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Share-Based Compensation | 6 Months Ended
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Jul. 30, 2022
Share-based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based Compensation Equity Incentive Plan Pursuant to the Company's 2022 Equity Incentive Plan (the “Plan”), which was approved in June 2022, the Company’s Board of Directors may grant stock options, restricted shares, and restricted stock units to officers, directors, key employees and professional service providers. The Plan allows for the issuance of up to a total of 4.3 million shares under the Plan. As of July 30, 2022, approximatel y 3.5 million stock options, restricted shares, or restricted stock units were available for grant. Common Stock Options All stock options have a term not greater than ten years. Stock options vest and become exercisable in whole or in part, in accordance with vesting conditions set by the Company’s Board of Directors. Options granted to date generally vest over four years from the date of grant. Stock option activity during the twenty-six weeks ended July 30, 2022 was as follows:
| Options Outstanding |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (in years)
Balance as of January 29, 2022 | 39,763 |  |  | $ | 34.48 |  |  | 2.3
Exercised | (2,952) |  |  | 22.62 |  |
Balance as of July 30, 2022 | 36,811 |  |  | 35.43 |  | 1.9
Exercisable as of July 30, 2022 | 36,811 |  |  | $ | 35.43 |  |  | 1.9
The fair value of each option award granted to employees, including outside directors, is estimated on the date of grant using the Black-Scholes option-pricing model. There were no stock options granted or forfeited during the twenty-six weeks ended July 30, 2022. Restricted Stock Units and Performance-Based Restricted Stock Units All restricted stock units ("RSU") and performance-based restricted stock units ("PSU") vest in accordance with vesting conditions set by the compensation committee of the Company’s Board of Directors. RSUs and PSUs granted to date generally have vesting periods ranging from less than one year to four years from the date of grant. The fair value of RSUs is the market price of the underlying common stock on the date of grant. PSUs that have a performance condition are subject to satisfaction of the applicable performance goals established for the respective grant. The Company periodically assesses the probability of achievement of the performance criteria and adjusts the amount of compensation expense accordingly. The fair value of these PSUs is the market price of the underlying common stock on the date of grant. Compensation is recognized over the vesting period and adjusted for the probability of achievement of the performance criteria. PSUs that have a market condition based on our total shareholder return relative to a pre-defined peer group are subject to multi-year performance objectives with vesting periods of approximately three years from the date of grant (if the applicable performance objectives are achieved). The fair value of these PSUs are determined using a Monte Carlo valuation model. RSU and PSU activity during the twenty-six weeks ended July 30, 2022 was as follows:
| Restricted Stock Units |  | Performance-Based Restricted Stock Units
| Number |  | Weighted-Average Grant Date Fair Value |  | Number |  | Weighted-Average Grant Date Fair Value
Non-vested balance as of January 29, 2022 | 254,295 |  |  | $ | 126.93 |  |  | 349,236 |  |  | $ | 163.16 |
Granted | 108,241 |  |  | 141.28 |  |  | 127,598 |  |  | 165.90 |
Vested | (112,749) |  |  | 108.00 |  |  | — |  |  | — |
Forfeited | (15,294) |  |  | 139.47 |  |  | (7,654) |  |  | 161.29 |
Non-vested balance as of July 30, 2022 | 234,493 |  |  | $ | 133.92 |  |  | 469,180 |  |  | $ | 126.50 |
In connection with the vesting of RSUs and PSUs during the twenty-six weeks ended July 30, 2022, the Company withheld 28,832 shares with an aggregate value of $4.4 million in sat isfaction of minimum tax withholding obligations due upon vesting. In connection with the vesting of RSUs and PSUs during the twenty-six weeks ended July 31, 2021, the Company withheld 36,561 shares with an aggregate value of $7.0 million in satisfaction of minimum tax withholding obligations due upon vesting. As of July 30, 2022, there wa s $44.9 million of total unrecognized compensation costs related to non-vested share-based compensation arrangements (including stock options, RSUs and PSUs) granted under the Plan. The cost is expected to be recognized over a weighted average vesting period of 2.4 years. Share Repurchase Programs On March 20, 2018, the Company's Board of Directors approved a share repurchase program authorizing the repurchase of up to $100 million of the Company's common stock through March 31, 2021, on the open market, in privately negotiated transactions, or otherwise. This program expired on March 31, 2021. On March 9, 2021, the Company's Board of Directors approved a new share repurchase program for up to $100 million of the Company's common stock through March 31, 2024. In fiscal 2021, the Company purchased 368,699 shares at an aggregate cost of approximately $60.0 million, or average price of $162.75 per share. During the twenty-six weeks ended July 30, 2022, the Company purchased 247,132 shares at an aggregate cost of approximately $40.0 million, or average price of $161.88 per share. The Company has exhausted repurchases under this program. On June 14, 2022, the Company's Board of Directors approved a new share repurchase program for up to $100 million of the Company's common stock through June 30, 2025. As of July 30, 2022, the Company has not made any repurchases under this program. Since approval of the share repurchase programs in March 2018, the Company has purchased approximately 1,100,000 shares for an aggregate cost of approximately $150 million.

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