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Stock-Based Compensation (Tables)

3 Months Ended

Aug. 02, 2020

Summary of Assumptions Used to Determine Fair Value of Performance Based Restricted Stock Units

The following table provides assumptions used to determine the fair market value of the market-based total shareholder return component using the Monte Carlo simulation model on our outstanding performance-based restricted units granted to certain senior executives on July 18, 2019 and August 2, 2018:

		July 18,				August 2,
		2019				2018
Closing price of our common stock		$	18.49			$	24.35
Expected volatility of our common stock			30.0	%			33.5	%
Expected volatility of peer companies (1) (2)		29.9% - 82.3%					16.0	%
Risk-free interest rate			1.73	%			2.74	%
Dividend yield			2.10	%			1.35	%
Correlation coefficient of peer companies (1) (2)		0.00 - 0.43					0.47

(1) The expected volatility and correlation coefficient of our peer companies for the July 18, 2019 grant date were based on peer companies that were approved by the Compensation Committee of our board of directors as an aggregate benchmark for determining the market-based total shareholder return component. Therefore, we disclosed ranges of the expected volatility and correlation coefficient for the companies that represented this peer group.

(2) The expected volatility and correlation coefficient of our peer companies for the August 2, 2018 grant date were based on the Russell 2000 Index, which was approved by the Compensation Committee of our board of directors as the benchmark for determining the market-based total shareholder return component. Since the Russell 2000 Index was the only benchmark for determining the market-based total shareholder return component, no ranges were disclosed for these assumptions.

Performance-Based Restricted Stock Units [Member]

Summary of Vested Restricted Stock Units

The following table summarizes information related to our performance-based restricted stock units that vested during the three-month periods ending August 2, 2020 and August 4, 2019:

		Performance-Based
		Restricted Stock				(3)				Price
Fiscal Year		Units Vested				Fair Value				Per Share
Fiscal 2021 (1)			3,277			$	33			$	9.96		(4)
Fiscal 2021 (1)			3,710			$	37			$	9.96		(4)
Fiscal 2020 (1)			11,351			$	197			$	17.36		(4)
Fiscal 2020 (2)			4,961			$	86			$	17.36		(4)

(1) Certain senior executives and key employees.

(2) Non-employee

(3) Dollar amounts are in thousands.

(4) Price per share is derived from the closing price of our common stock on the date the respective performance based restricted stock units vested.

Executive officers and key employees [Member]

Summary of Grants of Performance-Based Restricted Stock Units

The following table summarizes information related to our grants of performance-based restricted stock units associated with certain senior executives and key employees that are currently unvested as of August 2, 2020:

		(3)				(4)
		Performance-Based				Restricted Stock
		Restricted Stock				Units Expected
Date of Grant		Units Awarded				to Vest				Price Per Share					Vesting Period
July 18, 2019 (1)			93,653				—			$	19.04		(5)		3 years
July 18, 2019 (2)			29,227				—			$	18.49		(7)		3 years
August 2, 2018 (1)			86,599				—			$	18.51		(6)		3 years
August 2, 2018 (2)			47,800				—			$	24.35		(7)		3 years

(1) Performance-based restricted stock units awarded to certain senior executives.

(2) Performance-based restricted stock units awarded to key employees.

(3) Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit agreements.

(4) Compensation cost is based on an assessment each reporting period to determine the probability if certain performance goals will be met as of the end of the vesting period, and in turn the number of shares that are expected to be awarded at the end vesting period. These amounts represent the number of shares that were expected to vest as of August 2, 2020.

(5) Price per share represents the fair market value per share ($1.03 per $1 or an increase of $0.55 to the closing price of our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($18.49) for the performance-based component of the performance-based restricted stock units granted to certain senior executives on July 18, 2019.

(6) Price per share represents the fair market value per share ($0.76 per $1 or a reduction of $5.84 to the closing price of the common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($24.35) for the performance-based component of the performance-based restricted stock units granted to certain senior executives on August 2, 2018.

(7) Price per share represents the closing price of our common stock on the date of grant.

Senior Executives and Management [Member] | Time-Based Restricted Stock Units [Member]

Summary of Grants of Time-Based Restricted Stock Unit Awards

The following table summarizes information related to our grants of time-based restricted stock unit awards associated with certain senior executives and key members of management that are unvested as of August 2, 2020:

		Time-Based
		Restricted Stock
Date of Grant		Units Awarded				Price Per Share					Vesting Period
July 18, 2019			34,399			$	18.49		(1)		3 years
August 2, 2018			10,000			$	24.35		(1)		5 years

(1) Price per share represents closing price of common stock on the date the respective award was granted.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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