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Stock-Based Compensation

9 Months Ended

Oct. 30, 2021

(10) Stock-Based Compensation

Stock-Based Compensation

During the 13 and 39 weeks ended October 30, 2021 the Company recognized total stock-based compensation expense of $194 and $2,236, respectively. During the 13 and 39 weeks ended October 31, 2020, the Company recognized total stock-based compensation expense of $882 and $2,436, 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 October 30, 2021, the number of shares available for awards under the 2019 Performance Incentive Plan (the “2019 Plan”) was 2,334. As of October 30, 2021, there were 1,108 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 39 weeks ended October 30, 2021, no shares were issued under the ESPP and, as of October 30, 2021, the number of shares available for issuance was 374. As of January 30, 2021, due to the proposed 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 39 weeks ended October 30, 2021, the Company did not issue any nonvested performance-based stock awards.

During the 13 weeks ended October 31, 2020, the Company did not issue any nonvested performance-based stock awards. During the 39 weeks ended October 31, 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	(111)		5.14
Vested	(22)		4.91
Balance at October 30, 2021	491	$	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 October 31, 2020	418	$	4.73

Nonvested Stock Unit Awards

During the 13 and 39 weeks ended October 31, 2021, the Company issued 110 and 359, nonvested stock units, respectively, to employees and directors of the Company at an average value of $17.44 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 members of the Board of Directors of the Company vest over a twelve-month period.

During the 13 and 39 weeks ended October 31, 2020, the Company issued 4 and 430, nonvested stock units, respectively, to employees and Directors of the Company at an average value of $6.37 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 members of the Board of Directors of the Company vest over a twelve-month period.

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	359		17.44
Forfeitures	(191)		7.72
Vested	(330)		5.54
Balance at October 30, 2021	617	$	11.37

		Weighted
		average
		grant-date
	Shares	fair value
Balance at February 1, 2020	744	$	4.32
Grants	430		6.37
Forfeitures	(63)		4.71
Vested	(320)		4.70
Balance at October 31, 2020	791	$	5.25