XML 32 R14.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Stock Compensation Plans | 12 Months Ended
--- | ---
Feb. 03, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Stock Compensation Plans | G. STOCK COMPENSATION PLANS Through the end of the second quarter of fiscal 2016, the Company’s 2006 Incentive Compensation Plan (as amended and restated effective as of August 1, 2013, the “2006 Plan”) was the only stockholder approved plan. The 2006 Plan expired on July 31, 2016. In the third quarter of fiscal 2016, at the Company’s 2016 Annual Meeting of Stockholders held August 4, 2016, the Company’s stockholders approved the adoption of the 2016 Incentive Compensation Plan (the “2016 Plan”). 2016 Plan The initial share reserve under the 2016 Plan is 5,200,000 shares of the Company’s common stock. A grant of a stock option award or stock appreciation right reduces the outstanding reserve on a one-for-one basis. A grant of a full-value award, including, but not limited to, restricted stock, restricted stock units and deferred stock, reduces the outstanding reserve by a fixed ratio of 1.9 shares for every share granted. In addition to the initial share reserve of 5,200,000 shares, the 525,538 shares that remained available under the 2006 Plan were added and became available for issuance under the 2016 Plan on August 4, 2016. In accordance with the terms of the 2016 Plan, any shares outstanding under the 2006 Plan at August 4, 2016 that subsequently terminate, expire or are canceled for any reason without having been exercised or paid are added back and become available for issuance under the 2016 Plan, with options and stock appreciation rights being added back on a one-for-one basis and full-value awards being added back on a 1 to1.9 basis. Accordingly, an additional 3,610,963 shares have been added to share availability under the 2016 Plan since August 2016. At February 3, 2018, the Company had 6,536,551 shares available under the 2016 Plan. The 2016 Plan is administered by the Compensation Committee. The Compensation Committee is authorized to make all determinations with respect to amounts and conditions covering awards. Options are not granted at a price less than fair value on the date of the grant. Except with respect to 5% of the shares available for awards under the 2016 Plan, no award will become exercisable or otherwise forfeitable unless such award has been outstanding for a minimum period of one year from its date of grant. The following tables summarize the stock option activity and share activity for the Company’s 2006 Plan and 2016 Plan, on a combined basis, during fiscal 2017: Stock Option Activity The following table summarizes stock option activity under the plans for fiscal 2017:
|  | Number of Shares |  |  | Weighted-average exercise price per option |  |  | Weighted-average remaining contractual term |  | Aggregate intrinsic value |
Stock Options |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding options at beginning of year |  |  | 2,524,546 |  |  | $ | 4.98 |  |  |  |  |  |  |
Options granted |  |  | 30,000 |  |  | $ | 1.85 |  |  |  |  |  |  |
Options canceled |  |  | (1,358,636 | ) |  | $ | 5.04 |  |  |  |  |  |  |
Options exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |
Outstanding options at end of year |  |  | 1,195,910 |  |  | $ | 4.80 |  |  | 4.4 years |  | $ | 21,750 |
Options exercisable at end of year |  |  | 1,175,910 |  |  | $ | 4.85 |  |  | 4.4 years |  | $ | 7,250 |
Vested and expected to vest at end of year |  |  | 1,195,910 |  |  | $ | 4.80 |  |  | 4.4 years |  | $ | 21,750 |
There were no exercises of options during fiscal 2017 or fiscal 2016. Non-Vested Share Activity The following table summarizes activity for non-vested shares under the plans for fiscal 2017:
|  | Restricted shares |  |  | Restricted Stock Units (1) |  |  | Deferred shares (2) |  |  | Fully-vested shares (3) |  |  | Total number of shares |  |  | Weighted-average grant-date fair value (4) |
Shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding non-vested shares at beginning of year |  |  | 856,332 |  |  |  | 369,828 |  |  |  | 64,876 |  |  |  | — |  |  |  | 1,291,036 |  |  | $ | 5.09 |
Shares granted |  |  | 484,558 |  |  |  | 838,546 |  |  |  | 100,554 |  |  |  | 86,503 |  |  |  | 1,510,161 |  |  | $ | 2.64 |
Shares vested/issued |  |  | (447,003 | ) |  |  | (42,453 | ) |  |  | (49,973 | ) |  |  | (86,503 | ) |  |  | (625,932 | ) |  | $ | 2.71 |
Shares canceled |  |  | (857,221 | ) |  |  | (117,369 | ) |  |  | — |  |  |  | — |  |  |  | (974,590 | ) |  | $ | 4.87 |
Outstanding non-vested shares at end of year |  |  | 36,666 |  |  |  | 1,048,552 |  |  |  | 115,457 |  |  |  | — |  |  |  | 1,200,675 |  |  | $ | 3.43 |
Vested and expected to vest at end of year |  |  | 36,666 |  |  |  | 891,269 |  |  |  | 115,457 |  |  |  | — |  |  |  | 1,043,392 |  |  |  |  |
(1) | Restricted Stock Units (“RSU”s) were primarily granted in connection with the time-vested portion of the 2017-2018 LTIP. The RSUs vest in two tranches with the first 50% vesting on April 1, 2019 and the remaining vesting 50% on April 1, 2020.
(2) | The 100,554 shares of deferred stock, with a fair value of approximately $232,064, represent compensation to certain directors in lieu of cash, in accordance with their irrevocable elections. The shares of deferred stock vest three years from the date of grant or at separation of service, based on the irrevocable election of each director.
(3) | During fiscal 2017, the Company granted 86,503 shares of stock, with a fair value of approximately $204,477 to certain directors as compensation in lieu of cash, in accordance with their irrevocable elections. Directors are required to elect 50% of their quarterly retainer in equity. Any shares in excess of the minimum required election are issued from the Third Amended and Restated Non-Employee Director Stock Purchase Plan (the “Non-Employee Director Compensation Plan”).
(4) | The fair value of a restricted share, deferred share and fully-vested share is equal to the Company’s closing stock price on the date of grant.
Total unrecognized stock compensation of $1.8 million at February 3, 2018 is expected to be recognized over a weighted-average period of 20 months. Non-Employee Director Compensation Plan In January 2010, the Company established a Non-Employee Director Stock Purchase Plan to provide a convenient method for its non-employee directors to acquire shares of the Company’s common stock at fair market value by voluntarily electing to receive shares of common stock in lieu of cash for service as a director. The substance of this plan is now encompassed within the Company’s Third Amended and Restated Non-Employee Director Compensation Plan. Beginning in fiscal 2015, the non-employee directors are required to take 50% of their annual retainer, which is paid quarterly, in equity. Any shares of stock, deferred stock or stock options issued to a director as part of this 50% requirement are issued from the 2016 Plan. Only discretionary elections of equity will be issued from the Non-Employee Director Compensation Plan. The following shares of common stock, with the respective fair value, were issued to its non-employee directors as compensation for fiscal 2017, fiscal 2016 and fiscal 2015:
|  | Number of shares of common stock issued |  |  | Fair value of common stock issued |
Fiscal 2017 |  |  | 42,450 |  |  | $ | 96,856 |
Fiscal 2016 |  |  | 14,509 |  |  | $ | 68,456 |
Fiscal 2015 |  |  | 24,947 |  |  | $ | 127,734 |

X
- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration