Share-Based Compensation

9 Months Ended

Oct. 29, 2011

Share-Based Compensation [Abstract]

Share-Based Compensation

Note 9 Share-Based Compensation

During the third quarter of 2011, the Company granted 21,500 stock options to certain employees with a weighted-average per share exercise price and grant date fair value of $7.30 and $3.63, respectively. These options vest in four equal increments, with 25% vesting over each of the next four years. These options have a term of ten years. Share-based compensation expense is recognized on a straight-line basis separately for each vesting portion of the stock option award. 

The Company also granted 25,000 shares of restricted stock to certain employees with a per share weighted-average grant date fair value of $7.30 during the third quarter of 2011. The restricted stock granted to employees vest in four years and share-based compensation expense will be recognized on a straight-line basis over the four-year period.

The Company recognized share-based compensation expense of $2.1 million and $1.7 million during the thirteen weeks and $5.1 million and $4.5 million during the thirty-nine weeks ended October 29, 2011 and October 30, 2010, respectively. The Company issued 27,027 shares and 647,707 shares of common stock during the thirteen and thirty-nine weeks ended October 29, 2011, respectively, for restricted stock grants and directors' fees. During the thirteen and thirty-nine weeks ended October 30, 2011, the Company cancelled 25,300 and 138,100 shares, respectively, of common stock as a result of forfeitures of restricted stock awards.

The Company also granted 2,141 restricted stock units to non-employee directors with a per share weighted-average grant date fair value of $7.12 during the third quarter of 2011. All restricted stock units granted during the third quarter of 2011 immediately vested and compensation expense was fully recognized.