Accounting For Share-Based Payments

9 Months Ended

Oct. 29, 2016

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, 2,194,305 shares of common stock were reserved for issuance as of October 29, 2016. 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 October 29, 2016, 1,164,252 stock options have been granted pursuant to the 2010 Plan.

The following is a summary of the stock option activity during the thirty-nine weeks ended October 29, 2016:

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value (in thousands)
Outstanding as of January 30, 2016	975,916		$	8.01
Granted	410,000		2.30
Exercised	—		—
Forfeited	(191,913	)	7.73
Outstanding as of October 29, 2016	1,194,003		$	6.10	7.1	$	—
Vested and expected to vest as of October 29, 2016	1,194,003		$	6.10	7.1	$	—
Exercisable as of October 29, 2016	776,499		$	8.11	5.9	$	—

The following is a summary of stock warrants activity during the thirty-nine weeks ended October 29, 2016:

	Number of Warrants	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value (in thousands)
Outstanding as of January 30, 2016	6,299,971	$	11.80
Granted	—	—
Exercised	—	—
Forfeited	—	—
Outstanding as of October 29, 2016	6,299,971	$	11.80	1.6	$	—
Vested as of October 29, 2016	6,299,971	$	11.80	1.6	$	—
Exercisable as of October 29, 2016	6,299,971	$	11.80	1.6	$	—

Share-based compensation expense was less than $0.1 million during each of the thirteen weeks ended October 29, 2016 and October 31, 2015 and $0.1 million and $0.2 million during the thirty-nine weeks ended October 29, 2016 and October 31, 2015, respectively.