Stock-Based Compensation

9 Months Ended

Oct. 30, 2022

8. STOCK-BASED COMPENSATION

The Company accounts for its stock-based compensation plan in accordance with ASC 718, Stock Compensation, which requires the Company to measure all share-based payments at grant date fair value and recognize the cost over the requisite service period of the award.

Total stock compensation expense associated with restricted stock recognized by the Company was $0.7 million and $2.0 million for the three and nine months ended October 30, 2022, respectively. The Company’s total stock compensation expense is included in selling, general and administrative expenses on the Condensed Consolidated Statements of Operations.

A summary of the activity in the Company’s unvested restricted stock during the nine months ended October 30, 2022 is as follows:

		Weighted
		average
		fair value
	Shares	per share
Outstanding at January 30, 2022	405,334	$	13.54
Granted	379,990		12.16
Vested	(124,551)		13.43
Forfeited	(45,036)		12.29
Outstanding at October 30, 2022	615,737	$	12.88

At October 30, 2022, the Company had unrecognized compensation expense of $5.7 million related to the restricted stock awards, which is expected to be recognized over a weighted average period of 2.5 years.