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Stock-Based Compensation (Tables) | 3 Months Ended
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May 05, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Valuation Assumptions for Stock Options | The fair value of each option granted is estimated on the date of grant using the Black-Scholes option-pricing model. There were no stock options granted in the first quarter of fiscal 2017. The following assumptions were used for grants for the first quarter of fiscal 2018:
|  | May 5, 2018 |
Expected volatility |  |  | 48.9 | %
Risk-free interest rate |  |  | 2.55 | %
Expected life |  | 4.5 yrs |
Dividend rate |  |  | — |
Employee Stock Plan, 2006 Plan and 2016 Plan |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Summary of Restricted Stock Activity | The following tables summarize the share activity and stock option activity for the Company’s 2006 Plan and 2016 Plan, on a combined basis, for the first three months of fiscal 2018:
|  | 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 |  |  | 36,666 |  |  |  | 1,048,552 |  |  |  | 115,457 |  |  |  | — |  |  |  | 1,200,675 |  |  | $ | 3.43 |
Shares granted |  |  | 30,000 |  |  |  | 305,161 |  |  |  | 21,494 |  |  |  | 26,080 |  |  |  | 382,735 |  |  | $ | 1.97 |
Shares vested/issued |  |  | — |  |  |  | (171,798 | ) |  |  | (2,613 | ) |  |  | (26,080 | ) |  |  | (200,491 | ) |  | $ | 4.60 |
Shares canceled |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | - |
Outstanding non-vested shares at end of quarter |  |  | 66,666 |  |  |  | 1,181,915 |  |  |  | 134,338 |  |  |  | — |  |  |  | 1,382,919 |  |  | $ | 2.85 |
| (1) | Restricted stock units (“RSUs”) were primarily granted in connection with the partial achievement of performance targets under the 2016-2017 LTIP, see Note 4, Long-Term Incentive Plans. As a result of net share settlement, of the 171,798 time-based RSUs which vested during the first quarter of fiscal 2018, only 165,108 shares of common stock were issued.
| (2) | The 21,494 shares of deferred stock, with a fair value of $51,084, represent compensation to certain directors in lieu of cash, in accordance with their irrevocable elections. The shares of deferred stock will vest three years from the date of grant or at separation of service, based on the irrevocable election of each director.
| (3) | During the first three months of fiscal 2018, the Company granted 26,080 shares of stock, with a fair value of approximately $63,896, 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 Company’s Third Amendment to the Third Amended and Restated Non-Employee Director Compensation Plan (“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 day immediately preceding the date of grant.
Stock Option Activity |
|  | 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 |  |  | 1,195,910 |  |  | $ | 4.80 |  |  |  |  | $ | 21,750 |
Options granted |  |  | 138,888 |  |  | $ | 2.50 |  |  |  |  |  |  |
Options expired and canceled |  |  | (93,244 | ) |  | $ | 5.08 |  |  |  |  |  |  |
Options exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |
Outstanding options at end of quarter |  |  | 1,241,554 |  |  | $ | 4.52 |  |  | 5.1 years |  | $ | - |
Options exercisable at end of quarter |  |  | 1,082,666 |  |  | $ | 4.83 |  |  | 4.5 years |  |  |  |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 + Details
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