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Share Based Compensation
 3 Months Ended
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.