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Stock-Based Compensation (Tables) | 9 Months Ended
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Oct. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Summary of Restricted Stock Activity | The following tables summarize the share activity and stock option activity for the first nine months of fiscal 2021:
|  | RSUs (1) |  |  | Deferred shares (2) |  |  | Performance Share Units (3) |  |  | Total number of shares |  |  | Weighted- average grant-date fair value |
Shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding non-vested shares at beginning of year |  |  | 815,292 |  |  |  | 435,568 |  |  |  | 720,000 |  |  |  | 1,970,860 |  |  | $ | 1.69 |
Shares granted |  |  | 8,054 |  |  |  | — |  |  |  | — |  |  |  | 8,054 |  |  | $ | 0.66 |
Shares vested/issued |  |  | (308,055 | ) |  |  | — |  |  |  | (240,000 | ) |  |  | (548,055 | ) |  | $ | 2.05 |
Outstanding non-vested shares at end of quarter |  |  | 515,291 |  |  |  | 435,568 |  |  |  | 480,000 |  |  |  | 1,430,859 |  |  | $ | 1.54 |
(1) During the first nine months of fiscal 2021, the vesting of RSUs was primarily related to the time-based awards under the Company’s LTIP plans, see Note 5, Long-Term Incentive Plans. (2) Represents compensation to certain directors, in lieu of cash, in accordance with their irrevocable elections. Beginning in fiscal 2021, all equity issued to directors for compensation, in lieu of cash, is issued only from the Non-Employee Director Compensation Plan. The outstanding deferred shares will be issued upon the director’s separation from service. (3) T he 720,000 shares of performance stock units (“PSUs”), with a fair value of $1.0 million, represent a sign-on grant to Mr. Kanter. The PSUs vest in installments when the following milestones are met: one-third of the PSUs vest when the trailing 90-day volume-weighted average closing stock price (“VWAP”) is $4.00, one-third of the PSUs vest when the VWAP is $6.00 and one-third when the VWAP is $8.00. On September 9, 2021, 240,000 PSUs vested as a result of achieving a VWAP of $4.00 per share. As a result of net share settlement, of the 240,000 PSUs which vested, only 181,560 shares of common stock were issued. Subsequent to the end of the third quarter of fiscal 2021, an additional 240,000 PSUs vested when the $6.00 VWAP was achieved. The remaining 240,000 PSUs will expire on April 1, 2023 if the $8.00 VWAP is not achieved by that date.
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 |  |  | 3,647,581 |  |  | $ | 1.09 |  |  | 8.5 years |  |  | $ | 810,596 |
Options granted (1) |  |  | 1,518,154 |  |  | $ | 0.71 |  |  |  | — |  |  |  | — |
Options exercised (2) |  |  | (429,955 | ) |  | $ | 0.81 |  |  |  |  |  |  | 2,211,896 |
Options expired and canceled |  |  | (22,542 | ) |  | $ | 4.19 |  |  |  | — |  |  |  | — |
Outstanding options at end of quarter |  |  | 4,713,238 |  |  | $ | 0.98 |  |  | 8.3 years |  |  | $ | 28,912,358 |
Options exercisable at end of quarter |  |  | 843,431 |  |  | $ | 2.67 |  |  | 5.4 years |  |  | $ | 3,748,935 |
(1) Primarily represents the grant of stock options to purchase an aggregate of 1,078,913 shares of the Company’s common stock, at an exercise price of $0.69 per share, in connection with the time-based grant of awards under its 2021-2023 LTIP, see Note 5, Long-Term Incentive Plans. In March 2021, the Company also granted to active participants of the LTIP a discretionary grant of stock options to purchase an aggregate of 414,337 shares of the Company’s common stock, at an exercise price of $0.75 per share, which will vest ratably over 3 years. (2) As a result of net share settlement, of the 429,955 stock options exercised, only 298,150 shares of common stock were issued.

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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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