Stock-Based Compensation

3 Months Ended

Aug. 02, 2014

Stock-Based Compensation

(12) Stock-Based Compensation

For the 13 weeks ended August 2, 2014 and July 27, 2013, the Company recognized stock-based compensation expense in selling and administrative expenses as follows:

	13 weeks ended
	August 2, 2014		July 27, 2013
Restricted Stock Expense	$	460	$	709
Restricted Stock Units Expense		3,838		4,952
Stock Option Expense		309		(1,439	)
Stock-Based Compensation Expense	$	4,607	$	4,222

On July 8, 2013, the Company announced that William J. Lynch, Jr. resigned from the Company’s Board of Directors and as Chief Executive Officer of the Company, effective immediately. In connection with his termination of employment on July 8, 2013, Mr. Lynch received full vesting in respect of 275,846 restricted stock units granted by the Company to Mr. Lynch, which had an aggregate value of $4,968. As a result of his resignation, Mr. Lynch forfeited 166,667 shares of restricted stock units and 1,000,000 stock options, which had an aggregate forfeiture value of $1,119 and $1,690, respectively. The net stock compensation cost for his resignation was $1,883 and was recorded in selling and administrative expenses during the 13 weeks ended July 27, 2013.