 2020	448	$	4.53

Nonvested Stock Unit Awards

During the 13 weeks ended May 1, 2021, the Company issued 221 nonvested stock units to employees of the Company at an average value of $17.27 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.

During the 13 weeks ended May 2, 2020, the Company issued 382 nonvested stock units to employees of the Company at an average value of $5.63 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 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, 2021	779	$	5.19
Grants	221		17.27
Forfeitures	(18)		7.33
Vested	(303)		5.05
Balance at May 1, 2021	679	$	9.15

		Weighted
		average
		grant-date
	Shares	fair value
Balance at February 1, 2020	744	$	4.32
Grants	382		5.63
Forfeitures	(5)		4.89
Vested	(258)		4.36
Balance at May 2, 2020	863	$	4.90