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Stock-Based Compensation (Tables) | 9 Months Ended
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Oct. 29, 2022
Share-Based Payment Arrangement [Abstract] |
Stock Option Activity Under Stock Option Plan | The following table summarizes stock option activity for the thirty-nine weeks ended October 29, 2022 (aggregate intrinsic value in thousands):
| Stock Options |  | Grant Date Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (in Years) |  | Aggregate Intrinsic Value (1)
Outstanding at January 29, 2022 | 1,570,211 |  |  | $ | 9.02 |  |  |  |  |
Granted | 522,500 |  |  | $ | 9.37 |  |  |  |  |
Exercised | (13,500) |  |  | $ | 4.13 |  |  |  |  |
Forfeited | (35,500) |  |  | $ | 9.66 |  |  |  |  |
Expired | (60,468) |  |  | $ | 14.63 |  |  |  |  |
Outstanding at October 29, 2022 | 1,983,243 |  |  | $ | 8.96 |  |  | 7.6 |  | $ | 2,211 |
Exercisable at October 29, 2022 | 759,043 |  |  | $ | 9.52 |  |  | 5.9 |  | $ | 836 |
(1)Intrinsic value for stock options is defined as the difference between the market price of our Class A common stock on the last business day of the fiscal period and the weighted average exercise price of in-the-money stock options outstanding at the end of the fiscal period. The market value per share was $8.85 at October 29, 2022.
Assumptions Used to Estimate Fair Value of Stock Options Granted | The fair values of stock options granted during the thirteen and thirty-nine weeks ended October 29, 2022 and October 30, 2021 were estimated on the grant date using the following assumptions:
| Thirteen Weeks Ended |  | Thirty-Nine Weeks Ended
| October 29, 2022 |  | October 30, 2021 |  | October 29, 2022 |  | October 30, 2021
Weighted average grant-date fair value per option granted | $3.82 |  | $7.96 |  | $4.94 |  | $5.69
Expected option term (1) | 5.2 years |  | 5.3 years |  | 5.2 years |  | 5.4 years
Weighted average expected volatility factor (2) | 58.6% |  | 59.4% |  | 58.6% |  | 59.9%
Weighted average risk-free interest rate (3) | 3.6% |  | 1.0% |  | 2.4% |  | 0.9%
Expected annual dividend yield (4) | —% |  | —% |  | —% |  | —%
(1)The expected option term of the awards represents the estimated time that options are expected to be outstanding based upon historical option data. (2)Stock volatility for each grant is measured using the historical daily price changes of our common stock over the most recent period equal to the expected option term of the awards. (3)The risk-free interest rate is determined using the rate on treasury securities with the same term as the expected life of the stock option as of the grant date. (4)We do not currently have a dividend policy.
Summary of Status of Non-Vested Restricted Stock | The following table summarizes the status of non-vested RSAs changes during the thirty-nine weeks ended October 29, 2022:
| Restricted Stock |  | Weighted Average Grant-Date Fair Value
Nonvested at January 29, 2022 | 45,464 |  |  | $ | 10.56 |
Granted | 63,492 |  |  | $ | 7.56 |
Vested | (35,472) |  |  | $ | 9.02 |
Nonvested at October 29, 2022 | 73,484 |  |  | $ | 8.71 |
Schedule of Stock Based Compensation | The following table summarizes share-based compensation expense recorded in the Consolidated Statements of Income (in thousands):
| Thirteen Weeks Ended |  | Thirty-Nine Weeks Ended
| October 29, 2022 |  | October 30, 2021 |  | October 29, 2022 |  | October 30, 2021
Cost of goods sold (1) | $ | 100 |  |  | $ | 75 |  |  | $ | 280 |  |  | $ | 119 |
Selling, general, and administrative | 513 |  |  | 446 |  |  | 1,484 |  |  | 1,298 |
Total share-based compensation | $ | 613 |  |  | $ | 521 |  |  | $ | 1,764 |  |  | $ | 1,417 |
(1)Share-based compensation expense for the thirty-nine weeks ended October 30, 2021 includes forfeiture credits due to the departure of the Company's prior Chief Merchandising Officer effective March 19, 2021.

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + 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 (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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