Stock Based Compensation

9 Months Ended

Oct. 29, 2022

Stock Based Compensation [Abstract]

Stock Based Compensation

Note 8. Stock Based Compensation

The Company has outstanding awards under three employee stock award plans, the 2005 Long Term Incentive and Share Award Plan, the Amended and Restated 2005 Long Term Incentive and Share Award Plan (the “Old Plans”); and 2005 Long Term Incentive and Share Award Plan, as amended and restated on August 2, 2022 (the “New Plan”). Collectively, these plans are referred to herein as the Stock Award Plans. The Company no longer issues stock options under the Old Plans.

Equity awards authorized for issuance under the New Plan total 500,000. As of October 29, 2022, of the awards authorized for issuance under the Stock Award Plans, 70,364 options were granted and are outstanding, 25,294 of which were vested and exercisable. Shares available for future grants of options and other share-based awards under the New Plan as of October 29, 2022 were 497,000.

The following table summarizes stock award activity during the thirteen weeks ended October 29, 2022:

	Employee Stock Award Plans
	Number of Shares Subject To Option			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Other Share Awards (1)			Weighted Average Grant Fair Value
Balance January 29, 2022		85,965		$	13.41		7.5		90,000		$	15.39
Granted		21,750			5.57		9.9		9,000			4.59
Forfeited		(20,045	)		9.31		9.1		(63,500	)		14.08
Canceled		(17,306	)		15.56		-		-			-
Exercised		-			-		-		(12,000	)		10.77
Balance October 29, 2022		70,364		$	10.23		7.6		23,500		$	17.69
Exercisable October 29, 2022		25,294		$	18.70		6.2		-		$	-

 ⁽¹⁾ Other Share Awards include restricted share units granted to employees and directors.

As of October 29, 2022, the intrinsic value of stock awards outstanding and stock awards exercisable was $0.