Stock-Based Compensation (Notes)

9 Months Ended

Oct. 28, 2016

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

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

STOCK-BASED COMPENSATION

Accounting standards require, among other things, that (i) the fair value of all stock awards be expensed over their respective vesting periods; (ii) the amount of cumulative compensation cost recognized at any date must at least be equal to the portion of the grant-date value of the award that is vested at that date and (iii) compensation expense includes a forfeiture estimate for those shares not expected to vest. Also in accordance with these provisions, for awards that only have a service requirement with multiple vest dates, the Company is required to recognize compensation cost on a straight-line basis over the requisite service period for the entire award.

The Company has granted time vesting stock awards ("Deferred Awards") and performance-based stock awards ("Performance Awards") to employees at management levels and above. Deferred Awards were granted in the form of restricted stock units that only require each recipient to complete a service period. Deferred Awards generally vest over three years or in full after a three year period. Performance Awards were granted in the form of restricted stock units which have, in addition to a service requirement, performance criteria that must be achieved for the awards to be earned. Performance Awards have annual vesting, but due to the performance criteria, are not eligible for straight-line expensing. Therefore, Performance Awards are amortized using a graded expense process. The fair value of all awards is based on the closing price of the Company’s common stock on the grant date. Compensation expense is reduced for estimated forfeitures of those awards not expected to vest due to employee turnover.

The following table summarizes the Company’s stock-based compensation expense, which is included in Selling and administrative expense in the Condensed Consolidated Statements of Operations:

	13 Weeks Ended					39 Weeks Ended
(in thousands)	October 28, 2016			October 30, 2015		October 28, 2016		October 30, 2015
Performance Awards	$	127		$	315	$	511	$	1,096
Deferred Awards	(301		)	471		1,067		1,211
Total stock-based compensation (benefit) expense	$	(174	)	$	786	$	1,578	$	2,307

In Third Quarter 2016 there was a reversal of prior period expense due to the resignation of the former Chief Executive Officer.

Awards Granted Year to Date 2016

The company granted Deferred Awards to various employees during the Year to Date 2016, which generally vest ratably over a three year period. There were no Performance Awards granted in the Year to Date 2016.

Changes in the Company’s Unvested Stock Awards Year to Date 2016

Deferred Awards

(in thousands, except per share amounts)	Number of Shares		Weighted Average Grant Date Fair Value
Unvested Deferred Awards, as of January 29, 2016	175		$	30.87
Granted	225		24.39
Vested	(27	)	33.53
Forfeited	(132	)	30.25
Unvested Deferred Awards, as of October 28, 2016	241		24.91

Total unrecognized stock-based compensation expense related to unvested Deferred Awards approximated $4.5 million as of October 28, 2016, which will be recognized over a weighted average period of approximately 2.2 years.

Performance Awards

(in thousands, except per share amounts)	Number of Shares		Weighted Average Grant Date Fair Value
Unvested Performance Awards, as of January 29, 2016	109		$	26.81
Granted	—		—
Vested	(30	)	27.84
Forfeited	(10	)	26.73
Unvested Performance Awards, as of October 28, 2016	69		26.38

Total unrecognized stock-based compensation expense related to unvested Performance Awards approximated $0.5 million as of October 28, 2016, which will be recognized over a weighted average period of approximately 0.6 years.