Shareholders' Equity

Common Stock

We had 60 million shares of $1.00 par value per share common stock authorized for issuance as of February 3, 2018 and January 28, 2017. We had 16.8 million and 16.8 million shares of common stock issued and outstanding as of February 3, 2018 and January 28, 2017, respectively.

Long-Term Stock Incentive Plan

As of February 3, 2018, 0.9 million shares were available for issuance under our Long-Term Stock Incentive Plan (the "Long-Term Stock Incentive Plan"). The Long-Term Stock Incentive Plan allows us to grant equity-based awards to employees and non-employee directors in the form of stock options, stock appreciation rights, restricted shares and/or restricted share units. No additional grants are available under any predecessor plans.

Restricted share awards granted to officers and other key employees generally vest three or four years from the date of grant if (1) the performance threshold, if any, was met and (2) the employee is still employed by us on the vesting date. At the time that restricted shares are issued, the shareholder is generally, subject to the terms of the respective agreement, be entitled to the same dividend and voting rights as other holders of our common stock as long as the restricted shares are outstanding. The employee generally is restricted from transferring or selling any restricted shares and generally forfeits the awards upon the termination of employment prior to the end of the vesting period. The specific provisions of the awards, including exercisability and term of the award, are evidenced by agreements with the employee as determined by the compensation committee of our Board of Directors, as applicable.

The table below summarizes the restricted share award activity for officers and other key employees (in shares) during Fiscal 2017, Fiscal 2016, and Fiscal 2015:



	Fiscal 2017				Fiscal 2016				Fiscal 2015
	Number of Shares		Weighted- average grant date fair value		Number of Shares		Weighted- average grant date fair value		Number of Shares		Weighted- average grant date fair value
Restricted share awards outstanding at beginning of fiscal year	228,682		$	69	175,886		$	67	91,172		$	59
Service-based restricted share awards granted/issued	58,753		$	56	44,437		$	73	23,637		$	60
Performance-based restricted share awards issued related to prior year performance awards	30,443		$	76	87,009		$	58	87,153		$	78
Restricted share awards vested, including restricted shares repurchased from employees for employees' tax liability	(92,239	)	$	78	(58,711	)	$	51	(4,645	)	$	64
Restricted share awards forfeited	(14,594	)	58		(19,939	)	67		(21,431	)	70
Restricted share awards outstanding at end of fiscal year	211,045		$	63	228,682		$	69	175,886		$	67

The following table summarizes information about the unvested restricted share awards as of February 3, 2018. The unvested restricted share awards will be settled in shares of our common stock on the vesting date, subject to the employee still being an employee at that time.



Grant	Number of Unvested Share Awards	Average Market Price on Date of Grant		Vesting Date
Fiscal 2015 Performance-based Restricted Share Awards	68,408	$	58	April 2018
Fiscal 2016 Service-based Restricted Share Awards	30,319	$	76	April 2019
Fiscal 2016 Performance-based Restricted Share Awards	29,576	$	76	April 2019
Fiscal 2017 Service-based Restricted Share Awards	47,605	$	56	April 2020
Other Service-based Restricted Share Awards	35,137	$	59	April 2018 - April 2021
Total	211,045

Restricted shares pursuant to performance-based awards are not issued until approved by our compensation committee following completion of the performance period. During Fiscal 2017, approximately 70,000 restricted shares were earned by recipients related to the Fiscal 2017 performance period; however, these share awards were not included in the tables above as the awards had not been issued as of February 3, 2018. The grant date fair value of these 70,000 awards was $56 per share, and the awards vest in April 2020.

As of February 3, 2018, there was $7.6 million of unrecognized compensation expense related to the unvested restricted share awards, which have been granted to employees but have not yet vested, including the Fiscal 2017 performance-based awards issued in the First Quarter of Fiscal 2018.

In addition, we grant restricted shares to our non-employee directors for a portion of each non-employee director's compensation. The non-employee directors must complete certain service requirements; otherwise, the restricted shares are subject to forfeiture. On the date of issuance, the non-employee directors are entitled to the same dividend and voting rights as other holders of our common stock. The non-employee directors are restricted from transferring or selling the restricted shares prior to the end of the vesting period.

Employee Stock Purchase Plan

There were 0.4 million shares of our common stock authorized for issuance under our Employee Stock Purchase Plan ("ESPP") as of February 3, 2018. The ESPP allows qualified employees to purchase shares of our common stock on a quarterly basis, based on certain limitations, through payroll deductions. The shares purchased pursuant to the ESPP are not subject to any vesting or other restrictions. On the last day of each calendar quarter, the accumulated payroll deductions are applied toward the purchase of our common stock at a price equal to 85% of the closing market price on that date. Equity compensation expense related to the employee stock purchase plan recognized was $0.2 million, $0.2 million and $0.2 million in Fiscal 2017, Fiscal 2016 and Fiscal 2015, respectively.

Preferred Stock

We had 30 million shares of $1.00 par value preferred stock authorized for issuance as of February 3, 2018 and January 28, 2017. No preferred shares were issued or outstanding as of February 3, 2018 or January 28, 2017.

Accumulated Other Comprehensive Loss

The following table details the changes in our accumulated other comprehensive loss by component (in thousands), net of related income taxes during Fiscal 2017, Fiscal 2016 and Fiscal 2015.



	Foreign currency translation gain (loss)			Net unrealized gain (loss) on cash flow hedges			Accumulated other comprehensive income (loss)
Balance, January 31, 2015	$	(30,900	)	$	746		$	(30,154	)
Other comprehensive income (loss)	24,071			(746		)	23,325
Balance, January 30, 2016	(6,829		)	—			(6,829		)
Other comprehensive income	1,553			—			1,553
Balance, January 28, 2017	(5,276		)	—			(5,276		)
Other comprehensive income	1,202			—			1,202
Balance, February 3, 2018	$	(4,074	)	$	—		$	(4,074	)

The change in accumulated other comprehensive loss in Fiscal 2017 and Fiscal 2016 primarily resulted from changes in foreign currency exchange rates between certain functional and reporting currencies in the respective period. No material amounts of accumulated other comprehensive loss were reclassified from accumulated other comprehensive loss into our consolidated statements of operations during Fiscal 2017 or Fiscal 2016. The balance in accumulated other comprehensive loss as of February 3, 2018 primarily relates to our Tommy Bahama operations in Canada, Japan and Australia. Substantially all of the change in accumulated other comprehensive loss during Fiscal 2015 resulted from the sale of our discontinued operations as the related amounts previously classified in accumulated other comprehensive loss were recognized in net loss from discontinued operations, net of taxes in our consolidated statement of operations.