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Share-Based Compensation (Tables)

3 Months Ended

May 02, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity

A summary of the Company’s stock option activity for the 13 weeks ended May 2, 2020 follows:

						Weighted- Average				Weighted- Average Remaining Contractual				Aggregate
		Options				Exercise Price				Term				Intrinsic Value
		(In thousands)								(In years)				(In thousands)
Outstanding - February 1, 2020			2,584			$	18.18
Granted			932			$	8.62
Outstanding - May 2, 2020			3,516			$	15.65				5.2			$	—
Vested and expected to vest - May 2, 2020			2,810			$	16.11				4.0			$	—
Exercisable - May 2, 2020 (1)			1,797			$	17.08				2.2			$	—

(1) The Company’s stock price was below the exercise price for all outstanding awards as of May 2, 2020.

Black-Scholes Option Valuation Assumptions

The fair value of stock options was estimated at the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions:

		13 Weeks Ended			13 Weeks Ended
		May 2,			May 4,
Black-Scholes Option Valuation Assumptions		2020			2019
Risk-free interest rate (1)			0.6	%		2.2	%
Dividend yield			6.0	%		2.4	%
Volatility factor (2)			43.1	%		38.2	%
Weighted-average expected term (3)		4.4 years			4.4 years

(1) Based on the U.S. Treasury yield curve in effect at the time of grant with a term consistent with the expected life of our stock options.

(2) Based on historical volatility of the Company’s common stock.

(3) Represents the period of time options are expected to be outstanding. The weighted average expected option terms were determined based on historical experience.            

Summary of Restricted Stock Activity

A summary of the Company’s restricted stock activity is presented in the following tables:

		Time-Based Restricted Stock Units								Performance-Based Restricted Stock Units
		13 Weeks Ended								13 Weeks Ended
		May 2, 2020								May 2, 2020
(Shares in thousands)		Shares				Weighted- Average Grant Date Fair Value				Shares				Weighted- Average Grant Date Fair Value
Nonvested - February 1, 2020			2,196			$	18.56				2,138			$	18.37
Granted			2,247			$	8.62				—			$	—
Vested			—			$	—				(319	)		$	14.50
Cancelled			(82	)		$	18.08				(359	)		$	20.45
Nonvested - May 2, 2020			4,361			$	12.83				1,460			$	18.72

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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