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Stock-Based Compensation (Tables) | 9 Months Ended
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Oct. 28, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Restricted Stock Activity | The following tables summarize the share activity and stock option activity for the first nine months of fiscal 2023:
|  | 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 |  |  | 520,008 |  |  |  | 435,568 |  |  |  | 240,000 |  |  |  | — |  |  |  | 1,195,576 |  |  | $ | 2.51 |
Shares granted |  |  | 547,294 |  |  |  | — |  |  |  | 573,000 |  |  |  | 19,772 |  |  |  | 1,140,066 |  |  | $ | 4.50 |
Shares vested and/or issued |  |  | (535,786 | ) |  |  | — |  |  |  | — |  |  |  | (19,772 | ) |  |  | (555,558 | ) |  | $ | 4.07 |
Shares expired |  |  | — |  |  |  | — |  |  |  | (240,000 | ) |  |  | — |  |  |  | (240,000 | ) |  | $ | 1.07 |
Shares forfeited |  |  | (50,612 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (50,612 | ) |  | $ | 7.35 |
Outstanding non-vested shares at end of quarter |  |  | 480,904 |  |  |  | 435,568 |  |  |  | 573,000 |  |  |  | — |  |  |  | 1,489,472 |  |  | $ | 3.52 |
(1) During the first nine months of fiscal 2023, the Company granted RSUs for the achievement of performance metrics under the 2020-2022 LTIP that were subject to additional vesting through August 31, 2023 and time-based RSUs under its LTIPs. See Note 5, Long-Term Incentive Plans. As a result of net share settlements, of the 535,786 RSUs that vested, only 383,174 shares of common stock were issued. (2) The outstanding deferred shares will be issued upon the director’s separation from service. (3) On August 11, 2023, the Company granted 573,000 performance share units ("PSUs") in connection with the extension of Mr. Kanter's employment agreement. The award consists of nine tranches, with the first tranche vesting if and when the 30-day volume-weighted closing price of the Company's common stock is equal to or greater than $6.50 per share. Each subsequent tranche will vest upon achievement of the 30-day volume-weighted closing price of the Company's common stock in $0.25 installments with the ninth tranche vesting when such price is equal to or greater than $8.50 per share. The PSUs are subject to a one-year minimum vesting period, and any unvested PSUs will expire on August 11, 2026. The $2.4 million fair value is being expensed over the respective derived service periods of each tranche which range from 12 to 13 months. The respective fair value and derived service periods assigned to the PSUs were determined using a Monte Carlo model based on: a weighted historical volatility of 57.8%, a term of 3 years, stock price on the date of grant of $4.98 per share, a risk-free rate of 4.6% and a cost of equity of 11.0%. (4) Represented compensation, with a fair value of $101,242, 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 Compensation 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 |  |  | 3,556,434 |  |  | $ | 0.83 |  |  | 7.4 years |  |  | $ | 23,238,665 |
Options granted |  |  | 1,317 |  |  | $ | 5.91 |  |  |  | — |  |  |  | — |
Options exercised |  |  | (210,225 | ) |  | $ | 1.41 |  |  |  |  |  |  | 729,318 |
Options expired |  |  | (18,115 | ) |  | $ | 5.04 |  |  |  |  |  |  | — |
Options forfeited |  |  | (12,892 | ) |  | $ | 2.42 |  |  |  | — |  |  |  | 49,037 |
Outstanding options at end of quarter |  |  | 3,316,519 |  |  | $ | 0.76 |  |  | 6.7 years |  |  | $ | 10,973,281 |
Options exercisable at end of quarter |  |  | 2,062,614 |  |  | $ | 0.82 |  |  | 6.5 years |  |  | $ | 6,729,437 |

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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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