The Company expenses the fair value of all stock awards over their respective vesting periods, ensuring that the amount of cumulative compensation cost recognized at any date is at least equal to the portion of the grant-date value of the award that is vested at that date. The Company has elected to adjust compensation expense for an estimated forfeiture rate for those shares not expected to vest and to recognize compensation cost on a straight-line basis for awards that only have a service requirement with multiple vest dates.

The Company has granted the following types of stock awards to employees at management levels and above:

ii.

Performance Awards are in the form of restricted stock units and have, in addition to a service requirement, performance criteria that must be achieved for the awards to be earned. For Performance Awards granted, the Target Shares earned can range from 50% to 200% once minimum thresholds have been reached and depend on the achievement of Adjusted EBITDA and revenue performance measures for the cumulative period comprised of three consecutive fiscal years beginning in the fiscal year of the grant date. The applicable percentage of the Target Shares, as determined by performance, vest after the completion of the applicable three-year performance period, and unearned Target Shares are forfeited. The fair value of the Performance Awards granted are based on the closing price of the Company’s common stock on the grant date. Stock-based compensation expense is recognized ratably over the related service period reduced for estimated forfeitures of those awards not expected to vest due to employee turnover and adjusted based on the Company’s estimate of the percentage of the aggregate Target Shares expected to be earned. Typically, the Company accrues for Performance Awards on a 100% payout unless it becomes probable that the outcome will be significantly different, or the performance can be accurately measured. The performance period has been completed for the Fiscal 2019 Performance Awards and, based on the Company’s performance relative to the Adjusted EBITDA and revenue performance measures, these awards are expected to be issued at 118% of Target Shares. The Fiscal 2021 Performance Awards are accrued at 186% payout.

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

(in thousands)	Fiscal 2021		Fiscal 2020		Fiscal 2019
Deferred Awards	$	5,683	$	5,752	$	5,591
Performance Awards		4,370		2,701		2,352
Option Awards		103		748		748
Total stock-based compensation expense	$	10,156	$	9,201	$	8,690

The following table provides a summary of the Deferred Awards activity for Fiscal 2021 and Fiscal 2020:

	Fiscal Year Ended
	January 28, 2022					January 29, 2021
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares			Weighted Average Grant Date Fair Value
Unvested deferred awards at beginning of year		1,093		$	10.86		745		$	18.49
Granted		247			29.90		765			6.97
Vested		(401	)		13.89		(299	)		19.68
Forfeited		(26	)		13.46		(118	)		12.22
Unvested deferred awards at end of year		913		$	14.60		1,093		$	10.86

Total unrecognized stock-based compensation expense related to unvested Deferred Awards was approximately $6.6 million as of January 28, 2022, which is expected to be recognized ratably over a weighted average period of 1.8 years. Deferred Awards granted to employees during Fiscal 2021 vest ratably over a period of three years.

The following table provides a summary of the Performance Awards activity for Fiscal 2021 and Fiscal 2020:

	Fiscal Year Ended
	January 28, 2022					January 29, 2021
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares			Weighted Average Grant Date Fair Value
Unvested performance awards at beginning of year		393		$	18.32		412		$	18.15
Granted		166			29.95		—			—
Change in estimate - performance		42			15.73		16			21.90
Vested		(165	)		21.90		—			—
Forfeited		—			—		(35	)		18.02
Unvested performance awards at end of year		436		$	21.15		393		$	18.32

Total unrecognized stock-based compensation expense related to unvested Performance Awards was approximately $6.0 million as of January 28, 2022 which is expected to be recognized ratably over a weighted average period of 2.1 years. Performance Awards granted to employees during Fiscal 2021 and Fiscal 2019 vest, if earned, after completion of the applicable three-year performance period.

The following table provides a summary of the Options Award activity for Fiscal 2021 and Fiscal 2020:

	Fiscal Year Ended
	January 28, 2022					January 29, 2021
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares			Weighted Average Grant Date Fair Value
Unvested option awards at beginning of year		85		$	8.73		171		$	8.73
Granted		—			—		—			—
Vested		(85	)		8.73		(86	)		8.73
Forfeited		—			—		—			—
Unvested option awards at end of year		—		$	—		85		$	8.73

There were no unvested Option Awards as of January 28, 2022. The Option Awards have a life of ten years and vest ratably over the first four years. As of January 28, 2022, 343,135 shares related to Option Awards were exercisable. No options were exercised during the fiscal year ended January 28, 2022.