Stock-Based Compensation (Tables)

3 Months Ended

May 02, 2015

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

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

	Number of Shares			Weighted-average grant-date fair value ⁽¹⁾
Restricted Shares
Restricted shares outstanding at beginning of year		1,696,528		$	5.09
Shares granted ⁽²⁾		14,886		$	5.15
Deferred shares granted ⁽³⁾		4,962		$	5.15
Restricted shares vested and shares issued		(16,553	)	$	5.22
Restricted shares canceled		—		$	-

Restricted and deferred shares outstanding at end of quarter		1,699,823		$	5.09

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

(2)

During the first three months of fiscal 2015, the Company granted 14,886 shares of stock, with a fair value of approximately $76,663 to certain directors as compensation in lieu of cash, in accordance with their irrevocable elections. Beginning in fiscal 2015, directors are required to elect 50% of their quarterly retainer in equity. All shares paid to directors to satisfy this election are issued from the Company’s 2006 Stock Incentive Plan. Any shares in excess of the minimum required election will be issued from the Company’s Non-Employee Director Stock Purchase Plan.

(3)

During the first three months of fiscal 2015, the Company granted 4,962 shares of deferred stock, with a fair value of approximately $25,554 to certain directors as compensation in lieu of cash, in accordance with their irrevocable elections. The shares of deferred stock will vest three years from the date of grant or at separation of service, based on the irrevocable election of each director.

Employee Stock Plan, 2006 Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

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 2015:

	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		2,747,802		$	4.97
Options granted		—			—
Options canceled		(13,791	)	$	5.04
Options exercised ⁽¹⁾		(12,136	)	$	5.04

Outstanding options at end of quarter		2,721,875		$	4.97	7.7 years	$	321,182
Options exercisable at end of quarter		582,060		$	4.76	6.1 years	$	260,516

(1)	The intrinsic value of options exercised was immaterial.

Employee Stock Plan, 1992 Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Stock Option Activity

The following table summarizes stock option activity under the 1992 Plan for the first three months of fiscal 2015:

	Number of Shares			Weighted-average exercise price per option		Weighted-average remaining contractual term	Aggregate intrinsic value ⁽¹⁾
Stock Options
Outstanding options at beginning of year		217,500		$	7.01
Options granted		—			—
Options canceled		(1,000	)	$	7.38
Options exercised		—		$	-

Outstanding options at end of quarter		216,500		$	7.01	0.1 years		—
Options exercisable at end of quarter		216,500		$	7.02	0.1 years		—

(1)	The intrinsic value of the options outstanding at May 2, 2015 was immaterial.