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Stock-Based Compensation

6 Months Ended

Jul. 31, 2021

(10) Stock-Based Compensation

Stock-Based Compensation

During the 13 and 26 weeks ended July 31, 2021 the Company recognized total stock-based compensation expense of $1,027 and $2,043, respectively. During the 13 and 26 weeks ended August 1, 2020 the Company recognized total stock-based compensation expense of $818 and $1,554, 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 July 31, 2021, the number of shares available for awards under the 2019 Performance Incentive Plan (the “2019 Plan”) was 2,194. As of July 31, 2021, there were 1,253 unvested stock awards outstanding under the 2019 Plan.

Employee Stock Purchase Plan

The Company also had an Employee Stock Purchase Plan (“ESPP”) that was approved by shareholders in fiscal year 2015, under which 800 shares of common stock were authorized. For the 13 and 26 weeks ended July 31, 2021, no shares were issued under the ESPP and, as of July 31, 2021, the number of shares available for issuance was 374. As of January 30, 2021, due to the pending merger with the Great Outdoors Group (as defined below), the Company discontinued its ESPP in accordance with the plan document

Nonvested Performance-Based Stock Awards

During the 13 and 26 weeks ended July 31, 2021, the Company did not issue any nonvested performance-based stock awards.

During the 13 weeks ended August 1, 2020, the Company did not issue any nonvested performance-based stock awards. During the 26 weeks ended August 1, 2020, the Company issued 206 nonvested performance-based stock awards to employees at a weighted average grant date fair value of $5.95 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 issuable 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, 412 shares were issued, which was the maximum number of shares subject to the award. Vesting of the shares issued is 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 July 31, 2021	589	$	5.13

		Weighted
		average
		grant-date
	Shares	fair value
Balance at February 1, 2020	250	$	3.66
Grants	206		5.95
Forfeitures	(38)		4.33
Vested	—		—
Balance at August 1, 2020	418	$	4.73

Nonvested Stock Unit Awards

During the 13 weeks ended July 31, 2021, the Company issued 28 nonvested stock units to Directors of the Company at an average value of $17.77 per share. The shares issued to Directors of the Company vest over a 12 month period with one twelfth of the shares vesting each month.

During the 26 weeks ended July 31, 2021, the Company issued 249 nonvested stock units to employees and Directors of the Company at an average value of $17.33 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 Directors of the Company vest over a 12 month period with one twelfth of the shares vesting each month.

During the 13 and 26 weeks ended August 1, 2020, the Company issued 44 and 426, nonvested stock units, respectively, to employees and Directors of the Company at an average value of $6.30 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	249		17.33
Forfeitures	(38)		8.02
Vested	(325)		5.45
Balance at July 31, 2021	665	$	9.45

		Weighted
		average
		grant-date
	Shares	fair value
Balance at February 1, 2020	744	$	4.32
Grants	426		6.30
Forfeitures	(40)		4.31
Vested	(298)		4.39
Balance at August 1, 2020	832	$	5.31