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Stock Based Compensation
 12 Months Ended
Feb. 01, 2025
Stock Based Compensation [Abstract]  
Stock Based Compensation
 
 
 
14.
 
Stock Based Compensation:
 
As
 
of
 
February
 
1,
 
2025,
 
the
 
Company’s
 
2018
 
Incentive
 
Compensation
 
Plan
 
was
 
available
 
for
 
the
granting
 
of
 
various
 
forms
 
of
 
equity-based awards,
 
including
 
restricted stock
 
and stock
 
options for
 
grant to
officers, directors and key employees.
 
 
The following table presents the number of options and shares of restricted
 
stock initially authorized
and available for grant under this plan as of February 1, 2025:
 
`
2018
Plan
Options and/or restricted stock initially authorized
4,725,000
Options and/or restricted stock available for grant:
 
 
February 3, 2024
3,147,393
 
February 1, 2025
2,797,601
In accordance with ASC 718, the fair value of 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 a
five-year
 
vesting period.
 
As of
 
February 1,
 
2025, there
 
was $
7,276,356
 
of total
unrecognized compensation
 
expense related
 
to unvested
 
restricted stock
 
awards, which
 
is expected
 
to be
recognized over a remaining weighted-average vesting period of
1.9
 
years.
 
The total grant date fair value
of
 
the
 
shares
 
recognized
 
as
 
compensation
 
expense
 
during
 
the
 
twelve
 
months
 
ended
 
February
 
1,
 
2025,
February 3,
 
2024 and
 
January 28,
 
2023 was
 
$
2,270,000
, $
4,105,000
 
and $
2,556,000
, respectively.
 
The
expenses
 
are
 
classified
 
as
 
a
 
component
 
of
 
Selling,
 
general
 
and
 
administrative
 
expenses
 
in
 
the
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 years ended February 1, 2025,
 
February 3, 2024 and January 28, 2023:
 
 
 
 
 
 
 
 
 
 
`
Weighted Average
Number of
Grant Date Fair
Shares
Value Per
 
Share
Restricted stock awards at January 29, 2022
1,196,288
$
13.76
 
Granted
319,441
13.70
 
Vested
(231,638)
16.99
 
Forfeited or expired
(224,658)
13.43
 
Restricted stock awards at January 28, 2023
1,059,433
$
13.10
 
Granted
414,502
8.29
Vested
(217,238)
13.97
 
Forfeited or expired
(132,824)
11.73
 
Restricted stock awards at February 3, 2024
1,123,873
$
11.32
 
Granted
386,900
4.80
 
Vested
(232,696)
13.22
 
Forfeited or expired
(62,896)
9.21
 
Restricted stock awards at February 1, 2025
1,215,181
$
8.98
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 twelve
 
month period ended
 
February 1,
2025, the
 
Company sold
73,593
 
shares to
 
employees at an
 
average discount of
 
$
0.81
 
per share
 
under the
Employee Stock Purchase Plan.
 
The compensation expense
 
recognized for the
15
% discount given
 
under
the
 
Employee
 
Stock
 
Purchase
 
Plan
 
was
 
approximately
 
$
60,000
,
 
$
67,000
 
and
 
$
54,000
 
for
 
fiscal
 
years
2024, 2023 and 2022,
 
respectively.
 
These expenses are classified
 
as a component of
 
Selling, general and
administrative expenses.