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Stock-Based Compensation (Tables)
 6 Months Ended
Aug. 03, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Restricted Stock Activity

The following tables summarize the share activity and stock option activity for the first six months of fiscal 2024:

 

 

 

RSUs (1)

 

 

Deferred
shares (2)

 

 

Performance
Share Units (3)

 

 

Fully-Vested
 Shares (4)

 

 

Total number
of shares

 

 

Weighted-
average
grant-date
fair value

 

Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding non-vested shares at beginning of year

 

 

536,285

 

 

 

435,568

 

 

 

573,000

 

 

 

—

 

 

 

1,544,853

 

 

$

3.53

 

Shares granted

 

 

383,007

 

 

 

19,901

 

 

 

—

 

 

 

22,234

 

 

 

425,142

 

 

$

3.56

 

Shares vested and/or issued

 

 

(129,112

)

 

 

—

 

 

 

—

 

 

 

(22,234

)

 

 

(151,346

)

 

$

4.55

 

Shares expired

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

$

—

 

Shares forfeited

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

$

—

 

Outstanding non-vested shares at end of quarter

 

 

790,180

 

 

 

455,469

 

 

 

573,000

 

 

 

—

 

 

 

1,818,649

 

 

$

3.45

 

 

(1)
During the first six months of fiscal 2024, the Company granted time-based RSUs under its 2024-2026 LTIP. See Note 5, Long-Term Incentive Plans. As a result of net share settlements, of the 129,112 RSUs that vested, 115,292 shares of common stock were issued.
(2)
The 19,901 shares of deferred stock, with a fair value of $72,495 represent director compensation in lieu of cash, in accordance with the director's irrevocable election. The shares of deferred stock will be issued upon the director's separation from service.
(3)
On August 11, 2023, the Company granted 573,000 performance share units ("PSUs") in connection with the extension of Mr. Kanter's employment agreement. The award consists of nine tranches, with the first tranche vesting if and when the 30-day volume-weighted closing price of the Company's common stock is equal to or greater than $6.50 per share. Each subsequent tranche will vest upon achievement of the 30-day volume-weighted closing price of the Company's common stock in $0.25 increments with the ninth tranche vesting when such price is equal to or greater than $8.50 per share. The PSUs are subject to a one-year minimum vesting period, and any unvested PSUs will expire on August 11, 2026. The $2.4 million fair value is being expensed over the respective derived service periods of each tranche which range from 12 to 13 months. The respective fair value and derived service periods assigned to the PSUs were determined using a Monte Carlo model based on: a weighted historical volatility of 57.8%, a term of 3 years, stock price on the date of grant of $4.98 per share, a risk-free rate of 4.6% and a cost of equity of 11.0%.
(4)
Represented compensation, with a fair value of $80,993, to certain directors, who are required to receive shares, in lieu of cash, in order to satisfy their minimum equity ownership under the Non-Employee Director Compensation Plan. Voluntary shares received, in lieu of cash, are reported below under Non-Employee Director Compensation Plan.
Stock Option Activity

 

 

Number of
shares

 

 

Weighted-
average
exercise price
per option

 

 

Weighted-
average
remaining
contractual term

 

 

Aggregate
intrinsic value
(000's)

 

Stock Options

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding options at beginning of year

 

 

3,180,739

 

 

$

0.75

 

 

 

—

 

 

$

10,962

 

Options granted

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Options exercised

 

 

(139,667

)

 

$

0.57

 

 

 

—

 

 

 

409

 

Options expired

 

 

(53,441

)

 

$

5.29

 

 

 

—

 

 

 

—

 

Options forfeited

 

 

(1,715

)

 

$

0.75

 

 

 

—

 

 

 

5

 

Outstanding options at end of quarter

 

 

2,985,916

 

 

$

0.67

 

 

6.1 years

 

 

$

8,124

 

Options exercisable at end of quarter

 

 

2,745,724

 

 

$

0.66

 

 

6.0 years

 

 

$

7,491