Share-based Compensation

9 Months Ended

Oct. 30, 2021

Share-based Payment Arrangement [Abstract]

In connection with the spin-off of Victoria's Secret & Co. on August 2, 2021, the Company adjusted its outstanding share-based awards in accordance with the terms of the Employee Matters Agreement. Adjustments to the underlying shares and terms of outstanding restricted stock and stock options were made to preserve the intrinsic value of the awards immediately before the Separation. The adjustment of the underlying shares and exercise prices, as applicable, was determined using a ratio based on the relative values of the Company's pre-Distribution stock price and the Company's post-Distribution stock price. The outstanding awards continue to vest over their original vesting periods. The Company did not recognize any incremental compensation cost related to the adjustment of outstanding awards.

Restricted Stock

The following table provides the Company’s restricted stock activity for the year-to-date period ended October 30, 2021:


			Number of Shares
			(in thousands)
Unvested as of January 30, 2021			6,647
Converted to Victoria's Secret & Co. Shares			(2,537)
Spin-Off Related Adjustment			807
Granted			1,501
Vested			(2,150)
Cancelled			(161)
Unvested as of October 30, 2021			4,107

Stock Options

The following table provides the Company’s stock option activity for the year-to-date period ended October 30, 2021:


			Number of Shares
			(in thousands)
Outstanding as of January 30, 2021			4,163
Converted to Victoria's Secret & Co. Shares			(1,042)
Spin-Off Related Adjustment			288
Granted			228
Exercised			(1,861)
Cancelled			(607)
Outstanding as of October 30, 2021			1,169
Options Exercisable as of October 30, 2021			915