XML 30 R23.htm IDEA: XBRL DOCUMENT
v3.25.1

Stock-Based Compensation (Tables) | 3 Months Ended
--- | ---
May 03, 2025
Share-Based Payment Arrangement [Abstract] |
Summary of Restricted Stock Activity | The following tables summarize the share activity and stock option activity for the first three months of fiscal 2025:
|  | 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 |  |  | 761,081 |  |  |  | 479,700 |  |  |  | 573,000 |  |  |  | — |  |  |  | 1,813,781 |  |  | $ | 3.41 |
Shares granted |  |  | 1,714,473 |  |  |  | 13,627 |  |  |  | — |  |  |  | 15,224 |  |  |  | 1,743,324 |  |  | $ | 1.50 |
Shares vested and/or issued |  |  | (230,102 | ) |  |  | — |  |  |  | — |  |  |  | (15,224 | ) |  |  | (245,326 | ) |  | $ | 4.10 |
Shares expired |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Shares forfeited |  |  | (113,870 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (113,870 | ) |  | $ | 2.50 |
Outstanding non-vested shares at end of quarter |  |  | 2,131,582 |  |  |  | 493,327 |  |  |  | 573,000 |  |  |  | — |  |  |  | 3,197,909 |  |  | $ | 2.35 |
(1) During the first three months of fiscal 2025, grants primarily related to the grant of time-based RSUs under its 2025-2027 LTIP and the grants of awards under the 2022-2024 LTIP in connection with the achievement of the performance target. See Note 5, Long-Term Incentive Plans. As a result of net share settlements, of the 230,102 RSUs that vested, 198,604 shares of common stock were issued. (2) The 13,627 shares of deferred stock, with a fair value of $36,246 represent director compensation in lieu of cash, in accordance with the director's irrevocable election. The shares of deferred stock 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 increments with the ninth tranche vesting when such price is equal to or greater than $8.50 per share. Any unvested PSUs will expire on August 11, 2026. The $2.4 million grant-date fair value was expensed over the respective derived service periods of each tranche which ranged 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 $40,496, 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 (000's) |
Stock Options |  |  |  |  |  |  |  |  |  |  |  |
Outstanding options at beginning of year |  |  | 2,971,460 |  |  | $ | 0.65 |  |  |  | — |  |  | $ | 6,207 |
Options granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Options exercised |  |  | (3,025 | ) |  | $ | 0.69 |  |  |  | — |  |  |  | 3 |
Options expired |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Options forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Outstanding options at end of quarter |  |  | 2,968,435 |  |  | $ | 0.65 |  |  | 5.4 years |  |  | $ | 1,659 |
Options exercisable at end of quarter |  |  | 2,968,435 |  |  | $ | 0.65 |  |  | 5.4 years |  |  | $ | 1,659 |

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

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration