Stock Based Compensation

9 Months Ended

Oct. 30, 2021

Note 8. Stock Based Compensation

The Company has outstanding awards under three employee stock award plans, the 2005 Long Term Incentive and Share Award Plan, the Amended and Restated 2005 Long Term Incentive and Share Award Plan (the “Old Plans”); and the 2005 Long Term Incentive and Share Award Plan (as amended and restated April 5, 2017 (the “New Plan”). Collectively, these plans are referred to herein as the Stock Award Plans. The Company no longer issues stock options under the Old Plans.

Compensation expense related to the grant of stock options recognized in the thirty-nine weeks ended October 30, 2021 was $0.1 million. In addition, compensation expense of $0.2 million related to the grant of restricted shares was recognized in the thirty-nine weeks ended October 30, 2021. Total compensation expense recognized in the thirty-nine weeks ended October 31, 2020 was $0.3 million.

Equity awards authorized for issuance under the New Plan total 250,000. As of October 30, 2021, of the awards authorized for issuance under the Stock Award Plans, 141,713 share-based awards were granted and are outstanding, 34,152 of which were vested and exercisable. Shares available for future grants of options and other share-based awards under the New Plan at October 30, 2021 were 102,509.

The following table summarizes stock award activity during the thirty-nine weeks ended October 30, 2021:

	Number of Shares Subject To Option			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Other Share Awards			Weighted Average Grant Fair Value
Balance January 30, 2021		133,356		$	20.41		7.3		-		$	-
Granted		6,637			25.69		9.8		43,000			19.24
Forfeited		(6,977	)		10.04		9.0		-
Canceled		(28,900	)		53.29		-		-			-
Exercised		(2,403	)		7.12		9.0		(3,000	)		20.41
Balance October 30, 2021		101,713		$	12.44		8.4		40,000		$	18.98
Exercisable October 30, 2021		34,152		$	18.88		7.5		-		$	-

As of October 30, 2021, the intrinsic value of stock awards outstanding was $0.6 million and the intrinsic value of stock awards exercisable was $195,000.