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Share Based Compensation | 3 Months Ended
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Apr. 29, 2023
Share Based Compensation [Abstract] |
Share Based Compensation | NOTE 6 – SHARE BASED COMPENSATION: As of April 29, 2023, the Company had two long-term compensation plans pursuant to which stock-based compensation was outstanding or could be granted. 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 April 29, 2023: 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: April 29, 2023 - 3,473,475 3,473,475 In accordance with ASC 718 – Compensation–Stock Compensation , 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 April 29, 2023 and January 28, 2023, there was $ 9,329,000 and $ 10,543,000 , respectively, of total unrecognized compensation expense related to unvested restricted stock awards, which had a remaining weighted-average vesting period of 1.9 years and 2.1 years, respectively. The total compensation expense during the three months ended April 29, 2023 was $ 932,000 compared to $ 603,000 for the three months ended April 30, 2022. These expenses are classified as a component of Selling, general and administrative expenses in the Condensed Consolidated Statements of Income. The following summary shows the changes in the shares of unvested restricted stock outstanding during the three months ended April 29, 2023: Weighted Average Number of Grant Date Fair Shares Value Per Share Restricted stock awards at January 28, 2023 1,059,433 $ 13.10 Granted - - Vested - - Forfeited or expired (12,414) 13.45 Restricted stock awards at April 29, 2023 1,047,019 $ 13.09 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 three months ended April 29, 2023 and April 30, 2022, the Company sold 22,194 and 9,468 shares to employees at an average discount of $ 1.32 and $ 2.21 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 $ 29,000 and $ 21,000 for the three months ended April 29, 2023 and April 30, 2022, respectively. These expenses are classified as a component of Selling, general and administrative expenses in the Condensed Consolidated Statements of Income.

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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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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