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Stock-Based Compensation (Tables) | 12 Months Ended
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Feb. 01, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of stock-based compensation | The following table provides total stock-based compensation recognized in the Consolidated Statements of Income for the fiscal years presented (in thousands):
| 2024 |  | 2023 |  | 2022
Restricted stock expense | $ | 43,130 |  |  | $ | 36,196 |  |  | $ | 36,261 |
Performance-based restricted stock expense | 27,557 |  |  | 19,053 |  |  | 10,585 |
Stock option expense | 314 |  |  | 2,036 |  |  | 3,757 |
Total stock-based compensation expense | $ | 71,001 |  |  | $ | 57,285 |  |  | $ | 50,603 |
Total related tax benefit | $ | 12,768 |  |  | $ | 10,616 |  |  | $ | 9,730 |
Schedule of nonvested restricted stock activity | Restricted stock activity for fiscal 2024 is presented in the following table:
| Restricted Stock |  |  |  |  |  |
| Shares |  | Weighted Average Grant Date Fair Value |  | Intrinsic Value (in millions) |  |  |  |  |  |
Nonvested, February 3, 2024 | 1,156,146 |  |  | $ | 110.17 |  |  | $ | 180.3 |  |  |  |  |  |  |
Granted | 265,969 |  |  | 209.61 |  |  |  |  |  |  |  |  |
Vested | (364,991) |  |  | 101.59 |  |  |  |  |  |  |  |  |
Forfeited | (58,768) |  |  | 122.92 |  |  |  |  |  |  |  |  |
Nonvested, February 1, 2025 | 998,356 |  |  | $ | 139.05 |  |  | $ | 239.7 |  |  |  |  |  |  |
Schedule of nonvested performance-based restricted stock activity | Performance-based restricted stock activity for fiscal 2024 is presented in the following table:
| Performance-based Restricted Stock |  |  |  |  |  |
| Shares/Units |  | Weighted Average Grant Date Fair Value |  | Intrinsic Value (in millions) |  |  |  |  |  |
Nonvested, February 3, 2024 | 543,717 |  |  | $ | 112.12 |  |  | $ | 84.8 |  |  |  |  |  |  |
Granted (1) | 88,417 |  |  | 203.88 |  |  |  |  |  |  |  |  |
Vested | (208,310) |  |  | 79.27 |  |  |  |  |  |  |  |  |
Forfeited | (18,069) |  |  | 138.18 |  |  |  |  |  |  |  |  |
Nonvested, February 1, 2025 | 405,755 |  |  | $ | 147.82 |  |  | $ | 97.4 |  |  |  |  |  |  |
(1)Includes 10,004 awards with a weighted-average grant date fair value of $147.17 that were issued during fiscal 2024 based on the determination of actual performance criteria attainment of 110% for awards granted in fiscal 2023. These awards are expected to vest in fiscal 2026.
Schedule of stock option activity | Fiscal 2024 stock option activity is presented in the following table:
| Shares Subject to Options |  | Weighted Average Exercise Price per Share |  | Weighted Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value (in millions)
Outstanding, February 3, 2024 | 2,060,026 |  |  | $ | 18.72 |  |  | 2.61 |  | $ | 282.7 |
Exercised | (714,542) |  |  | 25.18 |  |  |  |  |
Forfeited / Expired | (2,271) |  |  | 39.18 |  |  |  |  |
Outstanding, February 1, 2025 | 1,343,213 |  |  | $ | 15.25 |  |  | 1.98 |  | $ | 302.0 |
Exercisable, February 1, 2025 | 1,342,841 |  |  | $ | 15.23 |  |  | 1.98 |  | $ | 301.9 |
Vested or expected to vest, February 1, 2025 | 1,343,209 |  |  | $ | 15.25 |  |  | 1.98 |  | $ | 302.0 |
The following table presents stock option information for the last three fiscal years (in millions):
| 2024 |  | 2023 |  | 2022
Total intrinsic value of stock options exercised | $ | 140.7 |  |  | $ | 69.2 |  |  | $ | 71.4 |
Income tax benefit from the exercise of stock options | $ | 16.7 |  |  | $ | 13.7 |  |  | $ | 11.6 |
Total fair value of stock options vested | $ | 1.8 |  |  | $ | 3.3 |  |  | $ | 4.9 |

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