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Share-Based Payments (Tables)
 12 Months Ended
Jan. 28, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity

A summary of the Company’s stock option activity under the 2017 and 2020 Plans for Fiscal 2022 follows:

 

 

 

For the Year Ended January 28, 2023

 

 

 

 

 

 

Weighted-
Average

 

 

Weighted-
Average
Remaining
Contractual

 

 

Aggregate
Intrinsic

 

 

 

Options

 

 

Exercise Price

 

 

Term

 

 

Value

 

 

 

(In thousands)

 

 

 

 

 

(In years)

 

 

(In thousands)

 

Outstanding - January 29, 2022

 

 

3,647

 

 

$

16.74

 

 

 

 

 

 

 

Granted

 

 

1,094

 

 

$

17.24

 

 

 

 

 

 

 

Exercised (1)

 

 

(126

)

 

$

9.16

 

 

 

 

 

 

 

Cancelled

 

 

(665

)

 

$

17.41

 

 

 

 

 

 

 

Outstanding - January 28, 2023

 

 

3,950

 

 

$

17.01

 

 

 

4.0

 

 

$

6,725

 

Vested and expected to vest - January 28, 2023

 

 

2,789

 

 

$

16.92

 

 

 

2.8

 

 

$

2,112

 

Exercisable - January 28, 2023 (2)

 

 

1,096

 

 

$

11.48

 

 

 

3.3

 

 

$

4,576

 

 

(1)
Options exercised during Fiscal 2022 ranged in price from $8.62 to $12.33.
(2)
Options exercisable represent “in-the-money” vested options based upon the weighted average exercise price of vested options compared to the Company’s stock price on January 28, 2023.
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:

 

 

 

For the Years Ended

 

 

January 28,

 

January 29,

Black-Scholes Option Valuation Assumptions

 

2023

 

2022

Risk-free interest rate (1)

 

2.5%

 

0.9%

Dividend yield

 

3.8%

 

1.6%

Volatility factor (2)

 

52.2%

 

50.7%

Weighted-average expected term (3)

 

4.5 years

 

4.5 years

 

(1)
Based on the United States 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 the historical volatility of the Company’s common stock.
(3)
Represents the period that 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 activity of the Company’s restricted stock is presented in the following tables:

 

 

 

Time-Based Restricted Stock Units

 

 

Performance-
Based Restricted Stock Units

 

 

 

For the year ended

 

 

For the year ended

 

 

 

January 28, 2023

 

 

January 28, 2023

 

(Shares in thousands)

 

Shares

 

 

Weighted-Average
Grant Date
Fair Value

 

 

Shares

 

 

Weighted-Average
Grant Date
Fair Value

 

Non-vested - January 29, 2022

 

 

2,702

 

 

$

16.25

 

 

 

1,462

 

 

$

20.95

 

Granted

 

 

1,609

 

 

 

16.47

 

 

 

549

 

 

 

19.16

 

Vested

 

 

(1,229

)

 

 

15.02

 

 

 

(257

)

 

 

21.28

 

Cancelled/Forfeited

 

 

(333

)

 

 

15.66

 

 

 

(180

)

 

 

22.39

 

Non-vested - January 28, 2023

 

 

2,749

 

 

$

17.00

 

 

 

1,574

 

 

$

20.11