Stock-Based Compensation

6 Months Ended

Aug. 01, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

Note 5 — Stock-Based Compensation

The Company maintains equity incentive plans under which it may grant non-qualified stock options, incentive stock options, restricted stock, restricted stock units, or stock appreciation rights to employees, non-employee directors and consultants.

The Company granted 187,500 stock options and 107,000 restricted stock units during the 13-week and 26-week periods ended August 1, 2015. This compares to 182,500 stock options and 97,000 restricted stock units granted during the 13-week and 26-week periods ended August 2, 2014. Total stock-based compensation expense (a component of compensation and benefits) was $815,000 for the 13-week period ended August 1, 2015, and $2.1 million for the 26-week period ended August 1, 2015 compared to $748,000 and $1.4 million, respectively, for the comparable prior year periods. Included in the 26-week period ended August 1, 2015 is $600,000 of stock-based compensation expense that resulted from the accelerated vesting of stock options and restricted stock units upon the retirement of the Company’s former Chief Executive Officer. Compensation expense is recognized on a straight-line basis over the vesting periods of each grant. There have been no other material changes in the assumptions used to compute compensation expense during the current quarter.