Stock-Based Compensation (Tables)

12 Months Ended

May 02, 2021

Summary of Time Vested Restricted Stock Unit Activity

The following table summarizes the time-based restricted stock unit activity during fiscal years 2021, 2020, and 2019:

	2021		2020		2019
	Shares		Shares		Shares
outstanding at beginning of year		44,399		10,000		1,200
granted		129,896		34,399		10,000
vested		—		—		(1,200	)
outstanding at end of year		174,295		44,399		10,000

Summary of Assumptions Used to Determine Fair Value of Performance Based Restricted Stock Units

The following table provides assumptions used to determine the fair market value of the market-based total shareholder return component using the Monte Carlo simulation model on our outstanding performance-based restricted stock units granted to senior executives on July 18, 2019, and August 2, 2018:

	July 18,			August 2,
	2019			2018
Closing price of our common stock	$	18.49		$	24.35
Expected volatility of our common stock		30.0	%		33.5	%
Expected volatility of peer companies (1) (2)	29.9% - 82.3%				16.0	%
Risk-free interest rate		1.73	%		2.74	%
Dividend yield		2.10	%		1.35	%
Correlation coefficient of peer companies (1) (2)	0.00 - 0.43				0.47

(1) The expected volatility and correlation coefficient of our peer companies for the July 18, 2019, grant date was based on peer companies that were approved by the Compensation Committee of our board of directors as an aggregate benchmark for determining the market-based total shareholder return component. Therefore, we disclosed ranges of the expected volatility and correlation coefficient for the companies that represented this peer group.

(2) The expected volatility and correlation coefficient of our peer companies for the August 2, 2018, grant date was based on the Russell 2000 Index, which was approved by the Compensation Committee of our board of directors as the benchmark for determining the market-based total shareholder return component. Since the Russell 2000 Index was the only benchmark for determining the market-based total shareholder return component, no ranges were disclosed for these assumptions.

Summary of Grants of Common Stock to Outside Directors

The following table summarizes information related to our grants of common stock to our outside directors during fiscal 2021, 2020, and 2019:

	Common		(1)
	Stock		Price Per		Vesting
Date of Grant	Awarded		Share		Period
April 1, 2021 - Fiscal 2021		4,467	$	15.67	Immediate
January 4, 2021 - Fiscal 2021		4,563	$	15.34	Immediate
October 1, 2020 - Fiscal 2021		5,193	$	13.48	Immediate
July 1, 2020 - Fiscal 2021		7,000	$	10.00	Immediate
April 1, 2020 - Fiscal 2020		10,511	$	6.66	Immediate
January 2, 2020 - Fiscal 2020		4,972	$	14.08	Immediate
October 1, 2019 - Fiscal 2020		4,519	$	15.49	Immediate
July 1, 2019 - Fiscal 2020		3,659	$	19.21	Immediate
April 1, 2019 - Fiscal 2019		2,948	$	19.18	Immediate
October 1, 2018 - Fiscal 2019		3,600	$	23.45	Immediate

(1) Price per share represents closing price of our common stock on the date of grant.

Time-Based Restricted Stock Units [Member]

Summary of Vested Restricted Stock Units

The following table summarizes information related to our time-based restricted stock units that vested during the fiscal 2021, 2020, and 2019:

	Common		(1)		(2)
	Stock Shares		Weighted Average		Price Per
Fiscal Year	Vested		Fair Value		Share
Fiscal 2021		—	$	—	$	—
Fiscal 2020		—	$	—	$	—
Fiscal 2019		1,200	$	21	$	17.36

(1) Dollar amounts are in thousands.

(2) Price per share represents closing price of our common stock on the date the respective award vested.

Performance Based Restricted Stock Units [Member]

Summary of Vested Restricted Stock Units

The following table summarizes information related to our performance-based restricted stock units that vested during fiscal 2021, 2020, and 2019:

			(3)		(4)
	Common		Weighted		Weighted
	Stock Shares		Average		Average Price
Fiscal Year	Vested		Fair Value		Per Share
Fiscal 2021 (1)		3,277	$	33	$	9.96
Fiscal 2021 (1)		3,710	$	37	$	9.96
Fiscal 2020 (1)		11,351	$	197	$	17.36
Fiscal 2020 (2)		4,961	$	86	$	17.36
Fiscal 2019 (1)		128,632	$	3,754	$	29.19
Fiscal 2019 (2)		10,364	$	320	$	30.90

(1) Senior executives and key employees.

(2) Non-employee.

(3) Dollar amounts are in thousands.

(4) The weighted average price per share is derived from the closing prices of our common stock on the dates the respective performance-based restricted stock units vested.

Senior Executives and Management [Member] | Time-Based Restricted Stock Units [Member]

Summary of Grants of Time-Based Restricted Stock Unit Awards

The following table summarizes information related to our grants of time-based restricted stock unit awards associated with certain senior executives and key members of management during fiscal years 2021, 2020, and 2019:

			(1)
	Restricted		Price		Vesting
Date of Grant	Stock Awarded		Per Share		Period
August 6, 2020		129,896	$	11.01	3 years
July 18, 2019		34,399	$	18.49	3 years
August 2, 2018		10,000	$	24.35	5 years

(1) Price per share represents closing price of our common stock on the date the respective award was granted.

Executive officers and key employees [Member]

Summary of Grants of Performance Based Restricted Stock Units

The following table summarizes information related to our grants of performance-based restricted stock units associated with certain senior executives and key employees that were unvested as of May 2, 2021:

			(4)
	(3)		Restricted Stock
	Restricted Stock		Units Expected		Price Per			Vesting
Date of Grant	Units Awarded		to Vest		Share			Period
July 18, 2019 (1)		93,653		6,113	$	19.04	(5)	3 years
July 18, 2019 (2)		29,227		3,661	$	18.49	(7)	3 years
August 2, 2018 (1)		86,599		6,734	$	18.51	(6)	3 years
August 2, 2018 (2)		47,800		5,811	$	24.35	(7)	3 years

(1) Performance-based restricted stock units awarded to certain senior executives.

(2) Performance-based restricted stock units awarded to key employees.

(3) Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit agreements.

(4) Compensation cost is based on an assessment each reporting period to determine the probability of whether or not certain performance goals will be met as of the end of the vesting period, and in turn, the number of shares that are expected to be awarded during the vesting period. These amounts represent the number of shares that are expected to vest as of May 2, 2021.

(5) Price per share represents the fair market value per share ($1.03 per $1, or an increase of $0.55 to the closing price of our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($18.49) for the performance-based component of the performance-based restricted stock units granted to certain senior executives on July 18, 2019.

(6) Price per share represents the fair market value per share ($0.76 per $1, or a reduction of $5.84 to the closing price of our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($24.35) for the performance-based component of the performance-based restricted stock units granted to certain senior executives on August 2, 2018.

(7) Price per share represents the closing price of our common stock on the date of grant.