Stock-Based Compensation

3 Months Ended

May 01, 2021

Share-based Payment Arrangement [Abstract]

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 May 1, 2021, 350,643 shares were available for grant under the Company’s various restricted stock plans, of which 269,082 shares were available for grant to executive officers.

Compensation expense was recognized during fiscal 2021 and fiscal 2020 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:


	Thirteen Weeks Ended
	May 1, 2021		May 2, 2020

Stock-based compensation expense, before tax	$	2,630	$	957

Stock-based compensation expense, after tax	$	1,986	$	723

Non-vested shares of common stock granted during the thirteen week periods ended May 1, 2021 and May 2, 2020 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 thirteen week period ended May 1, 2021 is as follows:


	Shares	Weighted Average Grant Date Fair Value

Non-Vested - beginning of year	538,750	$	22.28
Granted	381,300	39.32
Forfeited	(140)	21.40
Vested	(76,673)	24.71
Non-Vested - end of quarter	843,237	$	29.76

As of May 1, 2021, there was $16,933 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 2.3 years. The total fair value of shares vested during the thirteen week periods ended May 1, 2021 and May 2, 2020 was $3,091 and $739, respectively.