Stock Based Compensation

3 Months Ended

May 04, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 4. Stock Based Compensation

Total stock-based compensation expense recognized in the condensed consolidated statements of operations for the thirteen weeks ended May 4, 2013 and April 28, 2012 was $99,000 and $67,000, respectively, before income taxes. 0 deferred tax benefit was recorded against stock-based compensation expense for the thirteen weeks ended May 4, 2013 and April 28, 2012.

As of May 4, 2013, there was approximately $0.5 million of unrecognized compensation cost related to stock award awards that is expected to be recognized as expense over a weighted average period of 1.8 years.

As of May 4, 2013, stock awards authorized for issuance under the Company’s plans total 20.6 million. There are certain authorized stock award plans for which the Company no longer grant awards. Of these awards authorized for issuance, 3.1 million were granted and are outstanding, 2.4 million of which were vested and exercisable. Awards available for future grants at May 4, 2013 were 2.7 million.

The table below outlines the assumptions that the Company used to estimate the fair value of stock based awards granted during the thirteen weeks ended May 4, 2013:

Dividend yield		0	%
Expected stock price volatility		75.2	%
Risk-free interest rate		0.8	%
Expected award life (in years)		5.1
Weighted average fair value per share of awards granted during the period	$	2.13

The following table summarizes stock award activity during the thirteen weeks ended May 4, 2013:

	Employee and Director Stock Award Plans
	Number of Shares Subject To Option			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Other Share Awards(1)			Weighted Average Grant Fair Value
Balance February 2, 2013		4,663,909		$	6.45		2.7		93,037		$	6.04
Granted		25,000			3.48		9.8		11,620			4.30
Exercised		(1,427,450	)		3.35		—		(11,620	)		4.30
Forfeited		(5,000	)		1.79		—		—			—
Canceled		(240,189	)		8.45		—		—			—
Balance May 4, 2013		3,016,270		$	7.75		3.7		93,037		$	6.04
Exercisable May 4, 2013		2,338,770		$	9.31		2.4		93,037		$	6.04

(1) Other Share Awards include deferred shares granted to Directors and restricted stock units issued to employees.

As of May 4, 2013, the intrinsic value of stock awards outstanding was $1.7 million and exercisable was $270,000.