EARNINGS PER SHARE

12 Months Ended

Feb. 02, 2020

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 15 – EARNINGS PER SHARE

We refer you to the Earnings Per Share disclosure in Note 2-Summary of Significant Accounting Policies, above, for more detailed information concerning the calculation of earnings per share.

All stock awards are designed to encourage retention and to provide an incentive for increasing shareholder value. We have issued restricted stock awards to non-employee members of the board of directors since 2006 and to certain non-executive employees since 2014. We have issued restricted stock units (“RSUs”) to certain senior executives since fiscal 2012 under the Company’s Stock Incentive Plan. Each RSU entitles an executive to receive one share of the Company’s common stock if the executive remains continuously employed with the Company through the end of a three-year service period. The RSUs may be paid in shares of our common stock, cash or both at the discretion of the Compensation Committee of our board of directors. We have issued Performance-based Restricted Stock Units (“PSUs”) to certain senior executives since fiscal 2019 under the Company’s Stock Incentive Plan. Each PSU entitles the executive officer to receive one share of our common stock based on the achievement of two specified performance conditions if the executive officer remains continuously employed through the end of the three-year performance period. One target is based on our annual average growth in our EPS over the performance period and the other target is based on EPS growth over the performance period compared to our peers. The payout or settlement of the PSUs will be made in shares of our common stock.

We expect to continue to grant these types of awards annually in the future. The following table sets forth the number of outstanding restricted stock awards and RSUs and PSUs, net of forfeitures and vested shares, as of the fiscal period-end dates indicated:

	January 31,		February 2,		February 3,
	2021		2020		2019
Restricted shares		54,747		45,946		22,070
RSUs and PSUs		140,911		73,060		14,189
		195,658		119,006		36,259

All restricted shares, RSUs and PSUs awarded that have not yet vested are considered when computing diluted earnings per share. The following table sets forth the computation of basic and diluted earnings per share:

	Fifty-Two			Fifty-Two		Fifty-Three
	Weeks Ended			Weeks Ended		Weeks Ended
	January 31,			February 2,		February 3,
	2021			2020		2019
Net (loss)/income	$	(10,426	)	$	17,083	$	39,873
Less: Dividends on unvested restricted shares		36			25		11
Net earnings allocated to unvested restricted stock		-			60		68
Earnings available for common shareholders	$	(10,462	)	$	16,998	$	39,794
Weighted average shares outstanding for basic    earnings per share		11,822			11,784		11,759
Dilutive effect of unvested restricted stock awards		*			54		24
Weighted average shares outstanding for diluted       earnings per share		11,822			11,838		11,783
Basic (loss)/earnings per share	$	(0.88	)	$	1.44	$	3.38
Diluted (loss)/earnings per share	$	(0.88	)	$	1.44	$	3.38

*Due to the fiscal 2021 net loss, approximately 119,000 shares would have been antidilutive and are therefore excluded from the calculation of earnings per share.