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Stock-Based Compensation (Tables) | 6 Months Ended
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Jul. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Summary of Restricted Stock Activity | The following tables summarize the share activity and stock option activity for the first six months of fiscal 2022:
|  | RSUs (1) |  |  | Deferred shares (2) |  |  | Performance Share Units (3) |  |  | Fully-Vested Shares (4) |  |  | Total number of shares |  |  | Weighted- average grant-date fair value |
Shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding non-vested shares at beginning of year |  |  | 515,291 |  |  |  | 435,568 |  |  |  | 240,000 |  |  |  | — |  |  |  | 1,190,859 |  |  | $ | 1.57 |
Shares granted |  |  | 496,467 |  |  |  | — |  |  |  | — |  |  |  | 17,532 |  |  |  | 513,999 |  |  | $ | 4.98 |
Shares vested and/or issued |  |  | (318,657 | ) |  |  | — |  |  |  | — |  |  |  | (17,532 | ) |  |  | (336,189 | ) |  | $ | 2.35 |
Shares forfeited |  |  | (2,604 | ) |  |  |  |  |  |  |  |  |  |  |  | (2,604 | ) |  | $ | 5.02 |
Outstanding non-vested shares at end of quarter |  |  | 690,497 |  |  |  | 435,568 |  |  |  | 240,000 |  |  |  | — |  |  |  | 1,366,065 |  |  | $ | 2.66 |
(1) During the first six months of fiscal 2022, the Company granted RSUs for the achievement of performance metrics under the 2019-2021 LTIP that are subject to additional vesting through August 31, 2022 and time-based RSUs under its 2022-2024 LTIP. See Note 5, Long-Term Incentive Plans. As a result of net share settlements, of the 318,657 RSUs that vested, only 232,027 shares of common stock were issued (2) The outstanding deferred shares will be issued upon the director’s separation from service. (3) Represents the remaining performance stock units (“PSUs”) granted to Mr. Kanter in February 2019. The 240,000 PSUs will vest when the trailing 90-day volume-weighted average closing stock price (“VWAP”) is $8.00. The PSUs will expire on April 1, 2023 if the $8.00 VWAP is not achieved by that date. (4) Represents compensation, with a fair value of $80,985, to certain directors, who are required to receive shares, in lieu of cash, in order to satisfy their minimum equity ownership under the Non-Employee Director Plan. Voluntary shares received, in lieu of cash, are reported below under Non-Employee Director Compensation Plan.
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 |  |  | 4,621,550 |  |  | $ | 0.90 |  |  | 8.2 years |  |  | $ | 16,066,914 |
Options granted |  |  | 3,640 |  |  | $ | 4.70 |  |  |  | — |  |  |  | — |
Options exercised |  |  | (48,019 | ) |  | $ | 0.54 |  |  |  |  |  |  | 211,710 |
Options expired and canceled |  |  | (19,269 | ) |  | $ | 0.63 |  |  |  | — |  |  |  | 66,641 |
Outstanding options at end of quarter |  |  | 4,557,902 |  |  | $ | 0.91 |  |  | 7.6 years |  |  | $ | 15,006,017 |
Options exercisable at end of quarter |  |  | 1,969,767 |  |  | $ | 1.30 |  |  | 6.8 years |  |  | $ | 5,881,812 |

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