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Stock-Based Compensation (Tables)

9 Months Ended

Oct. 29, 2022

Share-Based Payment Arrangement [Abstract]

The following tables summarize the share activity and stock option activity for the first nine months of fiscal 2022:


	RSUs (1)			Deferred shares (2)		Performance Share Units (3)		Fully-Vested Shares (4)			Total number of shares			Weighted- average grant-date fair value
Shares
Outstanding non-vested shares at beginning of year		515,291			435,568		240,000		—			1,190,859		$	1.57
Shares granted		563,691			—		—		27,386			591,077		$	5.09
Shares vested and/or issued		(584,359	)		—		—		(27,386	)		(611,745	)	$	3.52
Shares forfeited		(23,617	)									(23,617	)	$	3.89
Outstanding non-vested shares at end of quarter		471,006			435,568		240,000		—			1,146,574		$	2.30

(1)

During the first nine months of fiscal 2022, the Company granted RSUs for the achievement of performance metrics under the 2019-2021 LTIP that were subject to additional vesting through August 31, 2022 and time-based RSUs under its 2022-2024 LTIP. See Note 5, Long-Term Incentive Plans. As a result of net share settlements, of the 584,359 RSUs that vested, only 419,542 shares of common stock were issued.

(2)

The outstanding deferred shares will be issued upon the director’s separation from service.

(3)

Represents the remaining performance stock units (“PSUs”) granted to Mr. Kanter in February 2019. The 240,000 PSUs will vest when the trailing 90-day volume-weighted average closing stock price (“VWAP”) is $8.00. The PSUs will expire on April 1, 2023 if the $8.00 VWAP is not achieved by that date.

(4)

Represents compensation, with a fair value of $121,485, to certain directors, who are required to receive shares, in lieu of cash, in order to satisfy their minimum equity ownership under the Non-Employee Director Plan. Voluntary shares received, in lieu of cash, are reported below under Non-Employee Director Compensation Plan.

Stock Option Activity


	Number of shares			Weighted- average exercise price per option		Weighted- average remaining contractual term		Aggregate intrinsic value
Stock Options
Outstanding options at beginning of year		4,621,550		$	0.90	8.2 years		$	16,066,914
Options granted		15,747		$	5.41		—		1,262
Options exercised (1)		(752,938	)	$	0.71				3,636,343
Options expired and canceled		(177,454	)	$	1.18		—		804,868
Outstanding options at end of quarter		3,706,905		$	0.95	7.4 years		$	21,505,348
Options exercisable at end of quarter		1,242,201		$	1.56	6.3 years		$	6,447,396

(1) As a result of net share settlements, of the 752,938 shares underlying stock options that were exercised during the first nine months of fiscal 2022, only 527,712 shares of common stock were issued.