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Long-Term Incentive Plans | 12 Months Ended
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Feb. 03, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Long-Term Incentive Plans | F. LONG-TERM INCENTIVE PLANS The following is a summary of the Company’s long-term incentive plans. All equity awards granted under these long-term incentive plans were issued from the Company’s 2006 Incentive Compensation Plan until July 31, 2016 when the 2006 Incentive Compensation Plan expired. As of August 4, 2016, all grants of equity awards are issued under the Company’s stockholder-approved 2016 Incentive Compensation Plan. See Note G, “Stock Compensation Plans.” 2016 Long-Term Incentive Wrap-Around Plan The 2016 Long-Term Incentive Wrap-Around Plan (the “2016 Wrap”), which was approved in the fourth quarter of fiscal 2014, was a supplemental performance-based incentive plan that was only effective if there was no vesting of the performance-based awards under the 2013-2016 LTIP and, as a result, all performance-based awards under that plan are forfeited. The performance targets under the 2013-2016 LTIP were not achieved at the end of fiscal 2016 and accordingly, the Wrap-Around Plan became effective. The performance target under the 2016 Wrap consisted of two metrics, Sales and EBITDA, with threshold (50%), target (80%) and maximum (100%) payout levels. Each metric was weighted as 50% of the total performance target. However, in order for there to be any payout under either metric, EBITDA for fiscal 2016 must be equal to or greater than the minimum threshold. The 2016 Wrap also provided for an opportunity to receive additional shares of restricted stock if the performance targets were achieved and the Company’s closing stock price was $6.75 or higher on the day earnings for fiscal 2016 are publicly released, which was March 20, 2017. The stock did not achieve a minimum of $6.75, therefore, no additional award was earned. Based on the operating results for fiscal 2016, the Company achieved 50.6% of its EBITDA target. The minimum threshold for the Sales target was not achieved. Accordingly, in the first quarter of fiscal 2017, the Compensation Committee of the Board of Directors approved awards totaling $2.3 million, with a grant date of March 20, 2017. On that date, the Company granted shares of restricted stock, with a fair value of approximately $1.0 million and cash awards totaling approximately $1.3 million. All outstanding awards vested on July 28, 2017. On March 20, 2017, in conjunction with the grant of these restricted stock awards, the Company reclassified $0.9 million of the liability accrual from “Accrued Expenses and Other Current Liabilities” to “Additional Paid-in Capital.” See the Consolidated Statements of Changes in Stockholders’ Equity. Long-Term Incentive Plan On March 15, 2016, the Compensation Committee approved the Destination XL Group, Inc. Long-Term Incentive Plan, as amended February 1, 2017 (the “LTIP”). Under the terms of the LTIP, each year the Compensation Committee will establish performance targets which will cover a two-year performance period (each a “Performance Period”), thereby creating overlapping Performance Periods. Each participant in the plan will be entitled to receive an award based on that participant’s “Target Cash Value” which is defined as the participant’s annual base salary (on the participant’s effective date) multiplied by his or her long-term incentive program percentage, which is 100% for the Company’s Chief Executive Officer, 70% for its senior executives and 25% for other participants in the plan. The Target Cash Value for any award is based on one year of annual salary. For each participant, 50% of the Target Cash Value is subject to time-based vesting and 50% is subject to performance-based vesting. The time-vested portion of the award vests in two installments with 50% of the time-vested portion vesting on April 1 following the fiscal year end which marks the end of the applicable Performance Period and 50% vesting on April 1 the succeeding year. The performance-based vesting is subject to the achievement of the performance target(s) for the applicable Performance Period. Any performance award granted vests on August 31 following the end of the applicable Performance Period. For the 2016-2017 Performance Period, the Compensation Committee established two performance targets under the LTIP (the “2016-2017 LTIP”), each weighted 50%. The first target was EBITDA for fiscal 2017, defined as earnings before interest, taxes, depreciation and amortization, and the second target was “DXL Comparable Store Marginal Cash-Over-Cash Return,” defined as the aggregate of each comparable DXL store’s four-wall cash flow for fiscal 2017 divided by the aggregate capital investment, net of any tenant allowance, for each comparable DXL store. For the 2017-2018 Performance Period, the Compensation Committee established two performance targets under the LTIP (the “2017-2018 LTIP”), each weighted 50%. The first target is Total Company Comparable Sales and will be measured based on a two-year stack, which is the sum of the Total Company Comparable Sales for fiscal 2017 and fiscal 2018. The second target is a Modified ROIC, which is defined as Operating Income divided by Invested Capital (Total Debt plus Stockholders’ Equity). All time-based awards granted under both the 2016-2017 LTIP and 2017-2018 LTIP were in restricted stock units (RSUs). As of February 3, 2018, the stock-based compensation associated with the time-based awards of $1.9 million and $2.0 million, respectively, for the 2016-2017 LTIP and the 2017-2018 LTIP, is being expensed over thirty-six months, based on the respective vesting dates. With respect to the performance-based component, based on operating results for fiscal 2017, the Company achieved 54.4% payout of its DXL Comparable Store Marginal Cash-Over-Over-Cash Return target under the 2016-2017 LTIP. The minimum threshold for the EBITDA target was not achieved. Accordingly, subsequent to year-end, on March 21, 2018 the Compensation Committee approved the grant of restricted stock unit awards totaling $0.5 million, with a grant date of April 2, 2018. The awards are subject to further vesting through August 31, 2018. At February 3, 2018, $0.4 million of the $0.5 million performance-based component was accrued. Assuming that the Company achieves, at target, the performance targets under the 2017-2018 LTIP, the compensation expense is estimated to be approximately $2.0 million. Through the end of the fiscal 2017, because the performance targets were not deemed probable at February 3, 2018, no compensation expense for the performance-based compensation under the 2017-2018 LTIP has been recognized through fiscal 2017.

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- Definition The entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items. Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI http://asc.fasb.org/topic&trid=2127225 + Details
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