Accounting For Share-Based Payments

9 Months Ended

Oct. 31, 2015

ACCOUNTING FOR SHARE-BASED PAYMENTS [Abstract]

Accounting for Share-Based Payments

ACCOUNTING FOR SHARE-BASED PAYMENTS

The 2010 Equity Incentive Plan (the “2010 Plan”) provides for equity-based awards to the Company’s employees, directors and consultants. Under the 2010 Plan, the Company initially reserved 1,000,000 shares of common stock for issuance. This number automatically increases on the first trading day of each fiscal year beginning with fiscal 2011, by an amount equal to 1.5% of the shares of common stock outstanding as of the last trading day of the immediately preceding fiscal year; accordingly, 1,961,898 shares of common stock were reserved for issuance as of October 31, 2015. The Company previously had two stock option plans which expired on October 31, 2010. No further awards will be granted under these plans, although all options previously granted and outstanding will remain outstanding until they are either exercised or forfeited. As of October 31, 2015, 814,252 stock options have been granted pursuant to the 2010 Plan.

The following is a summary of the stock option activity during the thirty-nine weeks ended October 31, 2015:

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value (in thousands)
Outstanding as of January 31, 2015	1,230,253		$	8.43
Granted	10,000		5.32
Exercised	(17,387	)	3.27
Forfeited	(258,950	)	9.88
Outstanding as of October 31, 2015	963,916		$	8.10	6.2	$	—
Vested and expected to vest as of October 31, 2015	932,662		$	8.11	6.2	$	—
Exercisable as of October 31, 2015	932,662		$	8.11	6.2	$	—

The following is a summary of stock warrants activity during the thirty-nine weeks ended October 31, 2015:

	Number of Warrants	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value (in thousands)
Outstanding as of January 31, 2015	6,299,971	$	11.80
Granted	—	—
Exercised	—	—
Forfeited	—	—
Outstanding as of October 31, 2015	6,299,971	$	11.80	2.6	$	—
Vested as of October 31, 2015	6,299,971	$	11.80	2.6	$	—
Exercisable as of October 31, 2015	6,299,971	$	11.80	2.6	$	—

Share-based compensation expense was less than $0.1 million and $0.1 million during the thirteen weeks ended October 31, 2015 and November 1, 2014, respectively, and $0.2 million and $0.3 million during the thirty-nine weeks ended October 31, 2015 and November 1, 2014, respectively.