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Share-Based Compensation (Tables)
 3 Months Ended
Apr. 29, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity A summary of the Company’s stock option activity for the 13 weeks ended April 29, 2023 follows:

 

 

 

Options

 

 

Weighted-Average Exercise Price

 

 

Weighted-Average Remaining Contractual Term

 

 

Aggregate Intrinsic Value

 

 

 

(In thousands)

 

 

 

 

 

(In years)

 

 

(In thousands)

 

Outstanding - January 28, 2023

 

 

3,950

 

 

$

17.01

 

 

 

 

 

 

 

Granted

 

 

1,051

 

 

$

13.17

 

 

 

 

 

 

 

Exercised

 

 

(70

)

 

$

15.72

 

 

 

 

 

 

 

Cancelled

 

 

(88

)

 

$

19.06

 

 

 

 

 

 

 

Outstanding - April 29, 2023

 

 

4,843

 

 

$

16.16

 

 

 

4.5

 

 

 

3,912

 

Vested and expected to vest - April 29, 2023

 

 

3,789

 

 

$

16.42

 

 

 

3.1

 

 

 

395

 

Exercisable - April 29, 2023 (1)

 

 

1,012

 

 

$

9.95

 

 

 

4.0

 

 

 

3,481

 

 

(1)
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 April 29, 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:

 

 

 

13 Weeks Ended

 

13 Weeks Ended

 

 

 

April 29,

 

April 30,

 

Black-Scholes Option Valuation Assumptions

 

2023

 

2022

 

Risk-free interest rate (1)

 

 

3.4

%

 

2.5

%

Dividend yield

 

 

2.8

%

 

3.8

%

Volatility factor (2)

 

 

55.7

%

 

52.2

%

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 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 table:

 

 

 

Time-Based Restricted
Stock Units

 

 

Performance-Based Restricted
Stock Units

 

 

 

April 29, 2023

 

 

April 29, 2023

 

(Shares in thousands)

 

Shares

 

 

Weighted-Average Grant Date Fair Value

 

 

Shares

 

 

Weighted-Average Grant Date Fair Value

 

Non-vested - January 28, 2023

 

 

2,749

 

 

$

17.00

 

 

 

1,574

 

 

$

20.11

 

Granted

 

 

1,806

 

 

$

13.09

 

 

 

912

 

 

$

14.81

 

Vested

 

 

(1,528

)

 

$

14.89

 

 

 

(421

)

 

$

15.95

 

Cancelled

 

 

(128

)

 

$

15.75

 

 

 

(59

)

 

$

24.66

 

Non-vested - April 29, 2023

 

 

2,899

 

 

$

15.73

 

 

 

2,006

 

 

$

18.44