XML 36 R43.htm IDEA: XBRL DOCUMENT v3.19.3
Stock-Based Compensation - Summary of Activity for Non-Vested Shares under Two Thousand Six And Two Thousand Sixteen Plan (Details) - $ / shares
9 Months Ended
Nov. 02, 2019
Nov. 03, 2018
Restricted Stock    
Total number of shares    
Shares granted   30,000
RSUs    
Total number of shares    
Shares granted 1,234,439 1,050,650
Deferred stock    
Total number of shares    
Shares granted 72,668 82,289
Performance Share Units    
Total number of shares    
Shares granted 720,000  
Employee Stock Plan, 2006 Plan and 2016 Plan    
Weighted-average Grant-Date Fair value    
Outstanding non-vested shares at beginning of year $ 2.93  
Shares granted 1.77  
Shares vested/issued 2.94  
Shares canceled 2.38  
Outstanding non-vested shares at end of quarter $ 2.03  
Total number of shares    
Outstanding non-vested shares at beginning of year 1,606,668  
Shares granted 2,137,477  
Shares vested/issued (917,990)  
Shares canceled (146,052)  
Outstanding non-vested shares at end of quarter 2,680,103  
Employee Stock Plan, 2006 Plan and 2016 Plan | Certain Directors    
Total number of shares    
Shares granted 110,370  
Employee Stock Plan, 2006 Plan and 2016 Plan | Restricted Stock    
Total number of shares    
Outstanding non-vested shares at beginning of year 30,000  
Shares vested/issued (10,000)  
Shares canceled (20,000)  
Employee Stock Plan, 2006 Plan and 2016 Plan | RSUs    
Total number of shares    
Outstanding non-vested shares at beginning of year [1] 1,372,628  
Shares granted [1] 1,234,439  
Shares vested/issued [1] (788,763)  
Shares canceled [1] (126,052)  
Outstanding non-vested shares at end of quarter [1] 1,692,252  
Employee Stock Plan, 2006 Plan and 2016 Plan | Deferred stock    
Total number of shares    
Outstanding non-vested shares at beginning of year [2] 204,040  
Shares granted 72,668  
Shares vested/issued [2] (8,857)  
Outstanding non-vested shares at end of quarter [2] 267,851  
Employee Stock Plan, 2006 Plan and 2016 Plan | Deferred stock | Certain Directors    
Total number of shares    
Shares granted [2] 72,668  
Employee Stock Plan, 2006 Plan and 2016 Plan | Fully-vested shares    
Total number of shares    
Shares vested/issued [3] (110,370)  
Employee Stock Plan, 2006 Plan and 2016 Plan | Fully-vested shares | Certain Directors    
Total number of shares    
Shares granted [3] 110,370  
Employee Stock Plan, 2006 Plan and 2016 Plan | Performance Share Units    
Total number of shares    
Shares granted [4] 720,000  
Outstanding non-vested shares at end of quarter [4] 720,000  
[1] During the first nine months of fiscal 2019, the Company granted 150,299 RSUs in connection with the partial achievement of performance targets under the 2017-2018 LTIP, see Note 5, Long-Term Incentive Plans. In addition, the Company granted 368,205 time-based RSUs as signing awards. The remainder of the RSUs granted for the first nine-months of fiscal 2019 related to time-based awards granted under the Company’s LTIPs. As a result of net share settlement, of the 788,763 RSUs which vested during the first nine months of fiscal 2019, only 677,742 shares of common stock were issued.
[2] The 72,668 shares of deferred stock, with a grant date fair value of $148,133, 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 2019, the Company granted 110,370 shares of stock, with a fair value of approximately $224,989, 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 Fourth Amended and Restated Non-Employee Director Compensation Plan (“Non-Employee Director Compensation Plan”).
[4] On February 19, 2019, the Company granted 720,000 shares of performance stock units (“PSUs”), with a fair value of $1.0 million, to Mr. Kanter. The PSUs vest in installments when the following milestones are met: one-third of the PSUs vest when the trailing 90-day volume-weighted average closing stock price (“VWAP”) is $4.00, one-third of the PSUs vest when the VWAP is $6.00 and one-third when the VWAP is $8.00. All PSUs will expire on April 1, 2023 if no performance metric is achieved. The $1.0 million is being expensed over the respective derived service periods of each tranche of 16 months, 25 months and 30 months, respectively. The respective fair value and derived service periods assigned to the PSUs were determined using a Monte Carlo model based on: the Company’s historical volatility of 55.9%, a term of 4.1 years, stock price on the date of grant of $2.50 per share, a risk-free rate of 2.5% and a cost of equity of 9.5%.