
J.	STOCK-BASED COMPENSATION

The Company has several stock option plans which allow for granting of stock options to employees, executives, and directors. The Company has not granted any stock options since fiscal 2008 and there are currently no stock options outstanding. The Company also has a restricted stock plan that allows for the granting of non-vested shares of common stock to employees and executives and a restricted stock plan that allows for the granting of non-vested shares of common stock to non-employee directors. As of February 2, 2019, 1,061,691 shares were available for grant under the Company’s various restricted stock plans, of which 1,017,067 shares were available for grant to executive officers.

Compensation expense was recognized during fiscal 2018, 2017, and 2016 for equity-based grants, based on the grant date fair value of the awards. The fair value of grants of non-vested common stock awards is the stock price on the date of grant.

Information regarding the impact of compensation expense related to grants of non-vested shares of common stock is as follows:



	Fiscal Years Ended
	February 2, 2019		February 3, 2018		January 28, 2017

Stock-based compensation expense, before tax	$	4,287	$	4,883	$	5,330

Stock-based compensation expense, after tax	$	3,237	$	3,140	$	3,358

Non-vested shares of common stock granted during each of the past three fiscal years were granted pursuant to the Company’s 2005 Restricted Stock Plan and the Company’s 2008 Director Restricted Stock Plan. Shares granted under the 2005 Plan are typically "performance based" and vest over a period of four years, only upon certification by the Compensation Committee of the Board of Directors that the Company has achieved its pre-established performance targets for the fiscal year. Certain shares granted under the 2005 Plan, however, are "non-performance based" and vest over a period of four years without being subject to the achievement of performance targets. Shares granted under the 2008 Director Plan vest 25% on the date of grant and then in equal portions on each of the first three anniversaries of the date of grant.

A summary of the Company’s stock-based compensation activity related to grants of non-vested shares of common stock for the fiscal year ended February 2, 2019 is as follows:



	Shares		Weighted Average Grant Date Fair Value

Non-Vested - beginning of year	470,022		$	24.63
Granted	374,800		19.61
Forfeited	(173,575	)	20.98
Vested	(168,074	)	29.06
Non-Vested - end of year	503,173		$	20.67

As of February 2, 2019, there was $3,251 of unrecognized compensation expense related to grants of non-vested shares. It is expected that this expense will be recognized over a weighted average period of approximately 1.9 years. The total fair value of shares vested during fiscal 2018, 2017, and 2016 was $3,046, $3,289, and $2,713 respectively. During the fiscal year ended February 2, 2019, 145,325 shares (representing one-half of the "performance based" shares granted during fiscal 2017 under the 2005 Restricted Stock Plan) were forfeited because the Company did not achieve all of the performance targets established for the fiscal 2017 grants.