Share-Based Compensation

6 Months Ended

Jul. 31, 2021

Share-based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

For the twenty-six weeks ended July 31, 2021 and August 1, 2020, share-based compensation expense was $5.7 million and $3.8 million, respectively. As of July 31, 2021, approximately 7.7 million shares remain available for future grants of equity awards under our 2020 Omnibus Stock and Incentive Plan.

Restricted Stock Awards

Restricted stock awards vest in equal annual installments over a three-year period from the date of grant, except for a restricted stock award granted to our then Chief Executive Officer in fiscal 2019, which vests over a four-year period from the date of grant, and restricted stock awards granted in March 2021, which vest 50% one year from the date of grant, 30% two years from the date of grant and 20% three years from the date of grant.

Restricted stock award activity for the twenty-six weeks ended July 31, 2021 was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested, beginning of period	3,419,645	$	3.75
Granted	3,542,751	2.84
Vested	(1,148,003)	4.27
Forfeited	(407,836)	2.97
Unvested, end of period	5,406,557	3.09

Restricted Stock Units

Restricted stock units vest 100% one year from the date of grant with certain rights to defer settlement in shares of our common stock, except for restricted stock units granted in March 2021, which vest 50% one year from the date of grant, 30% two years from the date of grant and 20% three years from the date of grant.

Restricted stock unit activity for the twenty-six weeks ended July 31, 2021 was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested, beginning of period	163,930	$	2.49
Granted	500,000	2.56
Vested	(16,580)	8.75

Unvested, end of period	647,350	2.38

Performance-based Restricted Stock Units

During the second quarter, we granted performance-based restricted stock units ("PSUs") contingent upon the achievement of Company-specific performance goals during the three fiscal years 2021 through 2023. Any units earned as a result of the achievement of the performance goals of the PSUs will vest three years from the date of grant and will be settled in shares of our common stock.

PSU activity for the twenty-six weeks ended July 31, 2021 was as follows:


	Number of Units/ Shares	Weighted Average Grant Date Fair Value
Unvested, beginning of period	2,782,457	$	2.04
Granted	1,129,500	2.59

Forfeited	(204,420)	2.15
Unvested, end of period	3,707,537	2.20