Stock-Based Compensation (Tables)

3 Months Ended

Apr. 30, 2022

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 30, 2022 (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 29, 2022	1,570,211	$	9.02
Granted	502,500	$	9.45
Exercised	(4,750)	$	4.13
Forfeited	(2,000)	$	9.45
Expired	—	$	—
Outstanding at April 30, 2022	2,065,961	$	9.14	7.9	$	2,231
Exercisable at April 30, 2022	815,761	$	9.84	6.0	$	853

(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 $8.82 at April 30, 2022.

Assumptions Used to Estimate Fair Value of Stock Options Granted

The fair values of stock options granted during the thirteen weeks ended April 30, 2022 and May 1, 2021 were estimated on the grant date using the following assumptions:

	Thirteen Weeks Ended
	April 30, 2022	May 1, 2021
Weighted average grant-date fair value per option granted	$4.98	$5.64
Expected option term (1)	5.2 years	5.4 years
Weighted average expected volatility factor (2)	58.6%	59.9%
Weighted average risk-free interest rate (3)	2.3%	0.9%
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.

Summary of Status of Non-Vested Restricted Stock

The following table summarizes the status of RSAs as of April 30, 2022 and January 29, 2022:

	Restricted Stock	Weighted Average Grant-Date Fair Value
Nonvested at April 30, 2022 and January 29, 2022	45,464	$	10.56

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 30, 2022		May 1, 2021
Cost of goods sold (1)	$	89	$	(38)
Selling, general, and administrative	474		404
Total share-based compensation	$	563	$	366

(1)Share-based compensation expense for the thirteen weeks ended May 1, 2021 includes forfeiture credits due to the departure of the Company's prior Chief Merchandising Officer effective March 19, 2021.