Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jan. 30, 2016

Effect of Retrospective Application of Change in Accounting Principle on Company's Consolidated Balance Sheet

The reclassification did not impact net loss previously reported or any prior amounts reported on the Consolidated Statement of Operations. The following table presents the effect of the retrospective application of this change in accounting principle on the Company’s Consolidated Balance Sheet as of January 31, 2015:

	As Reported		Effect of Change in			After Change in
Consolidated Balance Sheets (in thousands)	January 31, 2015		Accounting Principle			Accounting Principle
ASSETS
Current assets:
Prepaid expenses and other current assets	$	9,190	$	(277	)	$	8,913
Total current assets		132,615		(277	)		132,338
Noncurrent assets:
Other assets		4,849		(942	)		3,907
Total assets		261,100		(1,219	)		259,881

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt	$	7,489	$	(154	)	$	7,335
Borrowings under credit facility		19,402		(585	)		18,817
Total current liabilities		90,307		(739	)		89,568
Long-term liabilities:
Long-term debt, net of current portion		26,651		(480	)		26,171
Total long-term liabilities		78,403		(480	)		77,923
Total liabilities and stockholders' equity		261,100		(1,219	)		259,881

Estimated useful Life of Property and Equipment

Depreciation is computed on the straight-line method over the assets’ estimated useful lives as follows:

Furniture and fixtures		Five to ten years
Equipment		Five to ten years
Leasehold improvements		Lesser of useful lives or related lease term
Hardware and software		Three to seven years

Changes in Carrying Value of Intangible Assets

Below is a table showing the changes in the carrying value of the Company’s intangible assets from January 31, 2015 to January 30, 2016:

(in thousands)	January 31, 2015		Additions		Impairment		Amortization			January 30, 2016
"Rochester" trademark	$	1,500	$	—	$	—	$	—		$	1,500
"Casual Male" trademark ⁽¹⁾		1,479		—		—		(539	)		940
Other intangibles		329		—		—		(100	)		229
Total intangible assets	$	3,308	$	—	$	—	$	(639	)	$	2,669

(1)	The “Casual Male” trademark has been accounted for as a finite-lived asset since the beginning of fiscal 2012.

Expected Amortization Expense for Casual Male Trademark and Customer Lists

Expected amortization expense for the Company’s “Casual Male” trademark and customer lists, for the next five fiscal years is as follows:

FISCAL YEAR	(in thousands)
2016	$	441
2017	$	407
2018	$	321
2019		—
2020		—

Other Comprehensive Income and Reclassifications from AOCI

Other comprehensive income (loss) includes amounts related to foreign currency and pension plans and is reported in the Consolidated Statements of Comprehensive Income (Loss). Other comprehensive income and reclassifications from AOCI for fiscal 2015, fiscal 2014 and fiscal 2013 are as follows:

	Fiscal 2015									Fiscal 2014									Fiscal 2013
(in thousands)
	Pension Plans			Foreign Currency			Total			Pension Plans			Foreign Currency			Total			Pension Plans			Foreign Currency			Total
Balance at beginning of fiscal year	$	(7,795	)	$	(443	)	$	(8,238	)	$	(4,547	)	$	(13	)	$	(4,560	)	$	(5,828	)	$	267		$	(5,561	)

Other comprehensive income (loss) before reclassifications, net of taxes		1,035			(96	)		939			(3,506	)		(184	)		(3,690	)		887			(280	)		607

Amounts reclassified from accumulated other comprehensive income (loss), net of taxes ⁽¹⁾		647			—			647			258			(246	)		12			394			—			394

Other comprehensive income (loss) for the period		1,682			(96	)		1,586			(3,248	)		(430	)		(3,678	)		1,281			(280	)		1,001

Balance at end of fiscal year	$	(6,113	)	$	(539	)	$	(6,652	)	$	(7,795	)	$	(443	)	$	(8,238	)	$	(4,547	)	$	(13	)	$	(4,560	)

(1)

Includes the amortization of the unrecognized (gain)/loss on pension plans which was charged to Selling, General and Administrative expense on the Consolidated Statements of Operations for all periods presented. The amortization of the unrecognized loss, before tax, was $647,000, $258,000 and $394,000 for fiscal 2015, fiscal 2014 and fiscal 2013, respectively. There was no corresponding tax benefit. Fiscal 2014 includes the recognition of $246,000 related to the substantial liquidation of the Company’s direct business with Sears Canada. The $246,000, with no corresponding tax provision, was recognized in Discontinued Operations on the Consolidated Statement of Operations for fiscal 2014.

Reconciliation of Number of Shares Outstanding for Basic and Diluted Earnings Per Share

The following table provides a reconciliation of the number of shares outstanding for basic and diluted earnings per share:

	FISCAL YEARS ENDED
	January 30, 2016		January 31, 2015		February 1, 2014
(in thousands)
Common stock outstanding:
Basic weighted average common shares outstanding		49,089		48,740		48,473
Common stock equivalents – stock options and restricted stock (1)		—		—		—
Diluted weighted average common shares outstanding		49,089		48,740		48,473

(1)	Common stock equivalents of 582,591 shares, 497,820 shares and 443,410 shares for January 30, 2016, January 31, 2015 and February 1, 2014, respectively, were excluded due to the net loss.

Potential Common Stock Equivalents Excluded from Computation of Diluted Earnings Per Share

The following potential common stock equivalents were excluded from the computation of diluted earnings per share in each year because the exercise price of such options was greater than the average market price per share of common stock for the respective periods or the impact of ASC Topic 718, Compensation – Stock Compensation, primarily related to unearned compensation.

	FISCAL YEARS ENDED
	January 30, 2016		January 31, 2015		February 1, 2014
(in thousands, except exercise prices)
Stock options (time-vested)		1,244		1,545		2,088
Restricted stock (time-vested)		22		—		—
Range of exercise prices of such options	$4.96-$7.52		$4.96-$7.52		$4.96-$10.26

Valuation Assumptions for Stock Options

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for grants in fiscal 2015, 2014 and 2013:

Fiscal years ended:	January 30, 2016		January 31, 2015			February 1, 2014
Expected volatility	37%-39%			46.0	%			52.0	%
Risk-free interest rate	0.75%-1.25%		0.79%-0.95%				0.34%-0.79%
Expected life (in years)	1.8-4.0		2.6-3.5				3.0-4.1
Dividend rate		—		—				—
Weighted average fair value of options granted	$	1.44	$	1.71		$		2.07