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Stock-Based Compensation (Tables)

3 Months Ended

Apr. 29, 2023

Share-Based Payment Arrangement [Abstract]

Stock Option Activity Under Stock Option Plan

The following table summarizes stock option activity for the thirteen weeks ended April 29, 2023 (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 28, 2023 (2)			1,868,243						$	8.99
Granted			2,500						$	7.18
Exercised			(11,000)						$	4.86
Forfeited			(12,125)						$	8.89
Expired			(19,000)						$	11.45
Outstanding at April 29, 2023			1,828,618						$	8.98					7.0						$	1,403
Exercisable at April 29, 2023			1,136,768						$	9.23					6.1						$	930

(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 $7.51 at April 29, 2023.

(2)Reflects the removal of 5,000 stock options held by a former employee that expired during fiscal 2022, which we identified during the first quarter of fiscal 2023.

Assumptions Used to Estimate Fair Value of Stock Options Granted

The fair values of stock options granted during the thirteen weeks ended April 29, 2023 and April 30, 2022 were estimated on the grant date using the following assumptions:

			Thirteen Weeks Ended
			April 29, 2023						April 30, 2022
Weighted average grant-date fair value per option granted			$3.90						$4.98
Expected option term (1)			5.2 years						5.2 years
Weighted average expected volatility factor (2)			58.6%						58.6%
Weighted average risk-free interest rate (3)			3.6%						2.3%
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 and we do not anticipate paying any additional cash dividends on our common stock. In compliance with our new Credit Agreement, we are prohibited from declaring or paying any cash dividends prior to April 27, 2024.

Summary of Status of Non-Vested Restricted Stock

The following table summarizes the status of non-vested restricted stock as of April 29, 2023, and the changes since January 28, 2023:

			Restricted Stock						Weighted Average Grant-Date Fair Value
Nonvested at January 28, 2023			73,484						$	8.71
Granted			—						—
Vested			—						—
Nonvested at April 29, 2023			73,484						$	8.71

Schedule of Stock Based Compensation

The following table summarizes share-based compensation expense recorded in the Consolidated Statements of Operations (in thousands):

			Thirteen Weeks Ended
			April 29, 2023						April 30, 2022
Cost of goods sold			$	57					$	89
Selling, general, and administrative			465						474
Total share-based compensation			$	522					$	563

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