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Management Incentive Plan and Stock-Based Compensation | 9 Months Ended
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Oct. 29, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Management Incentive Plan and Stock-Based Compensation | Management Incentive Plan and Stock-Based Compensation The Company has incentive compensation programs which provide cash incentive bonuses and performance share awards to key management and employees based on Company and individual performance. For fiscal 2022, the Compensation Committee of the Board of Directors established the performance measures for determining cash incentive bonuses and performance share awards based on profitability-based performance goals. For fiscal 2021, the Compensation Committee of the Board of Directors established the performance measures for determining cash incentive bonuses and performance share awards based on profitability-based performance goals and the attainment of specific management priorities related to business challenges from the COVID-19 pandemic, as measured and approved by the Compensation Committee. Stock-based compensation. For the three and nine month periods ended October 29, 2022 and October 30, 2021, the Company recognized stock-based compensation expense as follows:
| Three Months Ended |  | Nine Months Ended
($000) | October 29, 2022 |  | October 30, 2021 |  | October 29, 2022 |  | October 30, 2021
Restricted stock | $ | 22,177 |  |  | $ | 18,841 |  |  | $ | 63,337 |  |  | $ | 53,487 |
Performance awards | 6,186 |  |  | 18,601 |  |  | 25,800 |  |  | 40,000 |
Employee stock purchase plan | 1,130 |  |  | 1,075 |  |  | 3,230 |  |  | 3,288 |
Total | $ | 29,493 |  |  | $ | 38,517 |  |  | $ | 92,367 |  |  | $ | 96,775 |
Total stock-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Earnings for the three and nine month periods ended October 29, 2022 and October 30, 2021, is as follows:
| Three Months Ended |  | Nine Months Ended
Statements of Earnings Classification ($000) | October 29, 2022 |  | October 30, 2021 |  | October 29, 2022 |  | October 30, 2021
Cost of goods sold | $ | 16,547 |  |  | $ | 18,594 |  |  | $ | 50,768 |  |  | $ | 48,354 |
Selling, general and administrative | 12,946 |  |  | 19,923 |  |  | 41,599 |  |  | 48,421 |
Total | $ | 29,493 |  |  | $ | 38,517 |  |  | $ | 92,367 |  |  | $ | 96,775 |
The tax benefits related to stock-based compensation expense for the three and nine month periods ended October 29, 2022 we re $6.1 million an d $18.9 million, respectively. The tax benefits related to stock-based compensation expense for the three and nine month periods ended October 30, 2021 were $8.4 million and $19.4 million, respectively. Restricted stock awards. The Company grants shares of restricted stock or restricted stock units to directors, officers, and key employees. The market value of shares of restricted stock and restricted stock units at the date of grant is amortized to expense over the vesting period of generally three to five years. During the three and nine month periods ended October 29, 2022 and October 30, 2021, shares purchased by the Company for tax withholding totaled 74,844 and 490,060, and 70,488 and 471,081, respectively, and are considered treasury shares which are available for reissuance. Performance share awards. The Company has a performance share award program for senior executives. A performance share award represents a right to receive shares of restricted stock on a specified settlement date based on the Company’s attainment of performance goals during the performance period, which is the Company’s fiscal year. If attained, the restricted stock then vests over a service period, generally two to three years from the date the performance award was granted. As of October 29, 2022, shares related to unvested restricted stock, restricted stock units, and performance share awards totaled 4.5 million shares. A summary of restricted stock, restricted stock units, and performance share award activity for the nine month period ended October 29, 2022, is presented below:
(000, except per share data) | Number of shares |  | Weighted-average grant date fair value
Unvested at January 29, 2022 | 4,378 |  |  | $ | 99.58 |
Awarded | 1,504 |  |  | 88.98 |
Released | (1,266) |  |  | 90.38 |
Forfeited | (101) |  |  | 101.39 |
Unvested at October 29, 2022 | 4,515 |  |  | $ | 98.44 |
The unamortized compensation expense at October 29, 2022 was $213.6 million, which is expected to be recognized over a weighted-average remaining period of 2.0 years. The unamortized compensation expense at October 30, 2021, was $193.8 million, which was expected to be recognized over a weighted-average remaining period of 2.1 years. Employee stock purchase plan. Under the Employee Stock Purchase Plan (“ESPP”), eligible employees participating in the quarterly offering period can choose to have up to the lesser of 10% of their annual base earnings or the IRS annual share purchase limit of $25,000 in aggregate market value to purchase the Company’s common stock. The purchase price of the stock is 85% of the closing market price on the date of purchase. Purchases occur on a quarterly basis (on the last trading day of each calendar quarter). The Company recognizes expense for ESPP purchase rights equal to the value of the 15% discount given on the purchase date.

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