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Stock-Based Compensation (Tables)
 3 Months Ended
Apr. 29, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Restricted Stock Activity

The following tables summarize the share activity and stock option activity for the first three months of fiscal 2023:

 

 

 

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

 

 

520,008

 

 

 

435,568

 

 

 

240,000

 

 

 

—

 

 

 

1,195,576

 

 

$

2.51

 

Shares granted

 

 

270,867

 

 

 

—

 

 

 

—

 

 

 

2,844

 

 

 

273,711

 

 

$

5.21

 

Shares vested and/or issued

 

 

(250,547

)

 

 

—

 

 

 

—

 

 

 

(2,844

)

 

 

(253,391

)

 

$

2.70

 

Shares expired

 

 

—

 

 

 

—

 

 

 

(240,000

)

 

 

—

 

 

 

(240,000

)

 

$

1.07

 

Shares forfeited

 

 

(50,612

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(50,612

)

 

$

7.35

 

Outstanding non-vested shares at end of quarter

 

 

489,716

 

 

 

435,568

 

 

 

—

 

 

 

—

 

 

 

925,284

 

 

$

3.37

 

 

(1)
During the first three months of fiscal 2023, the Company granted RSUs for the achievement of performance metrics under the 2020-2022 LTIP that are subject to additional vesting through August 31, 2023. See Note 5, Long-Term Incentive Plans. As a result of net share settlements, of the 250,547 RSUs that vested, only 169,517 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 which expired unvested on April 1, 2023.
(4)
Represents compensation, with a fair value of $20,249, 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

 

 

3,556,434

 

 

$

0.83

 

 

7.4 years

 

 

$

23,238,665

 

Options granted

 

 

1,316

 

 

$

5.92

 

 

 

—

 

 

 

—

 

Options exercised

 

 

(80,960

)

 

$

2.66

 

 

 

 

 

 

227,903

 

Options expired and canceled

 

 

(12,892

)

 

$

2.42

 

 

 

—

 

 

 

49,037

 

Outstanding options at end of quarter

 

 

3,463,898

 

 

$

0.78

 

 

7.1 years

 

 

$

12,616,891

 

Options exercisable at end of quarter

 

 

2,204,631

 

 

$

0.84

 

 

6.9 years

 

 

$

7,925,550