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Equity Award Plans
9 Months Ended
Nov. 03, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Equity Award Plans

13.

EQUITY AWARD PLANS

In January 2006, the stockholders of the Company approved the adoption of the Amended and Restated 2005 Equity Incentive Plan (the “2005 Plan”) and, subsequently, have approved amendments to increase the number of issuable shares under the 2015 Plan. Under the 2005 Plan, employees, directors, consultants and other individuals who provide services to the Company may be granted awards in the form of stock options, stock appreciation rights, restricted stock, RSU’s or deferred stock units. Up to 3,550,000 shares of the Company’s common stock may be issued in respect of awards under the 2005 Plan, as amended, with no more than 2,250,000 of those shares permitted to be issued in respect of restricted stock, RSU’s, or deferred stock units granted under the 2005 Plan. Awards of stock options to purchase the Company’s common stock will have exercise prices as determined by the Compensation Committee of the Board of Directors (the “Compensation Committee”), but such exercise prices may not be lower than the fair market value of the stock on the date of grant.

 

No stock options have been granted by the Company with an exercise price less than the fair market value of the Company’s common stock on the date of grant for any of the periods presented. The majority of the stock options issued under the 2005 Plan vest ratably over four-year periods and generally expire ten years from the date of grant. Restricted stock and time-based RSU awards issued under the 2005 Plan generally have restrictions that lapse ratably over periods ranging from one to four years however, up to 177,500 restricted stock awards may be issued with a vesting period of less than one year. Performance-based awards issued under the 2005 Plan generally vest based upon the achievement of pre-established performance goals over a specified three-year period. The number of shares of our common stock that may be earned in respect of performance-based awards may be greater or less than the target number of shares granted based on the actual performance achieved. The non-executive chairman of the Company’s Board of Directors is granted 6,000 shares of restricted stock on an annual bases and each non-employee director, other than the non-executive chairman, of the Company’s Board of Directors is granted 4,000 shares of restricted stock on an annual basis, in each case that will vest one year from the date of grant. The Company issues new shares of common stock upon exercise of vested stock options. As of November 3, 2018, there were 896,848 shares of the Company’s common stock available for grant under the 2005 Plan in the form of stock options, restricted stock, RSUs or deferred stock units.

Stock option activity for all plans was as follows:

 

 

 

Outstanding Stock Options (in thousands)

 

 

Weighted Average Exercise Price

 

 

Weighted Average Remaining Life

 

 

Aggregate Intrinsic Value (in thousands)

 

Balance as of February 3, 2018

 

544

 

 

$

11.26

 

 

 

 

 

 

 

 

 

Granted

 

464

 

 

3.06

 

 

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(483

)

 

8.44

 

 

 

 

 

 

 

 

 

Expired

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of November 3, 2018

 

525

 

 

$

6.62

 

 

8.4

 

 

$

598

 

Exercisable as of November 3, 2018

 

179

 

 

$

11.35

 

 

 

6.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table summarizes information about stock options outstanding as of November 3, 2018:

 

 

 

Stock Options Outstanding

 

 

Stock Options Exercisable

 

Range of Exercise Prices

 

Number Outstanding   (in thousands)

 

Weighted Average Remaining Life

 

 

Weighted Average Exercise Price

 

 

Number Exercisable (in thousands)

 

 

Weighted Average Exercise Price

 

$  2.65  to $  5.00

 

224

 

 

9.5

 

 

$

2.65

 

 

 

 

 

$

-

 

    5.01  to   10.00

 

199

 

 

8.4

 

 

 

6.36

 

 

91

 

 

 

6.74

 

  10.01  to   31.38

 

102

 

 

5.8

 

 

 

15.82

 

 

88

 

 

 

16.16

 

$  2.65  to  $31.38

 

525

 

 

8.4

 

 

$

6.62

 

 

 

179

 

 

$

11.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table summarizes information about restricted stock and RSU activity for the 2005 Plan and includes 75,471 performance-based RSUs which is the number of RSUs that would be delivered if the target level of performance is achieved.  If performance was achieved at the maximum level, 150,942 RSUs would be delivered.  

 

 

 

Outstanding Restricted Shares (in thousands)

 

 

Weighted Average Grant Date Fair Value

 

Unvested as of February 3, 2018

 

 

853

 

 

$

3.16

 

Granted

 

 

545

 

 

 

3.38

 

Vested

 

 

(144

)

 

 

3.81

 

Forfeited

 

 

(649

)

 

 

2.89

 

Unvested as of November 3, 2018

 

 

605

 

 

$

3.49