Company: CULP
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0000950170-25-035191
Chunk: 38

Company: CULP INC
Filing Date: 2025-03-07
Form: 10-Q
Item: Item 1
Chunk 38
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, vested at a fair value of $857,000, or $5.65 per share.We recorded compensation expense of $473,000 and $597,000 within selling, general, and administrative expenses associated with our time-based restricted stock unit awards for the nine-month periods ended January 26, 2025, and January 28, 2024, respectively.As of January 26, 2025, the remaining unrecognized compensation expense related to our time-based restricted stock units was $731,000, which is expected to be recognized over a weighted average vesting period of 1.5 years. As of January 26, 2025, the time-based restricted stock units that are expected to vest had a fair value totaling $1.4 million. 

I-29

Immediately Vested Common Stock AwardsWe granted a total of 16,616 shares of common stock to our outside directors on July 3, 2023. These shares of common stock vested immediately and were measured at their fair value on the date of the grant. The fair value of these awards was $5.04 per share on July 3, 2023, which represents the closing price of our common stock on the date of grant.We recorded $84,000 of compensation expense within selling, general, and administrative expenses for common stock awards that immediately vested to our outside directors during the nine-month period ended January 28, 2024.

17. LeasesOverviewWe lease manufacturing facilities, showroom and office space, distribution centers, and equipment under operating lease arrangements. Our operating leases have remaining lease terms of one to seven years, with renewal options for additional periods ranging up to twelve years.  Balance SheetThe right of use assets and lease liabilities associated with our operating leases as of January 26, 2025, January 28, 2024, and April 28, 2024, are as follows: 

        (dollars in thousands)
         
        January 26,2025

        January 28,2024

        April 28, 2024

        Right of use assets
         
        $
        6,103

        $
        6,952

        $
        6,203

        Operating lease liability - current

        2,025

        2,524

        2,061

        Operating lease liability – noncurrent

        3,127

        2,656

        2,422

       Supplemental