XML 25 R14.htm IDEA: XBRL DOCUMENT v3.23.2
Stock-Based Compensation
 6 Months Ended
Jul. 29, 2023
Stock-Based Compensation [Abstract]  
Stock-Based Compensation
NOTE 6 – STOCK-BASED COMPENSATION:
As
 
of
 
July
 
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 July 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:
 
 
 
 
July 29, 2023
-
3,095,601
3,095,601
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 July 29,
2023 and
 
January 28,
 
2023, there
 
was $
11,597,000
 
and $
10,543,000
, respectively,
 
of total
 
unrecognized
compensation
 
expense
 
related
 
to
 
nonvested
 
restricted
 
stock
 
awards,
 
which
 
had
 
a
 
remaining
 
weighted-
average vesting
 
period
 
of
2.6
 
years
 
and
2.1
 
years,
 
respectively.
 
Total
 
compensation expense
 
during the
three
 
and
 
six
 
months
 
ended
 
July
 
29,
 
2023
 
was
 
$
1,230,000
 
and
 
$
2,158,000
,
 
respectively,
 
compared
 
to
$
1,403,000
 
and
 
$
2,006,000
 
for
 
the
 
three
 
and
 
six
 
months
 
ended
 
July
 
30,
 
2022.
 
These
 
amounts
 
are
classified as a component
 
of Selling, general and
 
administrative expenses in the
 
Condensed Consolidated
Statements of Income (Loss) and Comprehensive Income
 
(Loss).
The following
 
summary shows the
 
changes in the
 
shares of unvested
 
restricted stock
 
outstanding during
 
the
six months ended July
 
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
407,808
8.30
 
Vested
(217,238)
13.97
 
Forfeited or expired
(74,338)
12.28
 
Restricted stock awards at July 29, 2023
1,175,665
$
11.33
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 six
 
months ended July 29,
 
2023 and July 30,
 
2022, the
Company sold
26,127
 
and
12,196
 
shares to employees
 
at an
 
average discount of
 
$
1.31
 
and $
2.12
 
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
 
$
34,000
 
and $
26,000
 
for the six
months ended July 29, 2023 and July 30, 2022, respectively. These expenses are classified as a
 
component of
Selling, general and administrative expenses.