Share-Based Compensation

9 Months Ended

Oct. 30, 2022

Share-based Payment Arrangement [Abstract]

Note 8: Share-Based Compensation

Our compensation expense related to share-based compensation was as follows:


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	October 30, 2022		October 31, 2021		October 30, 2022		October 31, 2021
General and administrative expenses	$	3,228	$	3,778	$	11,481	$	9,936

Our share-based compensation award activity during the thirty-nine weeks ended October 30, 2022 were as follows:


($ in 000s)	Options			Restricted Stock Units			Total
Outstanding at January 30, 2022		1,006,933			922,799			1,929,732
Granted		513,420			1,640,283			2,153,703
Exercised		(175,699	)		—			(175,699	)
Performance adjusted units		n/a			45,712			45,712
RSU vestings		n/a			(541,476	)		(541,476	)
Forfeited		(26,166	)		(127,626	)		(153,792	)

Outstanding at October 30, 2022		1,318,488			1,939,692			3,258,180

Remaining unrecognized compensation expense	$	9,363		$	51,145		$	60,508

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 performance-based awards with market conditions was determined using the Monte Carlo valuation model. The unrecognized expense will all be substantially recognized through the end of fiscal 2025.

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 third quarter of fiscal 2022, the Company granted certain options, time-based, performance-based, and market-based restricted stock units to its executive officers and other senior executives. The fair value of these grants was approximately $

27,500

and the majority of these awards will 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 thirty-nine weeks ended October 30, 2022 and October 31, 2021, excess tax expense (benefit) of $(2,108) and $(6,034), 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.