Accounting For Share-Based Payments

6 Months Ended

Aug. 01, 2015

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, 1,961,898 shares of common stock were reserved for issuance as of August 1, 2015. 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 August 1, 2015, 930,000 stock options have been granted pursuant to the 2010 Plan.

The following is a summary of the stock option activity during the twenty-six weeks ended August 1, 2015:

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value (in thousands)
Outstanding as of January 31, 2015	1,230,253		$	8.43
Granted	10,000		5.32
Exercised	(17,387	)	3.27
Forfeited	(117,202	)	11.67
Outstanding as of August 1, 2015	1,105,664		$	8.15	6.3	$	111
Vested and expected to vest as of August 1, 2015	1,055,660		$	8.12	6.3	$	108
Exercisable as of August 1, 2015	1,055,660		$	8.12	6.3	$	108

The following is a summary of stock warrants activity during the twenty-six weeks ended August 1, 2015:

	Number of Warrants	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value (in thousands)
Outstanding as of January 31, 2015	6,299,971	$	11.80
Granted	—	—
Exercised	—	—
Forfeited	—	—
Outstanding as of August 1, 2015	6,299,971	$	11.80	2.9	$	—
Vested as of August 1, 2015	6,299,971	$	11.80	2.9	$	—
Exercisable as of August 1, 2015	6,299,971	$	11.80	2.9	$	—

Share-based compensation expense was $0.1 million during the thirteen weeks ended August 1, 2015 and August 2, 2014 and $0.2 million during the twenty-six weeks ended August 1, 2015 and August 2, 2014.