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Stockholders' Equity and Share-Based Compensation | 9 Months Ended
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Nov. 05, 2024
Equity [Abstract] |
Stockholders' Equity and Share-Based Compensation | Stockholders' Equity and Share-Based Compensation Share issuances and repurchases The Company treats shares withheld for tax purposes on behalf of our employees in connection with the vesting of time-based and performance-based restricted stock units as common stock repurchases because they reduce the number of shares that would have been issued upon vesting. These were immaterial for all periods presented. Our Board of Directors has approved a share repurchase program with a total authorization limit of $500.0. During the nine months ended November 5, 2024, the Company repurchased 2.04 million shares at an average of $43.25 per share. The remaining dollar value of shares that may be repurchased under the program was $112.0 as of November 5, 2024. Future decisions to repurchase shares continue to be at the discretion of the Board of Directors and will be dependent on our operating performance, financial condition, capital expenditure requirements and other factors that the Board of Directors considers relevant. Share-based compensation Our compensation expense related to share-based compensation was as follows:
| Three Months Ended |  | Nine Months Ended |  |
| November 5, 2024 |  | October 29, 2023 |  | November 5, 2024 |  | October 29, 2023 |  |  |  |
General and administrative expenses | $ | 2.8 |  |  | $ | 3.5 |  |  | $ | 9.1 |  |  | $ | 15.4 |  |  |  |  |
Share-based awards Our share-based compensation award activity during the nine months ended November 5, 2024 was as follows:
| Options |  | Restricted Stock Units |  | Total
Outstanding at February 4, 2024 | 0.82 |  | 1.51 |  | 2.33
Granted | 0.08 |  | 0.18 |  | 0.26
Exercised | (0.17) |  | n/a |  | (0.17)
Performance adjusted units | n/a |  | (0.06) |  | (0.06)
RSUs vested | n/a |  | (0.08) |  | (0.08)
Forfeited | (0.06) |  | (0.24) |  | (0.30)
Outstanding at November 5, 2024 | 0.67 |  | 1.31 |  | 1.98
Remaining unrecognized compensation expense | $ | 2.9 |  |  | $ | 20.0 |  |  | $ | 22.9 |
The 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 be substantially recognized by the end of fiscal 2027. During the nine months ended November 5, 2024, the Company granted certain options and time-based and performance-based restricted stock units to employees and directors of the Company. These grants vest over a range of one year to five years. Certain of 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.

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