The Company expenses the fair value of all stock awards over their respective vesting periods, ensuring that the amount of cumulative stock-based compensation expense recognized at any date is at least equal to the portion of the grant-date fair value of the award that is vested at that date. The Company has elected to adjust stock-based compensation expense for an estimated forfeiture rate for those shares not expected to vest and to recognize stock-based compensation expense 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, each of which are granted under the Company’s stockholder approved stock plans, other than inducement grants outside of the Company’s stockholder approved stock plans in accordance with NASDAQ Listing Rule 5635(c)(4):

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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 with 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 upon determination of achievement of the performance measures by the Compensation Committee of the Board of Directors, 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 Performance Awards granted during First Quarter 2019 and, based on the Company’s performance relative to the Adjusted EBITDA and revenue performance measures, these awards vested on March 25, 2022 at 118% of Target Shares. The stock-based compensation expense associated with the Performance Awards granted to employees during First Quarter 2022 and First Quarter 2021 is accrued at 100% and 114% payout, respectively.

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 29, 2022		July 30, 2021		July 29, 2022		July 30, 2021
Deferred awards	$	1,350	$	1,484	$	2,905	$	2,845
Performance awards		569		2,072		498		3,121
Option awards	—			—		—		103
Total stock-based compensation expense	$	1,919	$	3,556	$	3,403	$	6,069

The following table provides a summary of the Deferred Awards activity for the 26 weeks ended July 29, 2022:

	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 28, 2022		913		$	14.60
Granted		373			20.65
Vested		(390	)		14.13
Forfeited or expired		(66	)		16.67
Unvested deferred awards as of July 29, 2022		830			17.38

Total unrecognized stock-based compensation expense related to unvested Deferred Awards was approximately $9.8 million as of July 29, 2022, which is expected to be recognized ratably over a weighted average period of 2.1 years. Deferred Awards granted to employees during the 26 weeks ended July 29, 2022 vest ratably over a period of three years.

The following table provides a summary of the Performance Awards activity for the 26 weeks ended July 29, 2022:

	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 28, 2022		436		$	21.15
Granted ⁽¹⁾		248			20.65
Vested		(270	)		15.73
Forfeited or expired		(38	)		24.39
Unvested performance awards as of July 29, 2022		376			24.39

Total unrecognized stock-based compensation expense related to unvested Performance Awards was approximately $6.1 million as of July 29, 2022, which is expected to be recognized ratably over a weighted average period of 2.2 years. Performance Awards granted to employees during the 26 weeks ended July 29, 2022 vest, if earned, after completion of the applicable three-year performance period.

There were no unvested Option Awards as of July 29, 2022. The Option Awards have a life of ten years and vested ratably over the first four years. As of July 29, 2022, 343,135 shares related to Option Awards were exercisable. No options have been exercised as of July 29, 2022.