As of May 3, 2025, there were 2,977,207 shares of common stock available for issuance under the Company’s 2022 Omnibus Incentive Plan.

Subsequent to the end of the first quarter of Fiscal 2025, the Company’s stockholders approved an amendment to the 2022 Omnibus Incentive Plan. The amendment provides for an increase in the number of shares of Company common stock subject to the 2022 Omnibus Incentive Plan by 3,100,000. This was approved on May 20, 2025.

Non-cash stock compensation expense is as follows:


	(in thousands)
	Three Months Ended
	May 3,		May 4,
Type of Non-Cash Stock Compensation	2025		2024
Restricted stock unit grants (a)	$	10,971	$	9,948
Stock option grants (a)		4,902		4,567
Performance stock unit grants (a)		5,944		4,592
Total (b)	$	21,817	$	19,107

(a)

Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Income. Beginning on May 1, 2025, the Company no longer grants stock options under the 2022 Omnibus Incentive Plan.

Stock option transactions during the three month period ended May 3, 2025 are summarized as follows:


	Number of Shares			Weighted Average Exercise Price Per Share
Options outstanding, February 1, 2025		1,456,342		$	196.77
Options granted		589			273.66
Options exercised (a)		(20,536	)		134.71
Options forfeited		(15,288	)		202.07
Options outstanding, May 3, 2025		1,421,107			197.64

(a)

Options exercised during the three month period ended May 3, 2025 had a total intrinsic value of $2.2 million.

The following table summarizes information about the stock options vested and expected to vest during the contractual term of such options as of May 3, 2025:


	Options		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value (in millions)
Options vested and expected to vest		1,421,107		6.7	$	197.64	$	66.7
Options exercisable		919,493		5.9	$	204.03	$	41.0

The fair value of each stock option granted during the three month period ended May 3, 2025 was estimated using the Black Scholes option pricing model using the following assumptions on a weighted average basis:


		Three Months Ended
		May 3,
		2025
Risk-free interest rate		4.3%
Expected volatility		42.3%
Expected life (years)		4.0
Contractual life (years)		10.0
Expected dividend yield		0.0%
Grant date fair value of options issued	$	106.01

The expected dividend yield was based on the Company’s expectation of not paying dividends in the near term. To evaluate its volatility factor, the Company uses the historical volatility of its stock price over the expected life of the options. The risk free interest rate was based on the U.S. Treasury rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the awards being valued. The expected life of the options was estimated using historical exercise rates.

Restricted stock unit transactions during the three month period ended May 3, 2025 are summarized as follows:


	Number of Shares			Weighted Average Grant Date Fair Value Per Award
Non-vested awards outstanding, February 1, 2025		653,406		$	190.83
Awards granted		302,677			228.10
Awards vested (a)		(166,782	)		204.60
Awards forfeited		(13,822	)		192.76
Non-vested awards outstanding, May 3, 2025		775,479			202.38

(a)

Restricted stock unit awards vested during the three month period ended May 3, 2025 had a total intrinsic value of $38.7 million.

The fair value of each share of restricted stock granted during the three month period ended May 3, 2025 was based upon the closing price of the Company’s common stock on the grant date.

The Company grants performance-based restricted stock units to its senior executives. Vesting of the performance stock units granted in Fiscal 2022 through Fiscal 2025 are based on continued service and the achievement of specified pre-established adjusted net income per share growth over a three-year performance period, as applicable for each grant. Based on the Company’s achievement of these goals, each award may be earned up to 200% of the target award. In the event that actual performance is below threshold, no award will be made. Compensation costs recognized on the performance stock units are adjusted, as applicable, for performance above or below the target specified in the award.

Performance stock unit transactions during the three month period ended May 3, 2025 are summarized as follows:


	Number of Shares			Weighted Average Grant Date Fair Value Per Award
Non-vested awards outstanding, February 1, 2025		292,870		$	188.37
Awards granted		170,488			225.02
Awards vested (a)		(99,388	)		207.29
Awards forfeited		(1,584	)		187.13
Non-vested awards outstanding, May 3, 2025		362,386			200.43

(a)

Performance-based stock awards vested during the three month period ended May 3, 2025 had a total intrinsic value of $23.3 million.