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Stock-Based Compensation | 3 Months Ended
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May 04, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation For the three month periods ended May 4, 2024 and April 29, 2023, the Company recognized stock-based compensation expense as follows:
| Three Months Ended |  |
($000) | May 4, 2024 |  | April 29, 2023 |  |  |  |
Restricted stock | $ | 23,234 |  |  | $ | 21,493 |  |  |  |  |
Performance awards | 16,114 |  |  | 10,484 |  |  |  |  |
Employee stock purchase plan | 1,099 |  |  | 1,086 |  |  |  |  |
Total | $ | 40,447 |  |  | $ | 33,063 |  |  |  |  |
Total stock-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Earnings for the three month periods ended May 4, 2024 and April 29, 2023 is as follows:
| Three Months Ended |  |
Statements of Earnings Classification ($000) | May 4, 2024 |  | April 29, 2023 |  |  |  |
Cost of goods sold | $ | 19,625 |  |  | $ | 17,325 |  |  |  |  |
Selling, general and administrative | 20,822 |  |  | 15,738 |  |  |  |  |
Total | $ | 40,447 |  |  | $ | 33,063 |  |  |  |  |
The tax benefits related to stock-based compensation expense for the three month periods ended May 4, 2024 and April 29, 2023 were $7.9 million and $7.0 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. 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 a performance goal during the performance period, which is the Company’s fiscal year. If attained, the restricted stock then vests over a service period, generally three years from the date the performance award was granted. As of May 4, 2024, shares related to unvested restricted stock, restricted stock units, and performance share awards totaled 4.0 million shares. A summary of restricted stock, restricted stock units, and performance share award activity for the three month period ended May 4, 2024, is presented below:
| Number of shares (000) |  | Weighted-average grant date fair value
Unvested at February 3, 2024 | 4,395 |  |  | $ | 104.52 |
Awarded | 713 |  |  | 146.84 |
Released | (1,068) |  |  | 104.39 |
Forfeited | (45) |  |  | 104.29 |
Unvested at May 4, 2024 | 3,995 |  | $ | 112.11 |
The unamortized compensation expense at May 4, 2024 was $277.8 million which is expected to be recognized over a weighted-average remaining period of 2.1 years. The unamortized compensation expense at April 29, 2023 was $240.4 million which was expected to be recognized over a weighted-average remaining period of 2.4 years. Shares repurchased for tax withholding are considered treasury shares which are available for reissuance. During the three month periods ended May 4, 2024 and April 29, 2023, shares purchased by the Company for tax withholding totaled 484,855 and 367,286, respectively. 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 withheld 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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