Compensation and Employee Benefit Plans [Text Block] | Note 6. Benefit Plans 401(k) Savings Plan The Company offers a 401(k) Savings Plan to eligible employees meeting certain age and service requirements. This plan permits participants to contribute up to 80% of their salary, including bonuses, up to the maximum allowable by IRS regulations. Participants are immediately vested in their voluntary contributions plus actual earnings thereon. Participant vesting of the Company’s matching and profit sharing contribution is based on the years of service completed by the participant. Participants are fully vested upon the completion of four years of service. All participant forfeitures of non-vested benefits are used to reduce the Company’s contributions or fees in future years. Total expense related to the Company’s matching contribution was approximately $424,000, $437,000 and $331,000 in fiscal 2015, 2014 and 2013, respectively. Stock Award Plans The Company has outstanding awards under two employee stock award plans, the 2005 Long Term Incentive and Share Award Plan (the “Old Plan”); and the Amended and Restated 2005 Long Term Incentive and Share Award Plan (the “New Plan”). Additionally, the Company had a stock award plan for non-employee directors (the “1990 Plan”). The Company no longer issues stock options under the Old Plan. Equity awards authorized for issuance under the New Plan total 3.0 million. As of January 30, 2016, of the awards authorized for issuance under the Old Plan, New Plan and 1990 Plan, 2.3 million were granted and are outstanding, 1.3 million of which were vested and exercisable. Shares available for future grants of options and other share based awards under the New Plan at January 30, 2016 and January 31, 2015 were 2.1 million and 2.5 million, respectively. Total stock-based compensation expense recognized in the Consolidated Statements of Income for fiscal 2015, fiscal 2014 and fiscal 2013 was $0.4 million, $0.5 million and $0.3 million. During the fiscal 2015, fiscal 2014 and fiscal 2013 the related total deferred tax benefit was $0. As of January 30, 2016, there was $0.7 million of unrecognized compensation cost related to stock option awards that is expected to be recognized as expense over a weighted average period of 1.6 years. The fair values of the options granted have been estimated at the date of grant using the Black - Scholes option pricing model with the following assumptions: Stock Option Plan 2015 2014 2013 Dividend yield 0% 0% 0% Expected stock price volatility 39.7-50.2% 47.0-66.8% 67.6%-75.2% Risk-free interest rate 1.32%-1.94% 1.45%-2.18% 0.85%-2.1% Expected award life ( in years) 4.92-5.71 4.92-5.71 4.92-6.98 Weighted average fair value per share of awards granted during the year $1.49 $1.65 $2.99 The following table summarizes information about stock option awards outstanding under the Old Plan, New Plan and 1990 Plan as of January 30, 2016: Outstanding Exercisable Weighted Weighted Average Average Aggregate Average Aggregate Exercise Remaining Exercise Intrinsic Exercise Intrinsic Price Range Shares Life Price Value Shares Price Value $0.00-$2.66 372,000 4.9 $ 2.12 $ 431,400 320,000 $ 2.10 $ 378,060 2.67-5.33 1,572,525 5.4 4.33 — 828,775 4.80 — 5.33-8.00 167,300 1.2 5.51 — 167,300 5.51 — Total 2,111,825 5.0 $ 4.04 $ 431,400 1,316,075 $ 4.23 $ 378,060 The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value based on the Company’s closing stock price of $3.28 as of January 30, 2016, which would have been received by the award holders had all award holders under the Old Plan, New Plan and 1990 Plan exercised their awards as of that date. The following table summarizes stock option activity under the Stock Award Plans: Employee and Director Stock Award Plans Number of Stock Award Weighted Other Share Awards (1) Weighted Balance February 2, 2013 4,663,909 $0.98-$14.32 $ 6.45 93,037 $ 6.04 Granted 285,000 3.48-4.87 4.74 11,620 4.30 Exercised (1,477,450 ) 0.98-3.50 3.29 (93,716 ) 5.42 Forfeited (305,000 ) 1.67-4.87 3.08 — 0.00 Canceled (259,269 ) 3.50-14.32 8.45 — 0.00 Balance February 1, 2014 2,907,190 $1.73-$14.32 $ 8.07 10,941 $ 9.50 Granted 492,500 3.36-3.50 3.44 226,459 3.47 Exercised (39,000 ) 1.73 1.73 — 0.00 Forfeited (136,250 ) 1.73-4.87 3.64 — 0.00 Canceled (752,590 ) 1.73-14.32 10.31 — 0.00 Balance January 31, 2015 2,471,850 $1.73-$14.32 $ 6.81 237,400 $ 3.75 Granted 380,000 3.40-3.88 3.72 23,774 3.59 Exercised (8,000 ) 1.73-2.53 2.33 (50,000 ) 0.00 Forfeited (18,500 ) 1.73-4.87 3.62 — 0.00 Canceled (713,525 ) 1.73-14.32 13.28 — 0.10 Balance January 30, 2016 2,111,825 $1.73-$6.41 $ 4.04 211,174 $ 3.79 (1) Other Share Awards include deferred shares granted to executives and Directors. During fiscal 2015, 2014 and 2013, the Company recognized expenses of approximately $50,000, $80,000, and $50,000, respectively, for deferred shares issued to non-employee directors. ($ in thousands) Stock Option Exercises 2015 2014 2013 Cash received for exercise price $ 19 $ 67 $ 4,869 Intrinsic value 12 86 701 Defined Benefit Plans The Company maintains a non-qualified Supplemental Executive Retirement Plan (“SERP”) for certain Executive Officers of the Company. The SERP, which is unfunded, provides eligible executives defined pension benefits that supplement benefits under other retirement arrangements. The annual benefit amount is based on salary and bonus at the time of retirement and number of years of service. Prior to June 1, 2003, the Company had provided the Board of Directors with a noncontributory, unfunded retirement plan (“Director Retirement Plan”) that paid retired directors an annual retirement benefit. For fiscal 2015, fiscal 2014 and fiscal 2013, net periodic benefit cost recognized under both plans totaled approximately $1.0 million, $1.3 million, and $1.5 million, respectively. The accrued pension liability for both plans was approximately $19.0 million and $19.5 million at January 30, 2016 and January 31, 2015, respectively, and is recorded within other long term liabilities. The accumulated benefit obligation for both plans was approximately $19.0 million and $19.5 million as of January 30, 2016 and January 31, 2015, respectively. The following is a summary of the Company’s defined benefit pension plans as of the most recent actuarial calculations: Obligation and Funded Status: ($ in thousands) January 30, January Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 19,550 $ 16,287 Service cost 66 90 Interest cost 583 638 Actuarial loss (gain) (1,061 ) 199 Benefits paid (112 ) (121 ) Projected Benefit obligation at end of year $ 19,026 19,550 Fair value of plan assets at end of year $ — $ — Funded status ($ ) ($ ) Unrecognized prior service cost 237 580 Unrecognized net actuarial (gain) loss (525 ) 502 Accrued benefit cost ($ ) ($ ) Amounts recognized in the Consolidated Balance Sheets consist of: ($ in thousands) January 30, January 31, 2016 2015 Current liability ($ ) ($ ) Long term liability (17,879 ) (19,343 ) Add: Accumulated other comprehensive loss (income) (288 ) 1,082 Net amount recognized ($ ) ($ ) Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive (Income) Loss: Fiscal Year 2015 2014 2013 Net Periodic Benefit Cost: Service cost $ 66 $ 55 $ 110 Interest cost 583 689 656 Amortization of prior service cost 342 721 342 Amortization of net gain (34 ) (143 ) (448 ) Net periodic benefit cost $ 957 $ 1,322 $ 1,485 Other Changes in Benefit Obligations Recognized in Other Comprehensive (Income) Loss: 2015 2014 Net prior service cost recognized as a component of net periodic benefit cost $ (342 ) $ (721 ) Net actuarial gain recognized as a component of net periodic benefit cost 34 143 Net actuarial losses / (gains) arising during the period (1,061 ) 2,640 (1,369 ) 2,062 Income tax effect — — Total recognized in other comprehensive (income) loss ($ ) $ 2,062 Total recognized in net periodic benefit cost and other comprehensive loss (income) ($ ) $ 3,384 The pre-tax components of accumulated other comprehensive loss, which have not yet been recognized as components of net periodic benefit cost as of January 30, 2016, January 31, 2015, and February 1, 2014 and the tax effect are summarized below. January 30, January 31, February 1, ($ in thousands) 2016 2015 2014 Net unrecognized actuarial loss (gain) ($ ) $ 502 ($ ) Net unrecognized prior service cost 237 580 1,300 Accumulated other comprehensive (income) loss ($ ) 1,082 (980 ) Tax expense 1,100 1,099 1,099 Accumulated other comprehensive loss $ $ 2,181 $ 119 In fiscal 2015, approximately $220,000 of net unrecognized prior service cost and approximately $14,000 of the net unrecognized actuarial gain, recorded as components of accumulated other comprehensive loss at January 30, 2016, will be recognized as components of net periodic benefit cost. Assumptions: Fiscal Year 2015 2014 Weighted-average assumptions used to determine benefit obligation: Discount rate 3.63% 3.00% Salary increase rate 3.00% 3.00% Measurement date Jan 30, 2016 Jan 31, 2015 Fiscal Year 2015 2014 2013 Weighted-average assumptions used to determine net periodic benefit cost: Discount rate 3.00% 4.25% 3.75% Salary increase rate 3.00% 4.00% 4.00% The discount rate is based on the rates implicit in high-quality fixed-income investments currently available as of the measurement date. The Citigroup Pension Discount Curve (CPDC) rates are intended to represent the spot rates implied by the high quality corporate bond market in the U.S. The projected benefit payments attributed to the projected benefit obligation have been discounted using the CPDC mid-year rates and the discount rate is the single constant rate that produces the same total present value. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Year Pension Benefits ( $ in thousands 2016 1,147 2017 1,079 2018 1,201 2019 1,201 2020 1,201 2021 – 2024 6,065 Accumulated Other Comprehensive Income (Loss) ($ in thousands) Pension January 31, 2015 ($ ) Other comprehensive income before reclassifications 1,369 January 30, 2016 ($ ) |