Stock-Based Compensation (Tables)

7 Months Ended

May 03, 2014

Assumptions Used for Grants

The following assumptions were used for grants for the first quarter of fiscal 2013:

	May 4, 2013
Expected volatility	52.0%
Risk-free interest rate	0.36-0.38%
Expected life	3.0 yrs
Dividend rate	—

2006 Plan

Stock Option Activity

The following tables summarize the stock option activity and restricted share activity under the 2006 Plan for the first three months of fiscal 2014:

Stock Options	Number of Shares			Weighted-average Exercise price per Option		Weighted-average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding options at beginning of year		2,721,569		$	4.95
Options granted		—			—
Options canceled		(78,695	)		5.04
Options exercised		—			—
Outstanding options at end of quarter		2,642,874		$	4.95		8.5 years	$	1,032,622
Options exercisable at end of quarter		347,716		$	4.60		4.9 years	$	339,698

Summary of Activity for Non-Vested Shares (Restricted Shares)

Restricted Shares	Number of Shares			Weighted-average Grant-Date Fair Value (1)
Restricted shares outstanding at beginning of year		2,017,940		$	5.01
Restricted shares granted		5,000			5.88
Deferred shares granted (2)		2,571			5.26
Restricted shares vested		(141,536	)		4.31
Restricted shares canceled		(67,974	)		5.00
Restricted and Deferred shares outstanding at end of quarter		1,816,001		$	5.05

(1) The fair value of a restricted share is equal to the Company’s closing stock price on the date of grant.

(2) During the first quarter of fiscal 2014, the Company granted 2,571 shares of deferred stock, with a fair value of approximately $13,533 to a director as compensation in lieu of cash and in accordance with his irrevocable election. The shares of deferred stock will vest three years from the date of grant. The Company is recognizing compensation expense over the respective vesting periods.

1992 Plan

Stock Option Activity

The following table summarizes stock option activity under the 1992 Plan for the first three months of fiscal 2014:

Stock Options	Number of Shares			Weighted-average Exercise price per Option		Weighted-average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at beginning of year		911,775		$	6.82
Options granted		—			—
Options canceled		(159,775	)		9.08
Options exercised		—			—
Outstanding at end of quarter		752,000		$	6.34		0.5 years	$	1,485
Options exercisable at end of quarter		752,000		$	6.34		0.5 years	$	1,485