Stock-Based Compensation (Tables) - Employee Stock Plan, 2006 Plan and 2016 Plan

6 Months Ended

Jul. 29, 2017

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

The following tables summarize the share activity and stock option activity for the Company’s 2006 Plan and 2016 Plan, on a combined basis, for the first six months of fiscal 2017:

	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		856,332			369,828			64,876			—			1,291,036		$	5.09
Shares granted		484,558			782,357			43,467			40,109			1,350,491		$	2.72
Shares vested/issued		(430,336	)		(9,662	)		(5,308	)		(40,109	)		(485,415	)	$	2.53
Shares canceled		(857,221	)		(23,035	)		—			—			(880,256	)	$	4.98
Outstanding non-vested shares at end of quarter		53,333			1,119,488			103,035			—			1,275,856		$	3.60

(1)

Restricted Stock Units (“RSUs”) were primarily granted in connection with the 2017-2018 LTIP. The RSUs will vest in two tranches with the first 50% vesting on April 1, 2019 and the second 50% vesting on April 1, 2020.

(2)

The 43,467 shares of deferred stock, with a fair value of $121,612, 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 six months of fiscal 2017, the Company granted 40,109 shares of stock, with a fair value of approximately $115,018, 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. Any shares in excess of the minimum required election are issued from the Company’s Third Amendment to the Second Amended and Restated Non-Employee Director Compensation Plan (“Non-Employee Director Compensation 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.

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		2,524,546		$	4.98		$	11,286
Options granted		—			—
Options canceled		(1,147,398	)	$	4.96
Options exercised		—			—
Outstanding options at end of quarter		1,377,148		$	4.97	5.0 years	$	-
Options exercisable at end of quarter		1,377,148		$	4.97	5.0 years