Stock Based Compensation - Notes to Financial Statements

12 Months Ended

Jan. 30, 2021

Stock Based Compensation [Abstract]

Stock Based Compensation

15. Stock Based Compensation:

 As of January 30, 2021, the Company had two long-term compensation plans pursuant to which stock-

based compensation was outstanding. The 2018 Incentive Compensation Plan and 2013 Incentive

Compensation Plan are for the granting of various forms of equity-based awards, including restricted stock

and stock options for grant, to officers, directors and key employees. Effective May 24, 2018, shares for grant

were no longer available under the 2013 Incentive Compensation Plan.

 The following table presents the number of options and shares of restricted stock initially authorized

and available for grant under each of the plans as of January 30, 2021:

`

2013

2018

Plan

Plan

Total

Options and/or restricted stock initially authorized

1,500,000

4,725,000

6,225,000

Options and/or restricted stock available for grant:

 February 1, 2020

-

4,192,667

4192667

 January 30, 2021

-

3,961,473

3,961,473

In accordance with ASC 718, the fair value of current restricted stock awards is estimated on the date

of grant based on the market price of the Company’s stock and is amortized to compensation expense on a

straight-line basis over a five-year vesting period. As of January 30, 2021, there was $

10,550,000

 of total

unrecognized compensation expense related to unvested restricted stock awards, which is expected to be

recognized over a remaining weighted-average vesting period of

2.1

 years. The total grant date fair value

of the shares recognized as compensation expense during the twelve months ended January 30, 2021,

February 1, 2020 and February 2, 2019 was $

4,023,000

, $

4,559,000

 and $

4,833,000

, respectively. The

expenses are classified as a component of Selling, general and administrative expenses in the

Consolidated Statements of Income (Loss) and Comprehensive Income (Loss).

The following summary shows the changes in the shares of unvested restricted stock outstanding during

the years ended January 30, 2021, February 1, 2020 and February 2, 2019:

`

Weighted Average

Number of

Grant Date Fair

Shares

Value Per Share

Restricted stock awards at February 3, 2018

595,179

$

30.33

Granted

354,385

16.20

Vested

(139,669)

29.87

Forfeited or expired

(38,044)

24.34

Restricted stock awards at February 2, 2019

771,851

$

24.22

Granted

361,170

14.89

Vested

(129,108)

34.44

Forfeited or expired

(61,351)

19.61

Restricted stock awards at February 1, 2020

942,562

$

19.55

Granted

335,317

11.11

Vested

(129,682)

34.01

Forfeited or expired

(124,241)

16.37

Restricted stock awards at January 30, 2021

1,023,956

$

15.33

The Company’s Employee Stock Purchase Plan allows eligible full-time employees to purchase a

limited number of shares of the Company’s Class A Common Stock during each semi- annual offering

period at a 15% discount through payroll deductions. During the twelve month period ended January 30,

2021, the Company sold

48,191

 shares to employees at an average discount of $

1.43

 per share under the

Employee Stock Purchase Plan. The compensation expense recognized for the 15% discount given under

the Employee Stock Purchase Plan was approximately $

69,000

, $

111,000

 and $

101,000

 for fiscal years

2020, 2019 and 2018, respectively. These expenses are classified as a component of Selling, general and

administrative expenses.