Stock Based Compensation

3 Months Ended

May 02, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 4. Stock Based Compensation

Total stock-based compensation expense recognized in the condensed consolidated statements of operations for the thirteen weeks ended May 2, 2015 and May 3, 2014 was approximately $133,000 and $60,000, respectively, before income taxes. No deferred tax benefit was recorded against stock-based compensation expense for the thirteen weeks ended May 2, 2015 and May 3, 2014.

As of May 2, 2015, there was approximately $756,000 of unrecognized compensation cost related to stock award awards that is expected to be recognized as expense over a weighted average period of 2.1 years.

As of May 2, 2015, stock awards authorized for issuance under the Company’s current long term equity incentive plans total 8.0 million. There are certain authorized stock awards for which the Company no longer grants awards. Of these awards authorized for issuance, 2.2 million were granted and are outstanding, 1.2 million of which were vested and exercisable. Awards available for future grants at May 2, 2015 were 2.4 million.

The table below outlines the assumptions that the Company used to estimate the fair value of stock based awards granted during the thirteen weeks ended May 2, 2015:

Dividend yield	0%
Expected stock price volatility	42.0%-50.2%
Risk-free interest rate	1.32%-1.71%
Expected award life (in years)	4.98-5.71
Weighted average fair value per share of awards granted during the period	$1.47

The following table summarizes stock award activity during the thirteen weeks ended May 2, 2015:

	Employee and Director Stock Award Plans
	Number of			Weighted		Weighted		Other		Weighted
	Shares Subject To Option			Average Exercise Price		Average Remaining Contractual Term		Share Awards(1)		Average Grant Fair Value
Balance January 31, 2015		2,465,110		$	6.81		3.8		237,400	$	3.75
Granted		135,000			3.73		9.9		13,774		3.63
Canceled		(668,735	)		14.00		—		—		—
Balance May 2, 2015		1,931,375		$	4.10		5.2		251,174	$	3.74
Exercisable May 2, 2015		1,182,625		$	4.42		3.0		51,774	$	4.68

(1) Other Share Awards include deferred shares granted to Directors and restricted share units granted to executive officers.

As of May 2, 2015, the intrinsic value of stock awards outstanding was approximately $680,000 and exercisable was $455,000.