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Stock Based Compensation - Notes to Financial Statements | 9 Months Ended
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Nov. 02, 2019
Disclosure Of Compensation Related Costs Sharebased Payments Abstract |
Stock Based Compensation | NOTE 6 – STOCK-BASED COMPENSATION: As of November 2, 2019, the Company had two long-term compensation plans pursuant to which stock-based compensation was outstanding. The 2018 Incentive Compensation Plan and 2013 Incentive Compensation Plan are for the granting of various forms of equity-based awards, including restricted stock and stock options for grant, to officers, directors and key employees. Effective May 24, 2018, shares for grant were no longer available under the 2013 Incentive Compensation Plan. The following table presents the number of options and shares of restricted stock initially authorized and available for grant under each of the plans as of November 2, 2019:
|  | 2013 |  | 2018 |  |
|  | Plan |  | Plan |  | Total
Options and/or restricted stock initially authorized |  | 1,500,000 |  | 4,725,000 |  | 6,225,000
Options and/or restricted stock available for grant: |  |  |  |  |  |
November 2, 2019 |  | - |  | 4,186,039 |  | 4,186,039
In accordance with ASC 718, the fair value of current restricted stock awards is estimated on the date of grant based on the market price of the Company’s stock and is amortized to compensation expense on a straight-line basis over the related vesting periods. As of November 2, 2019 and February 2, 2019, there was $13,261,000 and $11,989,000, respectively, of total unrecognized compensation expense related to nonvested restricted stock awards, which had a remaining weighted-average vesting period of 2.4 years and 2.2 years, respectively. The total compensation expense during the three and nine months ended November 2, 2019 was $1,211,000 and $3,351,000, respectively, compared to $1,233,000 and $3,601,000, respectively, for the three and nine months ended November 3, 2018. These expenses are classified as a component of Selling, general and administrative expenses in the Condensed Consolidated Statements of Income and Comprehensive Income.The following summary shows the changes in the shares of unvested restricted stock outstanding during the nine months ended November 2, 2019:
|  |  |  | Weighted Average
| Number of |  |  | Grant Date Fair
| Shares |  |  | Value Per Share
Restricted stock awards at February 2, 2019 | 771,851 |  | $ | 24.22
Granted | 361,170 |  |  | 14.89
Vested | (129,108) |  |  | 34.44
Forfeited or expired | (54,723) |  |  | 19.64
Restricted stock awards at November 2, 2019 | 949,190 |  | $ | 19.54
The Company’s Employee Stock Purchase Plan allows eligible full-time employees to purchase a limited number of shares of the Company’s Class A Common Stock during each semi-annual offering period at a 15% discount through payroll deductions. During the nine months ended November 2, 2019 and November 3, 2018, the Company sold 44,330 and 40,477 shares to employees at an average discount of $2.24 and $2.26 per share, respectively, under the Employee Stock Purchase Plan. The compensation expense recognized for the 15% discount given under the Employee Stock Purchase Plan was approximately $99,000 and $91,000 for the nine months ended November 2, 2019 and November 3, 2018, respectively. These expenses are classified as a component of Selling, general and administrative expenses.

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- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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