Commitments and Contingencies

3 Months Ended

May 02, 2015

Commitments and Contingencies [Abstract]

Commitments and Contingencies

8.Commitments and Contingencies

Lease Commitments.

We have entered into capital leases for certain property.  At May 2, 2015, the total capital lease obligations were $3.4 million, of which $0.4 million was included in short-term capital lease obligations and $3.0 million was included in other liabilities, net, on our unaudited condensed consolidated balance sheet.  At January 31, 2015, the total capital lease obligations were $3.5 million, of which $0.4 million was included in short-term capital lease obligations and $3.1 million was included in other liabilities, net, on our unaudited condensed consolidated balance sheet.

During the thirteen weeks ended May 2, 2015, we opened 15 stores and closed 2 stores increasing our lease commitments by a net of 13 retail stores. The stores we opened have initial lease termination dates between March 2020 and July 2025.

Annual Bonuses and Equity Incentive Awards.

Specified officers and corporate employees of our Company are eligible to receive annual bonuses, based on measures of Company operating performance.  At May 2, 2015 and January 31, 2015, there was $1.0 million and $3.5 million, respectively, of annual bonus related expenses included in accrued payroll expenses on our unaudited condensed consolidated balance sheets.

In addition, the Compensation Committee of the Board has placed performance criteria on awards of restricted stock units (PSUs) to our "named executive officers" as determined in accordance with Item 402(a) of Regulation S-K.  The performance criteria are tied to performance targets with respect to future return on invested capital and earnings before interest and taxes over a specified period of time.  These PSUs are expensed under the provisions of ASC Topic 718, Compensation – Stock Compensation, and are evaluated each quarter to determine the probability that the performance conditions set within will be met.

Legal Proceedings and Other Contingencies.

No material amounts were accrued at May 2, 2015 or January 31, 2015 pertaining to legal proceedings or other contingencies.