Shareholders' Equity

12 Months Ended

Jan. 28, 2017

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders' Equity

Common Stock

We had 60 million shares of $1.00 par value per share common stock authorized for issuance as of January 28, 2017 and January 30, 2016. We had 16.8 million and 16.6 million shares of common stock issued and outstanding as of January 28, 2017 and January 30, 2016, respectively.

Long-Term Stock Incentive Plan

As of January 28, 2017, 1.0 million shares were available for issuance under our Long-Term Stock Incentive Plan (the "Long-Term Stock Incentive Plan"). The Long-Term Stock Incentive Plan allows us to grant equity-based awards to employees and non-employee directors in the form of stock options, stock appreciation rights, restricted shares and/or restricted share units. No additional grants are available under any predecessor plans.

Restricted share awards and restricted share unit awards granted to officers and other key employees generally vest three or four years from the date of grant if (1) the performance threshold, if any, was met and (2) the employee is still employed by us on the vesting date. At the time that restricted shares are issued, the shareholder is generally, subject to the terms of the respective agreement, be entitled to the same dividend and voting rights as other holders of our common stock as long as the restricted shares are outstanding. At the time that restricted share units are issued, the recipient may, subject to the terms of the respective agreement, earn non-forfeitable dividend equivalents equal to the dividend paid per share to holders of our common stock, but does not obtain voting rights associated with the restricted share units. The employee generally is restricted from transferring or selling any restricted shares or restricted share units, and generally forfeits the awards upon the termination of employment prior to the end of the vesting period. The specific provisions of the awards, including exercisability and term of the award, are evidenced by agreements with the employee as determined by our compensation committee or Board of Directors, as applicable.

The table below summarizes the restricted share award activity for officers and other key employees (in shares) during Fiscal 2016, Fiscal 2015, and Fiscal 2014:

	Fiscal 2016				Fiscal 2015				Fiscal 2014
	Number of Shares		Weighted- average grant date fair value		Number of Shares		Weighted- average grant date fair value		Number of Shares		Weighted- average grant date fair value
Restricted share awards outstanding at beginning of fiscal year	175,886		$	67	91,172		$	59	56,521		$	47
Service-based restricted share awards granted/issued	44,437		$	73	23,637		$	60	35,641		$	78
Performance-based restricted share awards issued related to prior year performance awards	87,009		$	58	87,153		$	78	—		$	—
Restricted share awards vested, including restricted shares repurchased from employees for employees' tax liability	(58,711	)	$	51	(4,645	)	$	64	—		$	—
Restricted shares forfeited	(19,939	)	67		(21,431	)	70		(990	)	$	78
Restricted shares outstanding at end of fiscal year	228,682		$	69	175,886		$	67	91,172		$	59

The following table summarizes information about the unvested restricted share awards as of January 28, 2017. The unvested restricted share awards will be settled in shares of our common stock on the vesting date, subject to the employee still being an employee at that time.

Grant	Number of Unvested Share Awards	Average Market Price on Date of Grant		Vesting Date
Fiscal 2014 Service-based Restricted Share Awards	24,751	$	78	April 2017
Fiscal 2014 Performance-based Restricted Share Awards	65,196	$	78	April 2017
Fiscal 2015 Performance-based Restricted Share Awards	73,361	$	58	April 2018
Fiscal 2016 Service-based Restricted Share Awards	31,594	$	76	April 2019
Other Service-based Restricted Share Awards	33,780	$	60	April 2018 - April 2020
Total	228,682

Restricted shares pursuant to performance-based awards are not issued until approved by our compensation committee following completion of the performance period. During Fiscal 2016, approximately 30,000 restricted shares were earned by recipients related to the Fiscal 2016 performance period and issued in Fiscal 2017; however these awards were not included in the tables above as the awards had not been issued as of January 28, 2017. The grant date fair value of these 30,000 awards was $76 per share, and the awards vest in April 2019.

As of January 28, 2017, there was $7.1 million of unrecognized compensation expense related to the unvested restricted share awards, which have been granted to employees but have not yet vested, including the Fiscal 2016 performance-based awards issued in the First Quarter of Fiscal 2017.

In addition, we grant restricted shares to our non-employee directors for a portion of each non-employee director's compensation. The non-employee directors must complete certain service requirements; otherwise, the restricted shares are subject to forfeiture. On the date of issuance, the non-employee directors are entitled to the same dividend and voting rights as other holders of our common stock. The non-employee directors are restricted from transferring or selling the restricted shares prior to the end of the vesting period.

Employee Stock Purchase Plan

There were 0.4 million shares of our common stock authorized for issuance under our Employee Stock Purchase Plan ("ESPP") as of January 28, 2017. The ESPP allows qualified employees to purchase shares of our common stock on a quarterly basis, based on certain limitations, through payroll deductions. The shares purchased pursuant to the ESPP are not subject to any vesting or other restrictions. On the last day of each calendar quarter, the accumulated payroll deductions are applied toward the purchase of our common stock at a price equal to 85% of the closing market price on that date. Equity compensation expense related to the employee stock purchase plan recognized was $0.2 million, $0.2 million and $0.2 million in Fiscal 2016, Fiscal 2015 and Fiscal 2014, respectively.

Preferred Stock

We had 30 million shares of $1.00 par value preferred stock authorized for issuance as of January 28, 2017 and January 30, 2016. No preferred shares were issued or outstanding as of January 28, 2017 or January 30, 2016.

Accumulated Other Comprehensive Income (loss)

The following table details the changes in our accumulated other comprehensive loss by component (in thousands), net of related income taxes during Fiscal 2016, Fiscal 2015 and Fiscal 2014.

	Foreign  currency  translation  gain (loss)			Net unrealized  gain (loss) on  cash flow  hedges			Accumulated  other  comprehensive  income (loss)
Balance, February 1, 2014	$	(23,283	)	$	(335	)	$	(23,618	)
Other comprehensive (loss) income, net of taxes	(7,617		)	1,081			(6,536		)
Balance, January 31, 2015	(30,900		)	746			(30,154		)
Other comprehensive income (loss), net of taxes	24,071			(746		)	23,325
Balance, January 30, 2016	(6,829		)	—			(6,829		)
Other comprehensive income, net of taxes	1,553			—			1,553
Balance, January 28, 2017	$	(5,276	)	$	—		$	(5,276	)

Substantially all of the change in accumulated other comprehensive income (loss) during Fiscal 2015 resulted from the sale of our discontinued operations as the related amounts previously classified in accumulated other comprehensive loss were recognized in net loss from discontinued operations, net of taxes in our consolidated statement of operations. Substantially all of the change in accumulated other comprehensive income (loss) in Fiscal 2016 and Fiscal 2014 resulted from changes in foreign currency exchange rates between certain functional and reporting currencies in the respective period. No material amounts of accumulated other comprehensive loss were reclassified from accumulated other comprehensive loss into our consolidated statements of operations during Fiscal 2016 or Fiscal 2014. Substantially all of the remaining balance in accumulated other comprehensive income (loss) as of January 28, 2017 relates to our Tommy Bahama operations in Canada, Japan and Australia with changes during Fiscal 2016 reflecting the changes in foreign currency exchange rates between the local currency and the United States dollar during that period.