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Stock-Based Compensation | 3 Months Ended
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Apr. 29, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | (10) Stock-Based Compensation Stock-Based Compensation During the 13 weeks ended April 29, 2023, the Company recognized total stock-based compensation expense of $1,250. During the 13 weeks ended April 30, 2022, the Company recognized total stock-based compensation expense of $1,358. 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 April 29, 2023, the number of shares available for awards under the 2019 Performance Incentive Plan (the “2019 Plan”) was 1,401. As of April 29, 2023, there were 1,007 unvested stock awards outstanding under the 2019 Plan. Employee Stock Purchase Plan The Company also maintains an Employee Stock Purchase Plan (the “ESPP”) that was approved by the Company's stockholders in fiscal year 2015, under which 800 shares of common stock were authorized. During the 13 weeks ended April 29, 2023, no shares were issued under the ESPP and, as of April 29, 2023, the number of shares available for issuance was 270. Nonvested Performance-Based Stock Awards During the 13 weeks ended April 29, 2023, the Company issued 36 nonvested performance-based stock awards to employees at a weighted average grant date fair value of $8.40 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 2023, 2024, and 2025 performance targets for percentage of total return on invested capital and total operating income percentage. If minimum threshold performance targets are not achieved, no shares will vest. The maximum number of shares subject to the award is 72, and the “target” number of shares subject to the award is 36 as reported below. Following the end of the performance period (fiscal years 2023, 2024, and 2025), 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 weeks ended April 30, 2022, the Company issued 141 nonvested performance-based stock awards to employees at a weighted average grant date fair value of $11.29 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 2022, 2023, and 2024 performance targets for total 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 282, and the “target” number of shares subject to the award is 141 as reported below. Following the end of the performance period (fiscal years 2022, 2023, and 2024), 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 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 28, 2023 |  |  | 313 |  |  | $ | 7.72 |
Grants |  |  | 36 |  |  |  | 8.40 |
Forfeitures |  |  | (64 | ) |  |  | 11.28 |
Vested |  |  | (221 | ) |  |  | 6.20 |
Balance at April 29, 2023 |  |  | 64 |  |  | $ | 9.67 |
|  |  |  |  | Weighted |
|  |  |  |  | average |
|  |  |  |  | grant-date |
|  | Shares |  |  | fair value |
Balance at January 29, 2022 |  |  | 487 |  |  | $ | 5.13 |
Grants |  |  | 141 |  |  |  | 11.29 |
Forfeitures |  |  | (39 | ) |  |  | 5.63 |
Vested |  |  | (168 | ) |  |  | 3.49 |
Balance at April 30, 2022 |  |  | 421 |  |  | $ | 7.81 |
Nonvested Stock Unit Awards During the 13 weeks ended April 29, 2023, the Company issued 522 nonvested stock units to employees of the Company at an average value of $8.20 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 anniversary of the grant date. During the 13 weeks ended April 30, 2022, the Company issued 308 nonvested stock units to employees of the Company at an average value of $11.28 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 anniversary of the grant date. 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 28, 2023 |  |  | 721 |  |  | $ | 12.16 |
Grants |  |  | 522 |  |  |  | 8.20 |
Forfeitures |  |  | (91 | ) |  |  | 12.55 |
Vested |  |  | (209 | ) |  |  | 10.64 |
Balance at April 29, 2023 |  |  | 943 |  |  | $ | 9.59 |
|  |  |  |  | Weighted |
|  |  |  |  | average |
|  |  |  |  | grant-date |
|  | Shares |  |  | fair value |
Balance at January 29, 2022 |  |  | 929 |  |  | $ | 11.56 |
Grants |  |  | 308 |  |  |  | 11.28 |
Forfeitures |  |  | (21 | ) |  |  | 11.70 |
Vested |  |  | (248 | ) |  |  | 7.96 |
Balance at April 30, 2022 |  |  | 968 |  |  | $ | 12.39 |

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