Accounting For Share-Based Payments

3 Months Ended

May 04, 2013

ACCOUNTING FOR SHARE-BASED PAYMENTS [Abstract]

Accounting for Share-Based Payments

ACCOUNTING FOR SHARE-BASED PAYMENTS

The 2010 Equity Incentive Plan (the “2010 Plan”) provides for equity-based awards to the Company’s employees, directors and consultants. Under the 2010 Plan, the Company initially reserved 1,000,000 shares of common stock for issuance. This number automatically increases on the first trading day of each fiscal year beginning with fiscal 2011, by an amount equal to 1.5% of the shares of common stock outstanding as of the last trading day of the immediately preceding fiscal year; accordingly, 1,499,221 shares of common stock were reserved for issuance as of May 4, 2013. The Company previously had two stock option plans which expired on October 31, 2010. No further awards will be granted under these plans, although all options previously granted and outstanding will remain outstanding until they are either exercised or forfeited. As of May 4, 2013, 745,000 stock options have been granted pursuant to the 2010 Plan.

The following is a summary of the stock option activity during the thirteen weeks ended May 4, 2013:

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value (in thousands)
Outstanding as of February 2, 2013	1,243,674		$	8.09
Granted	—		—
Exercised	(3,570	)	3.62
Forfeited	(10,000	)	7.43
Outstanding as of May 4, 2013	1,230,104		$	8.29	6.4	$	525
Vested and expected to vest as of May 4, 2013	1,081,770		$	8.16	6.2	$	525
Exercisable as of May 4, 2013	1,081,770		$	8.16	6.2	$	525

The following is a summary of stock warrants activity during the thirteen weeks ended May 4, 2013:

	Number of Warrants		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value (in thousands)
Outstanding as of February 2, 2013	6,305,304		$	11.79
Granted	—		—
Exercised	(5,333	)	3.38
Forfeited	—		—
Outstanding as of May 4, 2013	6,299,971		$	11.80	5.1	$	—
Vested as of May 4, 2013	6,299,971		$	11.80	5.1	$	—
Exercisable as of May 4, 2013	6,299,971		$	11.80	5.1	$	—

Share-based compensation expense was $0.1 million and $3.8 million during the thirteen weeks ended May 4, 2013 and April 28, 2012, respectively.