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Share-Based Compensation | 6 Months Ended
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Jul. 31, 2022
Share-based Payment Arrangement [Abstract] |
Share-Based Compensation | Note 8: Share-Based Compensation Compensation expense related to stock options and restricted stock units is included in “General and administrative expenses” in the Consolidated Statements of Comprehensive Income and is as follows:
|  | Thirteen Weeks Ended |  |  | Twenty-six Weeks Ended |
|  | July 31, 2022 |  |  | August 1, 2021 |  |  | July 31, 2022 |  |  | August 1, 2021 |
Stock options |  | $ | 307 |  |  |  | 84 |  |  | $ | 568 |  |  |  | 358 |
Restricted stock units |  |  | 4,391 |  |  |  | 3,103 |  |  |  | 7,685 |  |  |  | 5,800 |
Share-based compensation expense |  | $ | 4,698 |  |  | $ | 3,187 |  |  | $ | 8,253 |  |  | $ | 6,158 |
Transactions related to stock option awards during the twenty-six weeks ended July 31, 2022 were as follows:
|  | 2014 Stock Incentive Plan |  |  | 2010 Stock Incentive Plan |
|  | Number |  |  | Wtd. Avg. |  |  | Number |  |  | Wtd. Avg. |
|  | of Options |  |  | Exercise Price |  |  | of Options |  |  | Exercise Price |
Outstanding at January 30, 2022 |  |  | 933,379 |  |  | $ | 42.50 |  |  |  | 73,554 |  |  | $ | 8.33 |
Granted |  |  | 188,793 |  |  |  | 36.49 |  |  |  | — |  |  |  | — |
Exercised |  |  | (160,091 | ) |  |  | 34.95 |  |  |  | (6,059 | ) |  |  | 8.69 |
Forfeited |  |  | (8,847 | ) |  |  | 57.33 |  |  |  | — |  |  |  | — |
Outstanding at July 31, 2022 |  |  | 953,234 |  |  | $ | 42.43 |  |  |  | 67,495 |  |  | $ | 8.30 |
Exercisable at July 31, 2022 |  |  | 764,441 |  |  | $ | 43.90 |  |  |  | 67,495 |  |  | $ | 8.30 |
The total intrinsic value of options exercised during the twenty-six weeks ended July 31, 2022 was $2,287. The unrecognized expense related to our stock option plan totaled approximately $4,159 as of July 31, 2022 and will be expensed over a weighted average period of 4.3 years. Transactions related to restricted stock units during the twenty-six weeks ended July 31, 2022, were as follows:
|  |  |  |  | Wtd. Avg. |
|  | Shares |  |  | Fair Value |
Outstanding at January 30, 2022 |  |  | 922,799 |  |  | $ | 24.88 |
Granted |  |  | 824,972 |  |  |  | 39.77 |
Performance adjusted units |  |  | 11,808 |  |  |  | 46.75 |
Vested |  |  | (484,492 | ) |  |  | 22.56 |
Forfeited |  |  | (54,106 | ) |  |  | 50.51 |
Outstanding at July 31, 2022 |  |  | 1,220,981 |  |  | $ | 34.94 |
Fair value of our time-based and performance-based restricted stock units is based on our closing stock price on the date of grant. The grant date fair value of stock options was determined using the Black-Scholes option valuation model. The grant date fair value of market-based restricted stock units was determined using the Monte Carlo valuation model. The unrecognized expense related to restricted stock units was $32,489 as of July 31, 2022 and will be expensed over a weighted average period of 3.2 years. During the second quarter of fiscal 2022, the Company granted certain options, time-based, performance-based, and market-based restricted stock units to the newly appointed chief executive officer. The majority of these grants vest over five years , but the market-based restricted stock units can vest earlier if the targets are achieved prior to that time. As a result, the requisite service period for such grants was determined to be less than the explicit service period. During the twenty-six weeks ended July 31, 2022 and August 1, 2021, excess tax expense (benefit) of $(3,133) and $(5,665), respectively, were recognized in the “Provision for income taxes” in the Consolidated Statement of Comprehensive Income and classified as a source in operating activities in the Consolidated Statement of Cash Flows.

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