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Stock-Based Compensation | 3 Months Ended
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May 03, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | (12) Stock-Based Compensation Stock-Based Compensation During the 13 weeks ended May 3, 2025 and May 4, 2024, the Company recognized total stock-based compensation expense of $793 and $1,174, 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 May 3, 2025, the number of shares available for awards under the Amended and Restated 2019 Performance Incentive Plan (as amended and restated, the “Amended 2019 Plan”) was 1,954. As of May 3, 2025, there were 2,022 unvested stock awards outstanding under the 2019 Plan. Upon effectiveness of the Amended 2019 Plan on May 30, 2024, the date of the Company's 2024 Annual Meeting, the Company's authority to grant new awards under the Inducement Plan terminated, and a total of 545,293 shares of Common Stock that had been available for new award grants under the Inducement Plan immediately prior to the 2024 Annual Meeting became available for award grants under the Amended 2019 Plan. As provided in the Amended 2019 Plan, any shares of the Company's common stock subject to awards (other than stock options and stock appreciation rights) granted under the Inducement Plan that were outstanding and unvested immediately prior to the 2024 Annual Meeting that are forfeited, terminated, cancelled or otherwise reacquired by the Company without having become vested plus any shares that are withheld or reacquired by the Company to satisfy the tax withholding obligations related to any awards (other than stock options and stock appreciation rights) granted under the Inducement Plan that were outstanding immediately prior to the 2024 Annual Meeting will be available for award grant purposes under the Amended 2019 Plan. As of the date of the 2024 Annual Meeting, a total of 454,707 shares were subject to awards then outstanding under the Inducement Plan. Employee Stock Purchase Plan The Company also maintains an Amended and Rested Employee Stock Purchase Plan (the “ESPP”) that was approved by the Company’s stockholders in fiscal year 2015, under which 1,600 shares of common stock were authorized. During the 13 weeks ended May 3, 2025, no shares were issued under the ESPP and, as of May 3, 2025, the number of shares available for issuance was 771. Nonvested Performance-Based Stock Awards During the 13 weeks ended May 3, 2025, the Company did no t issue any nonvested performance-based stock awards to employees. During the 13 weeks ended May 4, 2024, the Company issued 874 nonvested performance-based stock awards to employees at a weighted average grant date fair value of $3.09 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 was contingent on management achieving a fiscal year 2024 performance target for earnings before interest, taxes, depreciation and amortization expenses. If a minimum threshold performance target is not achieved, no shares would vest. The maximum number of shares subject to the award was 874. Following the end of the performance period for fiscal year 2024, the fiscal year performance targets were not met and all shares were forfeited as of February 1, 2025. 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 1, 2025 |  |  | 12 |  |  | $ | 8.40 |
Grants |  |  | — |  |  |  | — |
Forfeitures |  |  | — |  |  |  | — |
Vested |  |  | — |  |  |  | — |
Balance at May 3, 2025 |  |  | 12 |  |  | $ | 8.40 |
|  |  |  |  | Weighted |
|  |  |  |  | average |
|  |  |  |  | grant-date |
|  | Shares |  |  | fair value |
Balance at February 3, 2024 |  |  | 30 |  |  | $ | 9.03 |
Grants |  |  | 874 |  |  |  | 3.09 |
Forfeitures |  |  | — |  |  |  | — |
Vested |  |  | — |  |  |  | — |
Balance at May 4, 2024 |  |  | 904 |  |  | $ | 3.29 |
Nonvested Stock Unit Awards During the 13 weeks ended May 3, 2025, the Company issued 835 nonvested stock units to employees at a weighted average grant date fair value of $1.02 per share. The shares 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 May 4, 2024, the Company issued 1,087 nonvested stock units to employees at a weighted average grant date fair value of $3.10 per share. The shares 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 February 1, 2025 |  |  | 1,700 |  |  | $ | 4.01 |
Grants |  |  | 835 |  |  |  | 1.02 |
Forfeitures |  |  | (27 | ) |  |  | 5.05 |
Vested |  |  | (498 | ) |  |  | 4.37 |
Balance at May 3, 2025 |  |  | 2,010 |  |  | $ | 2.67 |
|  |  |  |  | Weighted |
|  |  |  |  | average |
|  |  |  |  | grant-date |
|  | Shares |  |  | fair value |
Balance at February 3, 2024 |  |  | 1,058 |  |  | $ | 7.13 |
Grants |  |  | 1,087 |  |  |  | 3.10 |
Forfeitures |  |  | (27 | ) |  |  | 9.46 |
Vested |  |  | (184 | ) |  |  | 8.42 |
Balance at May 4, 2024 |  |  | 1,934 |  |  | $ | 4.69 |

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