Stock Options and Stock-Based Compensation

9 Months Ended

Nov. 02, 2013

Stock Options and Stock-Based Compensation

8. Stock Options and Stock-Based Compensation

The following is a summary of activity in the Company’s stock option plan for the nine months ended November 2, 2013:

						Weighted-
				Weighted-		Average
				Average		Remaining
	Number of			Exercise		Contractual
	Shares			Price		Term (Years)
Outstanding as of February 2, 2013		5,027,665		$	10.00
Options granted		816,690		$	10.00
Options exercised		—
Options forfeited		(201,938	)	$	10.00
Options expired		(234,350	)	$	10.00
Outstanding as of November 2, 2013		5,408,067		$	10.00		4.6
Options vested and expected to vest as of November 2, 2013		4,871,341		$	10.00		4.4
Exercisable as of November 2, 2013		1,950,319		$	10.00		2.2

The weighted average grant date fair value of options granted during the nine months ended November 2, 2013 and October 27, 2012 was $3.44 and $1.58, respectively.

During the three and nine months ended November 2, 2013 and October 27, 2012, the Company recorded stock-based compensation expense (benefit) and additional paid-in capital relating to stock-based compensation of approximately $0.6 million, $(0.5) million, $1.1 million and $(1.4) million, respectively. During the three months ended October 27, 2012, the Company recorded a reversal of stock option expense of $0.9 million associated with the forfeitures of stock options, including $0.5 million for a former executive officer. Stock-based compensation expense (benefit) is recorded in “Selling, general and administrative” expenses in the accompanying Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss.