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Stock-Based Compensation
3 Months Ended
May 01, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation

Note 7 – 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. Compensation expense is recognized on a straight-line basis over the vesting periods of each grant. There have been no material changes in the assumptions used to compute compensation expense during the current year. The table below sets forth selected stock-based compensation information (in thousands, except share amounts) for the periods indicated:

 

 

 

13-Week Period Ended

 

 

 

May 1, 2021

 

 

May 2, 2020

 

Stock-based compensation expense (included in compensation and benefits on the condensed consolidated statements of operations)

 

$

232

 

 

$

307

 

Restricted stock units granted

 

 

119,663

 

 

 

980,421

 

Performance-based restricted stock units granted(a)

 

 

46,145

 

 

 

 

 

(a)Assumes 100% target level achievement of the relative performance targets.

During the 13-week period ended May 1, 2021, the Company granted performance-based restricted stock units (“PSUs”) that are subject to the achievement of specified performance goals. The performance metrics for the PSUs are earnings before interest, taxes, depreciation and amortization (“EBITDA”) compared to budgeted EBITDA and also include a relative shareholder return modifier. The number of PSUs presented in the foregoing table represent the shares that can be achieved at the target-level of achievement of the applicable performance metrics. The actual number of shares that will be issued under the performance awards, which may be higher or lower than target, will be determined by the level of achievement of the performance goals and the total shareholder return modifier. During the 13-week period ended May 1, 2021, the Company recorded no compensation expense related to the performance-based units because actual EBITDA was lower than minimum target EBITDA under the award agreement. If the performance targets are achieved, the PSUs will be issued based on the achievement level and will cliff vest in full on February 3, 2024.