XML 37 R26.htm IDEA: XBRL DOCUMENT
v3.19.1

Stock-Based Awards | 3 Months Ended
--- | ---
Apr. 27, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Awards | Stock-Based Awards The Company has certain stock-based compensation plans under which it grants stock-based awards, including common stock, stock options, time-based restricted share units (“RSUs”), and performance-based restricted share units (“Performance RSUs”) to attract, retain, and reward talented employees, officers, and directors, and to align their interests with those of its stockholders. Compensation expense for stock-based awards is based on fair value at the measurement date. This expense fluctuates over time as a function of the duration of vesting periods of the stock-based awards and the Company’s performance, as measured by criteria set forth in performance-based awards. Stock-based compensation expense is included in general and administrative expenses in the condensed consolidated statements of operations and the amount of expense ultimately recognized depends on the quantity of awards that actually vest. Accordingly, stock-based compensation expense may vary from period to period. The performance criteria for the Company’s performance-based equity awards utilize the Company’s operating earnings (adjusted for certain amounts) as a percentage of contract revenues for the applicable four-quarter period (a “Performance Year”) and its Performance Year operating cash flow level (adjusted for certain amounts). Additionally, certain awards include three-year performance measures that, if met, result in supplemental shares awarded. For Performance RSUs, the Company evaluates compensation expense quarterly and recognizes expense for performance-based awards only if it determines it is probable that performance criteria for the awards will be met. Stock-based compensation expense and the related tax benefit recognized during the three months ended April 27, 2019 and April 28, 2018 were as follows (dollars in thousands):
| For the Three Months Ended
| April 27, 2019 |  | April 28, 2018
Stock-based compensation | $ | 3,479 |  |  | $ | 4,863 |
Income tax effect of stock-based compensation | $ | 869 |  |  | $ | 1,069 |
In addition, the Company realized approximately $0.6 million of net tax deficiencies and $0.1 million of excess tax benefits during the three months ended April 27, 2019 and April 28, 2018, respectively, related to the vesting and exercise of share-based awards. As of April 27, 2019, the Company had unrecognized compensation expense related to stock options, RSUs, and target Performance RSUs (based on the Company’s expected achievement of performance measures) of $3.1 million, $11.8 million, and $21.6 million, respectively. This expense will be recognized over a weighted-average number of years of 2.6, 2.7, and 2.1, respectively, based on the average remaining service periods for the awards. As of April 27, 2019, the Company may recognize an additional $24.5 million in compensation expense in future periods if the maximum amount of Performance RSUs is earned based on certain performance measures being met. Stock Options The following table summarizes stock option award activity during the three months ended April 27, 2019:
| Stock Options
| Shares |  | Weighted Average Exercise Price
Outstanding as of January 26, 2019 | 583,291 |  |  | $ | 34.24 |
Granted | 39,276 |  |  | $ | 45.94 |
Options exercised | (9,850 | ) |  | $ | 10.71 |
Canceled | — |  |  | $ | — |
Outstanding as of April 27, 2019 | 612,717 |  |  | $ | 35.37 |
Exercisable options as of April 27, 2019 | 510,220 |  |  | $ | 27.86 |
RSUs and Performance RSUs The following table summarizes RSU and Performance RSU award activity during the three months ended April 27, 2019:
| Restricted Stock
| RSUs |  | Performance RSUs
| Share Units |  | Weighted Average Grant Date Fair Value |  | Share Units |  | Weighted Average Grant Date Fair Value
Outstanding as of January 26, 2019 | 126,470 |  |  | $ | 87.92 |  |  | 377,354 |  |  | $ | 96.51 |
Granted | 89,863 |  |  | $ | 46.18 |  |  | 475,629 |  |  | $ | 45.94 |
Share units vested | (13,356 | ) |  | $ | 95.27 |  |  | (43,900 | ) |  | $ | 93.49 |
Forfeited or canceled | (123 | ) |  | $ | 81.85 |  |  | (29,002 | ) |  | $ | 103.15 |
Outstanding as of April 27, 2019 | 202,854 |  |  | $ | 68.95 |  |  | 780,081 |  |  | $ | 65.60 |
The total amount of granted Performance RSUs presented above consists of 333,567 target shares and 142,062 supplemental shares. The total amount of Performance RSUs outstanding as of April 27, 2019 consists of 552,904 target shares and 227,177 supplemental shares. With respect to the Company’s Performance Year ended January 26, 2019, the Company canceled 12,331 target shares and 13,556 supplemental shares as a result of the performance period criteria being partially met.

X
- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration