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v3.22.2.2
Stock-Based Compensation (Tables)
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3 Months Ended |
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| Summary of Assumptions Used to Determine Fair Value of Performance Based Restricted Stock Units |
The following table provides assumptions used to determine the fair market value of the market-based total shareholder return component using the Monte Carlo simulation model on our outstanding performance-based restricted stock units granted to senior executives on July 22, 2021:
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July 22, |
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2021 |
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Closing price of our common stock |
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$ 14.75 |
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Expected volatility of our common stock |
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54.2 |
% |
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Expected volatility of peer companies (1) |
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45.7% - 101.5% |
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Risk-free interest rate |
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0.33 |
% |
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Dividend yield |
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3.00 |
% |
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Correlation coefficient of peer companies (1) |
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0.03 - 0.35 |
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(1) The expected volatility and correlation coefficient of our peer companies for the July 22, 2021, grant date was based on peer companies that were approved by the Compensation Committee of our board of directors as an aggregate benchmark for determining the market-based total shareholder return component. Therefore, we disclosed ranges of the expected volatility and correlation coefficient for the companies that represented this peer group.
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| Performance Based Restricted Stock Units [Member] |
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| Summary of Vested Restricted Stock Units |
The following table summarizes information related to our performance-based restricted stock units that vested during the three-month periods ending July 31, 2022, and August 1, 2021:
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Performance-Based |
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(4) |
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Restricted Stock |
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(3) |
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Price |
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Fiscal Year |
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Units Vested |
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Fair Value |
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Per Share |
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Fiscal 2023 (1) |
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545 |
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$ |
3 |
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$ |
5.10 |
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Fiscal 2023 (2) |
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437 |
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$ |
2 |
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$ |
5.10 |
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Fiscal 2022 (1) |
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5,051 |
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$ |
87 |
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$ |
17.14 |
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Fiscal 2022 (2) |
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5,812 |
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$ |
100 |
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$ |
17.14 |
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(1) |
Performance-based restricted stock units vested by senior executives. |
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(2) |
Performance-based restricted stock units vested by key employees. |
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(3) |
Dollar amounts are in thousands. |
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(4) |
Price per share is derived from the closing price of our common stock on the date the respective performance-based restricted stock units vested. |
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| Time-Based Restricted Stock Units [Member] |
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| Summary of Vested Restricted Stock Units |
The following table summarizes information related to our time-based restricted stock units that vested during the three-month periods ending July 31, 2022:
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Time-Based |
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(4) |
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Restricted Stock |
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(3) |
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Price |
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Fiscal Year |
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Units Vested |
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Fair Value |
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Per Share |
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Fiscal 2023 (1) |
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19,786 |
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$ |
101 |
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$ |
5.10 |
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Fiscal 2023 (2) |
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13,013 |
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$ |
66 |
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$ |
5.10 |
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(1) |
Time-based restricted stock units vested by senior executives. |
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(2) |
Time-based restricted stock units vested by key employees. |
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(3) |
Dollar amounts are in thousands. |
(4) Price per share is derived from the closing price of our common stock on the date the respective time-based restricted stock units vested.
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| Executive officers and key employees [Member] |
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| Summary of Grants of Performance Based Restricted Stock Units |
The following table summarizes information related to our grants of performance-based restricted stock units associated with senior executives and key employees that were unvested as of July 31, 2022:
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(3) |
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(4) |
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Performance-Based |
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Restricted Stock |
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Restricted Stock |
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Units Expected |
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Date of Grant |
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Units Awarded |
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to Vest |
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Price Per Share |
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Vesting Period |
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July 22, 2021 (1) |
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122,476 |
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— |
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$ |
15.93 |
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(5) |
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3 years |
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July 22, 2021 (2) |
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20,500 |
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— |
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$ |
14.75 |
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(6) |
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3 years |
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(1) |
Performance-based restricted stock units awarded to senior executives. |
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(2) |
Performance-based restricted stock units awarded to key employees. |
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(3) |
Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit agreements. |
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(4) |
Compensation cost is based on an assessment each reporting period to determine the probability of whether or not certain performance goals will be met and how many shares are expected to be earned as of the end of the vesting period. These amounts represent the number of shares that were expected to vest as of July 31, 2022. |
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(5) |
Price per share represents the fair market value per share ($1.08 per $1, or an increase of $1.18 to the closing price of our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($14.75) for the performance-based component of the performance-based restricted stock units granted to senior executives on July 22, 2021. |
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(6) |
Price per share represents the closing price of our common stock on the date of grant. |
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| Senior Executives and Management [Member] | Time-Based Restricted Stock Units [Member] |
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| Summary of Grants of Time-Based Restricted Stock Unit Awards |
The following table summarizes information related to our grants of time-based restricted stock unit awards associated with senior executives and key members of management that were unvested as of July 31, 2022:
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(1) |
Price per share represents closing price of common stock on the date the respective award was granted. |
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| X |
- DefinitionTabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.
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| X |
- DefinitionTabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding restricted stock units that are fully vested and expected to vest. Includes, but is not limited to, unvested restricted stock units for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur.
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- DefinitionTabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.
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- DefinitionDisclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.
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