XML 59 R40.htm IDEA: XBRL DOCUMENT v3.23.2

Stock-Based Compensation (Tables)

12 Months Ended

Apr. 30, 2023

Summary of Time Based Restricted Stock Unit Activity

The following table summarizes the time-based restricted stock unit activity during fiscal years 2023, 2022, and 2021:

		2023				2022				2021
		Shares				Shares				Shares
outstanding at beginning of year			210,284				174,295				44,399
granted			119,687				37,991				129,896
vested (1)			(32,799	)			—				—
forfeited			(11,346	)			(2,002	)			—
outstanding at end of year			285,826				210,284				174,295

(1) During fiscal 2023, time-based restricted stock units totaling 32,799 vested at a fair value of $167,000, or $5.10 per share.

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 stock units granted to senior executives on August 10, 2022, and July 22, 2021:

		August 10,				July 22,
		2022				2021
Closing price of our common stock		$	5.06			$	14.75
Expected volatility of our common stock			48.2	%			54.2	%
Expected volatility of peer companies (1)		41.6% - 105.1%				45.7% - 101.5%
Risk-free interest rate			3.13	%			0.33	%
Dividend yield			0.00	%			3.00	%
Correlation coefficient of peer companies (1)		0.05 - 0.23				0.03 - 0.35

(1)The expected volatility and correlation coefficient of our peer companies for the August 10, 2022, and July 22, 2021, grant dates 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.

Summary of Grants of Common Stock to Outside Directors

The following table summarizes information related to our grants of common stock to our outside directors during fiscal 2023, 2022, and 2021:

		Common				(1)
		Stock				Price Per				Vesting
Date of Grant		Awarded				Share				Period
April 3, 2023 - Fiscal 2023			15,832			$	5.29			Immediate
January 3, 2023 - Fiscal 2023			17,819			$	4.70			Immediate
October 3, 2022 - Fiscal 2023			18,326			$	4.57			Immediate
July 1, 2022 - Fiscal 2023			19,753			$	4.24			Immediate
April 1, 2022 - Fiscal 2022			10,562			$	7.93			Immediate
January 3, 2022 - Fiscal 2022			8,357			$	10.02			Immediate
October 1, 2021 - Fiscal 2022			6,426			$	13.03			Immediate
July 1, 2021 - Fiscal 2022			4,312			$	16.24			Immediate
April 1, 2021 - Fiscal 2021			4,467			$	15.67			Immediate
January 4, 2021 - Fiscal 2021			4,563			$	15.34			Immediate
October 1, 2020 - Fiscal 2021			5,193			$	13.48			Immediate
July 1, 2020 - Fiscal 2021			7,000			$	10.00			Immediate

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

Performance Based Restricted Stock Units [Member]

Summary of Vested Performance Based Restricted Stock Units

The following table summarizes information related to our performance-based restricted stock units that vested during fiscal 2023, 2022, and 2021:

						(3)				(4)
		Common				Weighted				Weighted
		Stock Shares				Average				Average Price
Fiscal Year		Vested				Fair Value				Per Share
Fiscal 2023 (1)			545			$	3			$	5.10
Fiscal 2023 (2)			437			$	2			$	5.10
Fiscal 2022 (1)			5,051			$	87			$	17.14
Fiscal 2022 (2)			5,812			$	100			$	17.14
Fiscal 2021 (1)			3,277			$	33			$	9.96
Fiscal 2021 (2)			3,710			$	37			$	9.96

(1)Performance-based restricted stock units vested for senior executives.

(2)Performance-based restricted stock units vested for key employees.

(3)Dollar amounts are in thousands.

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

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 during fiscal years 2023, 2022, and 2021:

						(1)
		Restricted				Price				Vesting
Date of Grant		Stock Awarded				Per Share				Period
September 6, 2022			37,671			$	4.58			1 to 3 years
August 10, 2022			82,016			$	5.06			3 years
July 22, 2021			37,991			$	14.75			3 years
August 6, 2020			129,896			$	11.01			3 years

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

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 were unvested as of April 30, 2023:

						(4)
		(3)				Restricted
		Restricted Stock				Stock Units
		Stock Units				Expected to				Price Per					Vesting
Date of Grant		Awarded				Vest				Share					Period
August 10, 2022 (1)			178,714				—			$	5.77		(5)		3 years
July 22, 2021 (1)			122,476				—			$	15.93		(6)		3 years
July 22, 2021 (2)			20,500				—			$	14.75		(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 award agreements.

(4)Compensation cost is based on an assessment each reporting period to determine the probability of whether or not certain performance targets will be met and how many shares are expected to be earned as of the end of the vesting period. These amounts represent the number of shares that are expected to vest as of April 30, 2023.

(5)Price per share represents the fair market value per share ($1.14 per $1, or an increase of $0.71 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 ($5.06) for the performance-based component of the performance-based restricted stock units granted to senior executives on August 10, 2022.

(6)Price per share represents the fair market value per share ($1.08 per $1, or an increase of $1.18 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 ($14.75) for the performance-based component of the performance-based restricted stock units granted to certain senior executives on July 22, 2021.

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

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

+ Details

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

X

- Definition

Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

+ Details

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

X

- Definition

Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding restricted stock units that are fully vested and expected to vest. Includes, but is not limited to, unvested restricted stock units for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

+ Details

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

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

+ Details

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

X

- Definition

Tabular disclosure of transaction in which grantor acquires product and service from nonemployee or provides consideration payable to customer in exchange for its equity security. Excludes transaction in which grantor acquires service from employee.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5444-113901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfShareBasedGoodsAndNonemployeeServicesTransactionBySupplierTextBlock
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

X

- Details

Name:	us-gaap_AwardTypeAxis=culp_PerformanceBasedRestrictedStockUnitMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	srt_TitleOfIndividualAxis=srt_ManagementMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_AwardTypeAxis=culp_TimeBasedRestrictedStockUnitsMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	srt_TitleOfIndividualAxis=culp_ExecutiveOfficersAndKeyEmployeesMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type: