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Share-Based Compensation | 9 Months Ended
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Nov. 02, 2024
Share-Based Payment Arrangement [Abstract] |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION Financial statement impact The following table provides share-based compensation expense and the related income tax impacts for the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023:
| Thirteen Weeks Ended |  | Thirty-Nine Weeks Ended
(in thousands) | November 2, 2024 |  | October 28, 2023 |  | November 2, 2024 |  | October 28, 2023
Share-based compensation expense | $ | 9,527 |  |  | $ | 9,684 |  |  | $ | 30,123 |  |  | $ | 29,331 |
Income tax benefits associated with share-based compensation expense recognized | 1,287 |  |  | 1,080 |  |  | 3,805 |  |  | 3,163 |
The following table provides discrete income tax benefits and charges related to share-based compensation awards during the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023:
|  |  | Thirteen Weeks Ended |  | Thirty-Nine Weeks Ended
(in thousands) |  |  | November 2, 2024 |  | October 28, 2023 |  | November 2, 2024 |  | October 28, 2023
Income tax discrete benefits realized for tax deductions related to the issuance of shares |  |  | $ | 581 |  |  | $ | 861 |  |  | $ | 17,913 |  |  | $ | 2,303 |
Income tax discrete charges realized upon cancellation of stock appreciation rights |  |  | — |  |  | — |  |  | — |  |  | (101) |
Total income tax discrete benefits related to share-based compensation awards |  |  | $ | 581 |  |  | $ | 861 |  |  | $ | 17,913 |  |  | $ | 2,202 |
The following table provides the amount of employee tax withheld by the Company upon the issuance of shares associated with restricted stock units vesting and the exercise of stock appreciation rights for the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023:
| Thirteen Weeks Ended |  | Thirty-Nine Weeks Ended
(in thousands) | November 2, 2024 |  | October 28, 2023 |  | November 2, 2024 |  | October 28, 2023
Employee tax withheld upon issuance of shares (1) | $ | 2,388 |  |  | $ | 10,310 |  |  | $ | 69,613 |  |  | $ | 29,079 |
(1) Classified within financing activities on the Condensed Consolidated Statements of Cash Flows. Restricted stock units The following table provides the summarized activity for restricted stock units for the thirty-nine weeks ended November 2, 2024:
| Service-based Restricted Stock Units |  | Performance-based Restricted Stock Units |  | Market-based Restricted Stock Units
| Number of Underlying Shares |  | Weighted- Average Grant Date Fair Value |  | Number of Underlying Shares |  | Weighted- Average Grant Date Fair Value |  | Number of Underlying Shares |  | Weighted- Average Grant Date Fair Value
Unvested at February 3, 2024 | 1,886,085 |  |  | $ | 27.12 |  |  | 521,212 |  |  | $ | 30.03 |  |  | 260,619 |  |  | $ | 43.90 |
Granted | 236,530 |  |  | 123.01 |  |  | 53,775 |  |  | 120.56 |  |  | 26,895 |  |  | 180.71 |
Adjustments for performance achievement | — |  |  | — |  |  | 150,446 |  |  | 32.10 |  |  | 75,227 |  |  | 50.34 |
Vested | (866,119) |  |  | 25.03 |  |  | (300,892) |  |  | 32.10 |  |  | (150,454) |  |  | 50.34 |
Forfeited | (75,993) |  |  | 35.65 |  |  | — |  |  | — |  |  | — |  |  | — |
Unvested at November 2, 2024 (1) | 1,180,503 |  |  | $ | 47.41 |  |  | 424,541 |  |  | $ | 40.76 |  |  | 212,287 |  |  | $ | 58.95 |
(1) Unvested shares related to restricted stock units with performance-based and market-based vesting conditions are reflected at 100% of their target vesting amount in the table above. Unvested shares related to restricted stock units with performance-based and market-based vesting conditions can be achieved from zero up to 200% of their target vesting amount. The following table provides the unrecognized compensation cost and the remaining weighted-average period over which these costs are expected to be recognized for restricted stock units as of November 2, 2024:
| Service-based Restricted Stock Units |  | Performance-based Restricted Stock Units |  | Market-based Restricted Stock Units
Unrecognized compensation cost (in thousands) | $ | 41,966 |  |  | $ | 16,647 |  |  | $ | 6,163 |
Remaining weighted-average period cost is expected to be recognized (years) | 1.1 |  | 1.1 |  | 1.1
The following table provides additional information pertaining to restricted stock units for the thirty-nine weeks ended November 2, 2024 and October 28, 2023:
| Thirty-Nine Weeks Ended
(in thousands) | November 2, 2024 |  | October 28, 2023
Service-based restricted stock units: |  |  |
Total grant date fair value of awards granted | $ | 29,096 |  |  | $ | 26,237 |
Total grant date fair value of awards vested | 21,679 |  |  | 23,051 |
Performance-based restricted stock units: |  |  |
Total grant date fair value of awards granted | 6,483 |  |  | 6,300 |
Total grant date fair value of awards vested | 9,659 |  |  | — |
Market-based restricted stock units: |  |  |
Total grant date fair value of awards granted | 4,860 |  |  | 4,576 |
Total grant date fair value of awards vested | 7,574 |  |  | 16,040 |
The following table provides the weighted-average assumptions used for market-based restricted stock units in the Monte Carlo simulation during the thirty-nine weeks ended November 2, 2024 and October 28, 2023:
| Thirty-Nine Weeks Ended
| November 2, 2024 |  | October 28, 2023
Grant date market price | $ | 120.56 |  |  | $ | 28.36 |
Fair value | 180.71 |  |  | 41.20 |
Price volatility | 59 | % |  | 63 | %
Expected term (years) | 2.9 |  | 2.9
Risk-free interest rate | 4.3 | % |  | 4.6 | %
Dividend yield | — |  |  | — |
Average volatility of peer companies | 51.8 |  |  | 66.0 |
Average correlation coefficient of peer companies | 0.4866 |  | 0.5295
Stock appreciation rights The following table provides the summarized stock appreciation rights activity for the thirty-nine weeks ended November 2, 2024:
| Number of Underlying Shares |  | Weighted-Average Exercise Price |  | Aggregate Intrinsic Value (in thousands) |  | Weighted-Average Remaining Contractual Life (years)
Outstanding at February 3, 2024 | 25,600 |  |  | $ | 29.29 |  |  |  |  |
Exercised | (25,600) |  |  | 29.29 |  |  |  |  |
Forfeited or expired | — |  |  | — |  |  |  |  |
Outstanding at November 2, 2024 | — |  |  | $ | — |  |  | $ | — |  |  | 0.0
Stock appreciation rights exercisable at November 2, 2024 | — |  |  | $ | — |  |  | $ | — |  |  | 0.0
As of November 2, 2024, no stock appreciation rights remain outstanding. The following table provides additional information pertaining to stock appreciation rights exercised during the thirty-nine weeks ended November 2, 2024 and October 28, 2023:
(in thousands) | November 2, 2024 |  | October 28, 2023
Total grant date fair value of awards exercised | $ | 267 |  |  | $ | 1,292 |

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