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Stock-Based Awards | 12 Months Ended
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Jan. 27, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Awards | Stock-Based Awards We have outstanding stock-based awards under our 2003 Long-Term Incentive Plan, 2007 Non-Employee Directors Equity Plan, 2012 Long-Term Incentive Plan, and 2017 Non-Employee Directors Equity Plan (collectively, the “Plans”). No further awards will be granted under the 2003 Long-Term Incentive Plan or 2007 Non-Employee Directors Equity Plan. As of January 27, 2024, the total number of shares available for grant under the Plans was 957,897. Stock-based compensation expense and the related tax benefit recognized during fiscal 2024, fiscal 2023, and fiscal 2022 were as follows (dollars in thousands):
| Fiscal Year Ended |
| January 27, 2024 |  | January 28, 2023 |  | January 29, 2022 |
Stock-based compensation | $ | 25,457 |  |  | $ | 17,927 |  |  | $ | 9,866 |  |
Income tax effect of stock-based compensation | $ | 6,302 |  |  | $ | 4,433 |  |  | $ | 2,435 |  |
In addition, we realized approximately $2.9 million, $4.2 million, and $2.9 million of net excess tax benefits during fiscal 2024, fiscal 2023, and fiscal 2022, respectively. As of January 27, 2024, we had unrecognized compensation expense related to stock options, RSUs, and target Performance RSUs (based on the Company’s expected achievement of performance measures) of $3.3 million, $20.6 million, and $16.1 million, respectively. This expense will be recognized over a weighted-average number of years of 2.6, 2.6, and 1.6, respectively, based on the average remaining service periods for the awards. As of January 27, 2024, we may recognize an additional $12.8 million in compensation expense in future periods if the maximum number of Performance RSUs is earned based on certain performance measures being met. The following table summarizes the valuation of stock options and restricted share units granted during fiscal 2024, fiscal 2023, and fiscal 2022, and the significant valuation assumptions:
| Fiscal Year Ended |
| January 27, 2024 |  | January 28, 2023 |  | January 29, 2022 |
Weighted average fair value of RSUs granted | $ | 95.23 |  |  | $ | 96.81 |  |  | $ | 82.25 |  |
Weighted average fair value of Performance RSUs granted | $ | 94.99 |  |  | $ | 97.49 |  |  | $ | 84.73 |  |
Weighted average fair value of stock options granted | $ | 60.85 |  |  | $ | 61.18 |  |  | $ | 52.33 |  |
Stock option assumptions: |  |  |  |  |  |
Risk-free interest rate | 3.6 | % |  | 2.4 | % |  | 1.6 | % |
Expected life (in years) | 8.0 |  | 8.9 |  | 9.3 |
Expected volatility | 57.2 | % |  | 54.2 | % |  | 53.4 | % |
Expected dividends | — |  |  | — |  |  | — |  |
Stock Options The following table summarizes stock option award activity during fiscal 2024:
| Stock Options
| Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (In years) |  | Aggregate Intrinsic Value (In thousands)
Outstanding as of January 28, 2023 | 245,706 |  |  | $ | 65.36 |  |  |  |  |
Granted | 38,155 |  |  | $ | 94.99 |  |  |  |  |
Options exercised | (19,736) |  |  | $ | 58.20 |  |  |  |  |
Canceled | — |  |  | $ | — |  |  |  |  |
Outstanding as of January 27, 2024 | 264,125 |  |  | $ | 70.18 |  |  | 6.0 |  | $ | 11,886 |
Exercisable options as of January 27, 2024 | 170,512 |  |  | $ | 63.54 |  |  | 4.8 |  | $ | 8,805 |
The total amount of exercisable options as of January 27, 2024 presented above reflects the approximate amount of options expected to vest. The aggregate intrinsic values presented above represent the total pre-tax intrinsic values (the difference between the Company’s closing stock price of $115.18 on the last trading day of fiscal 2024 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on the last trading day of fiscal 2024. The amount of aggregate intrinsic value will change based on the price of the Company’s common stock. The total intrinsic value of stock options exercised was $0.8 million, $8.5 million, and $1.9 million for fiscal 2024, fiscal 2023, and fiscal 2022, respectively. We received cash from the exercise of stock options of $1.1 million, $4.6 million, and $2.3 million during fiscal 2024, fiscal 2023, and fiscal 2022, respectively. RSUs and Performance RSUs The following table summarizes RSU and Performance RSU award activity during fiscal 2024:
| Restricted Stock
| RSUs |  | Performance RSUs
| Share Units |  | Weighted Average Grant Price |  | Share Units |  | Weighted Average Grant Price
Outstanding as of January 28, 2023 | 439,903 |  |  | $ | 53.76 |  |  | 385,673 |  |  | $ | 90.32 |
Granted | 164,600 |  |  | $ | 95.23 |  |  | 230,127 |  |  | $ | 94.99 |
Share units vested | (203,787) |  |  | $ | 46.30 |  |  | (112,787) |  |  | $ | 83.25 |
Forfeited or canceled | (9,951) |  |  | $ | 62.93 |  |  | (71,823) |  |  | $ | 82.43 |
Outstanding as of January 27, 2024 | 390,765 |  |  | $ | 74.89 |  |  | 431,190 |  |  | $ | 95.98 |
The total number of granted Performance RSUs presented above consists of 157,380 target shares and 72,747 supplemental shares. During fiscal 2024, we canceled 2,506 target shares and 57,199 supplemental shares of Performance RSUs, as a result of performance criteria for attaining those shares being partially met for the applicable performance periods. Approximately 68,398 supplemental shares outstanding as of January 27, 2024 will be canceled during the three months ending April 27, 2024 as a result of the fiscal 2024 performance period criteria being partially met. The total amount of Performance RSUs outstanding as of January 27, 2024 consists of 293,966 target shares and 137,224 supplemental shares. The total fair value of restricted share units vested during fiscal 2024, fiscal 2023, and fiscal 2022 was $29.6 million, $18.4 million, and $22.4 million, respectively.

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