Stock-Based Compensation (Tables)

9 Months Ended

Oct. 29, 2016

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

The fair value of each option granted is estimated on the date of grant using the Black-Scholes option-pricing model. The following assumptions were used for grants for the first nine months of fiscal 2016. There were no grants of stock options for the first nine months of fiscal 2015:

	October 29, 2016
Expected volatility		39.3	%
Risk-free interest rate		0.78	%
Expected life	2.0 yrs
Dividend rate		—

Employee Stock Plan, 2016 Plan

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

Stock Option Activity

The following tables summarize the stock option activity and share activity under the 2016 Plan for the first nine months of fiscal 2016:

	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		—	$	—
Options granted		8,522	$	4.49
Options canceled		—	$	—
Options exercised		—	$	—
Outstanding options at end of quarter		8,522	$	4.49	9.9 years	$	—
Options exercisable at end of quarter		—

Summary of Restricted Stock Activity

	Restricted shares		Restricted Stock Units ⁽¹⁾		Deferred shares ⁽²⁾		Total number of shares		Weighted-average grant-date fair value ⁽³⁾
Shares
Outstanding non-vested shares at beginning of year		—		—		—		—	$	—
Shares granted		3,834		3,396		247		7,477	$	4.49
Shares vested/issued		—		—		—		—	$	—
Shares canceled		—		—		—		—	$	—
Outstanding non-vested shares at end of quarter		3,834		3,396		247		7,477	$	4.49

(1)

Restricted Stock Units (“RSUs”) were granted in connection with the 2016-2017 LTIP. The RSUs will vest in two tranches with the first 50% vesting on April 1, 2018 and the second 50% vesting on April 1, 2019.

(2)

The 247 shares of deferred stock, with a fair value of $1,117, represent compensation to certain directors as 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.

(3)

The fair value of a restricted share, deferred share and fully-vested share is equal to the Company’s closing stock price on the day immediately preceding the date of grant.

Employee Stock Plan, 2006 Plan

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

Stock Option Activity

2006 Incentive Compensation Plan

The following tables summarize the stock option activity and share activity under the 2006 Plan for the first nine months of fiscal 2016:

	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		2,728,621		$	5.00
Options granted		—			—
Options canceled		(77,394	)	$	5.04
Options exercised		—			—
Outstanding options at end of quarter		2,651,227		$	4.99	6.3 years	$	123,181
Options exercisable at end of quarter		1,063,848		$	4.86	5.5 years	$	123,181

Summary of Restricted Stock Activity

	Restricted shares			Restricted Stock Units ⁽¹⁾			Deferred shares ⁽²⁾		Fully-vested shares ⁽³⁾			Total number of shares			Weighted-average grant-date fair value ⁽⁴⁾
Shares
Outstanding non-vested shares at beginning of year		1,320,143			—			31,587		—			1,351,730		$	5.09
Shares granted		—			427,874			23,323		37,950			489,147		$	5.15
Shares vested/issued		(10,555	)		(919	)		—		(37,950	)		(49,424	)	$	5.04
Shares canceled		(63,574	)		(20,930	)		—		—			(84,504	)	$	5.07
Outstanding non-vested shares at end of quarter		1,246,014			406,025			54,910		—			1,706,949		$	5.11

(1)

RSUs were granted in connection with the 2016-2017 LTIP. The RSUs will vest in two tranches with the first 50% vesting on April 1, 2018 and the remaining 50% on April 1, 2019.

(2)

The 23,323 shares of deferred stock, with a fair value of approximately $117,622, represent compensation to certain directors 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.

(3)

During the first nine months of fiscal 2016, the Company granted under the 2006 Plan 37,950 shares of stock, with a fair value of approximately $191,673 to certain directors as compensation in lieu of cash, in accordance with their irrevocable elections. Directors are required to elect 50% of their quarterly retainer in equity. Prior to August 1, 2016, all shares paid to directors to satisfy this election were issued from the 2006 Plan and since then the shares to satisfy this election were and will be made from the 2016 Plan. Any shares in excess of the minimum required election are issued from the Company’s Second Amended and Restated Non-Employee Director Stock Purchase Plan (“Non-Employee Director Stock Purchase Plan”).

(4)

The fair value of a restricted share, deferred share and fully-vested share is equal to the Company’s closing stock price on the day immediately preceding the date of grant.