Annual report pursuant to Section 13 and 15(d)

Shareholders' Equity (Tables)

v2.4.1.9
Shareholders' Equity (Tables)
12 Months Ended
Jan. 31, 2015
Feb. 02, 2013
Outstanding Options [Abstract]    
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
 
Fiscal 2014
 
Fiscal 2013
 
Fiscal 2012
Expected volatility
88% - 98%
 
98% - 100%
 
97% - 99%
Expected term (in years)
5 - 6 years
 
5 - 6 years
 
6 years
Risk-free interest rate
1.5% - 2.2%
 
1.1% - 2.1%
 
1.0% - 1.4%
 
2012 Market Grant [Table Text Block]
Grant date fair values and derived service periods for each tranche were determined using a Monte Carlo valuation model based on assumptions, which included a weighted average risk-free interest rate of 0.38%, a weighted average expected life of 3.3 years and an implied volatility of 78% and were as follows for each tranche:
 
Fair Value (Per Share)
 
Derived Service Period
Tranche 1 ($6.00/share)
$0.93
 
15
months
Tranche 2 ($8.00/share)
$0.95
 
20
months
Tranche 3 ($10.00/share)
$0.95
 
24
months
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of the status of the Company’s stock option activity as of January 31, 2015 and changes during the year then ended is as follows:
 
 
2011
Incentive
Stock
Option
Plan
 
Weighted
Average
Exercise
Price
 
2004
Incentive
Stock
Option
Plan
 
Weighted
Average
Exercise
Price
 
2001
Incentive
Stock
Option
Plan
 
Weighted
Average
Exercise
Price
 
Other Non-
Qualified
Stock
Options
 
Weighted
Average
Exercise
Price
Balance outstanding,
February 1, 2014
 
3,083,000

 
$
4.03

 
2,104,000

 
$
6.25

 
1,121,000

 
$
6.05

 
500,000

 
$
4.24

Granted
 
232,000

 
$
4.65

 
107,000

 
$
5.66

 

 
$

 

 
$

Exercised
 
(222,000
)
 
$
2.89

 
(665,000
)
 
$
2.50

 
(260,000
)
 
$
2.34

 
(50,000
)
 
$
1.82

Forfeited or canceled
 
(630,000
)
 
$
4.43

 
(340,000
)
 
$
11.76

 
(35,000
)
 
$
13.67

 

 
$

Balance outstanding,
January 31, 2015
 
2,463,000

 
$
4.09

 
1,206,000

 
$
6.71

 
826,000

 
$
6.89

 
450,000

 
$
4.51

Options Exercisable at:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
January 31, 2015
 
1,322,000

 
$
4.05

 
1,179,000

 
$
6.76

 
826,000

 
$
6.89

 
380,000

 
$
4.60

February 1, 2014
 
1,229,000

 
$
3.78

 
2,037,000

 
$
6.21

 
1,121,000

 
$
6.05

 
397,000

 
$
4.11

February 2, 2013
 
50,000

 
$
2.29

 
1,965,000

 
$
6.14

 
1,151,000

 
$
5.69

 
363,000

 
$
3.90

 
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block]
The following table summarizes information regarding stock options outstanding at January 31, 2015:
 
 
Options Outstanding
 
Options Vested or Expected to Vest
Option Type
 
Number of
Shares
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Life
(Years)
 
Aggregate
Intrinsic
Value
 
Number of
Shares
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Life
(Years)
 
Aggregate
Intrinsic
Value
2011 Incentive:
 
2,463,000

 
$
4.09

 
8.1
 
$
5,228,000

 
2,424,000

 
$
4.14

 
8.1
 
$
5,161,000

2004 Incentive:
 
1,206,000

 
$
6.71

 
4.6
 
$
493,000

 
1,203,000

 
$
6.67

 
4.6
 
$
489,000

2001 Incentive:
 
826,000

 
$
6.89

 
3.5
 
$
518,000

 
826,000

 
$
6.89

 
3.5
 
$
518,000

Non-Qualified:
 
450,000

 
$
4.51

 
5.4
 
$
798,000

 
443,000

 
$
4.52

 
5.4
 
$
782,000

 
Schedule of Restricted Stock Fair Value [Table Text Block]
On November 17, 2014, the Company granted 199,790 shares of market-based restricted stock units to its chief executive officer and 79,916 shares of market-based restricted stock units to its chief strategy officer in conjunction with the hiring of these positions. As of January 31, 2015, these market-based restricted stock awards were outstanding. The total grant date fair value was estimated to be $1,373,000, or $4.91 per share, and is being amortized over the three-year performance period. Grant date fair values were determined using a Monte Carlo valuation model based on assumptions, which included a weighted average risk-free interest rate of 1.03%, a weighted average expected life of 3 years and an implied volatility of 60%. Each restricted stock award will vest if at any time during the three-year performance period the closing price of the Company's stock equals or exceeds, for ten consecutive trading days, the following cumulative total shareholder return ("TSR") thresholds:
Cumulative TSR Thresholds
Percentage of
Units Vested
Below 25%
0%
25% to 32%
25%
33% to 39%
50%
40% to 49%
75%
50% or Above
100%
Grant date fair values and derived service periods for each tranche were determined using a Monte Carlo valuation model based on assumptions, which included a weighted average risk-free interest rate of 0.32%, a weighted average expected life of 2.8 years and an implied volatility of 78% and were as follows for each tranche:
 
Fair Value
(Per Share)
 
Derived Service
Period
Tranche 1 ($6.00/share)
$1.48
 
15
months
Tranche 2 ($8.00/share)
$1.39
 
20
months
Tranche 3 ($10.00/share)
$1.31
 
24
months
Schedule of Non-vested Restricted Stock Activity [Table Text Block]  
A summary of the status of the Company’s non-vested restricted stock activity as of January 31, 2015 and changes during the twelve-month period then ended is as follows:
 
 
Shares
 
Weighted
Average
Grant Date
Fair Value
Non-vested outstanding, February 1, 2014
 
641,000

 
$4.49
Granted
 
392,000

 
$5.01
Vested
 
(205,000
)
 
$5.51
Forfeited
 
(124,000
)
 
$4.15
Non-vested outstanding, January 31, 2015
 
704,000

 
$4.54