Stock-Based Compensation (Tables)

6 Months Ended

Jul. 28, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock-Based Compensation Expense

The following table provides a summary of 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					26 Weeks Ended
(in thousands)	July 28, 2023			July 29, 2022		July 28, 2023			July 29, 2022
Deferred awards	$	1,242		$	1,350	$	2,221		$	2,905
Performance awards		(536	)		569		(536	)		498
Option awards		104			—		208			—
Total stock-based compensation expense	$	810		$	1,919	$	1,893		$	3,403

Summary of Deferred Awards Activity

The following table provides a summary of the Deferred Awards activity for the 26 weeks ended July 28, 2023:

	Deferred Awards
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested deferred awards as of January 27, 2023		906		$	16.46
Granted		836			8.54
Vested		(410	)		12.35
Forfeited or expired		(74	)		20.68
Unvested deferred awards as of July 28, 2023		1,258		$	12.28

Summary of Performance Awards Activity

The following table provides a summary of the Performance Awards activity for the 26 weeks ended July 28, 2023:

	Performance Awards
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested performance awards as of January 27, 2023		355		$	24.39
Granted		567			9.74
Vested		—			—
Forfeited or expired		(55	)		24.33
Unvested performance awards as of July 28, 2023		867		$	14.81

Schedule of Grand Date Fair Value of Option Award Granted

The fair value for the Performance Awards granted during the 26 weeks ended July 28, 2023, which includes a relative TSR modifier, was estimated on the grant date using a Monte Carlo simulation with the below noted assumptions:

Monte Carlo Simulation Assumptions
Risk-free interest rate (1)		4.46	%
Expected dividend yield		0.00	%
Expected volatility (2)		78.04	%
Expected term (in years) (3)		2.63
Grant date fair value per share	$	9.74

(1)The risk-free interest is based on the continuously compounded yield on a zero-coupon U.S. Treasury STRIPS as of the grant date for a period equal to the expected term.

(2)The expected volatility is estimated based on the historical volatility of the Company’s common stock with a term consistent with the expected term of the performance award.

(3)The expected term (in years) of the performance award represents the estimated period of time from the grant date to the end of the performance period.

Summary of Information about Option Awards Vested and Expected to Vest

The following table provides a summary of information about the Option Awards vested and expected to vest during the contractual term, as well as Option Awards exercisable as of July 28, 2023:

(in thousands, except contractual life and exercise price amounts)	Option Awards		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value
Option Awards vested and expected to vest		511		5.49	$	16.08		—
Option Awards exercisable		343		3.63	$	18.66		—