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Stockholders' Equity | 12 Months Ended
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Feb. 04, 2025
Equity [Abstract] |
Stockholders' Equity | Stockholders’ Equity Share issuances and repurchases On March 27, 2023, our Board approved a share repurchase program with an authorization limit of $100.0. Subsequently, our board approved additional repurchases in increments of $100.0, for a total of $600.0 authorized under the program as of February 4, 2025. During fiscal 2024, the Company repurchased 4.99 shares at an average of $34.50 per share. As of February 4, 2025, the remaining dollar value of shares that may be repurchased under the program is $128.0. Future decisions to repurchase shares continue to be at the discretion of the Board and will be dependent on our operating performance, financial condition, capital expenditure requirements and other factors the Board considers relevant. During fiscal 2023, the Company repurchased 8.49 shares at an average of $35.35 per share under the repurchase program. The Company treats shares withheld for tax purposes on behalf of our employees in connection with the vesting of restricted stock units as common stock repurchases because they reduce the number of shares that would have been issued upon vesting. These withheld shares of common stock were not considered common stock repurchases under the share repurchase plan. During the fiscal years ended 2024, 2023 and 2022, we withheld 0.03, 0.09, and 0.17 shares of common stock to satisfy $1.7, $3.1, and $8.5 of employees’ tax obligations, respectively. Cash dividends The Company did not declare or pay any dividends during fiscal years ended 2024, 2023 or 2022. Share-based compensation Prior to October 2024, the Company maintained an equity incentive plan, the Amended and Restated 2014 Omnibus Incentive Plan (the “2014 Plan”), under which it granted awards denominated in the Company’s common stock or units of the Company’s common stock, as well as cash variable compensation awards. The Company’s long-term incentive compensation provided awards to executive and management personnel as well as directors and issued share-based awards under our 2014 Plan. We granted stock options or restricted stock units to executive and management personnel and members of our Board. Options granted to employees generally become exercisable ratably over a three-year period from the grant date. Performance-based restricted stock units and market stock units (“MSUs”) awarded to employees generally either vest ratably over three years or fully vest after three years, subject to the achievement of specified performance or market conditions, as applicable. Time-based restricted stock units have various service periods not exceeding five years. In October 2024, the 2014 Plan expired pursuant to its terms. Subsequently, the Company adopted the 2025 Omnibus Incentive Plan (the “2025 Plan”) on December 4, 2024, subject to stockholder approval. Options granted terminate on the ten-year anniversary of the grants. Stock option awards generally provide continued vesting, in the event of termination, for employees that either a) reach age 60 or greater and have at least ten years of service or b) reach age 65. Unvested stock options and restricted stock units are generally forfeited by employees who terminate prior to vesting and are prorated for retired employees. Each share granted subject to a stock option award or time-based restricted stock unit award reduced the number of shares available under our stock incentive plans by one share. Each share granted subject to a performance restricted stock unit or market stock unit award reduced the number of shares available under our stock incentive plans by a range of one share if the target performance or market condition is achieved, up to a maximum of two shares for performance or market condition achieved above target. The Company satisfies stock option exercises and vesting of restricted stock units with newly issued shares. The grant date fair value of our stock option awards has been determined using the Black-Scholes option valuation model. The Black-Scholes option valuation model uses assumptions of expected volatility, the expected dividend yield of our stock, the expected term of the awards and the risk-free interest rate, as well as an estimated fair value of our common stock. A summary of the options, as well as the significant assumptions used in determining the underlying fair value of those options, granted in fiscal 2024 were as follows:
| Volatility |  | Risk-free Interest Rate |  | Expected Term |  | Weighted Average Grant Date Fair Value |  | Options Granted
April 2024 grants (1) | 67.0% |  | 4.6% |  | 6.6 years |  | $ | 35.58 |  |  | 0.04 |
June 2024 grants (2) | 67.2% |  | 4.2% |  | 6.6 years |  | $ | 25.10 |  |  | 0.04 |
Total granted |  |  |  |  |  |  |  |  | 0.08 |
(1)Annual grant to certain executives. (2)Grants to newly hired executive employees. The following is a summary of stock option award activity during fiscal 2024:
| Number of Options |  | Weighted Average Exercise Price
Outstanding at February 4, 2024 | 0.82 |  |  | $ | 42.96 |
Granted | 0.08 |  |  | $ | 50.84 |
Exercised | (0.17) |  |  | $ | 45.74 |
Forfeited and cancelled | (0.07) |  |  | $ | 39.14 |
Outstanding at February 4, 2025 | 0.66 |  |  | $ | 43.33 |
Exercisable at February 4, 2025 | 0.48 |  |  | $ | 44.20 |
The total intrinsic value of options exercised during fiscal 2024, fiscal 2023, and fiscal 2022 was $3.1, $1.7, and $5.1, respectively. The unrecognized expense related to stock option awards totaled approximately $1.3 as of February 4, 2025 and will be expensed over a weighted average of 3.1 years. As of February 4, 2025, the weighted average remaining contractual life of options outstanding was 5.7 years with an aggregate intrinsic value of zero. As of February 4, 2025, the weighted average remaining contractual life of exercisable options was 4.7 years with an aggregate intrinsic value of zero. The following is a summary of restricted stock unit awards activity during fiscal 2024:
| Shares |  | Weighted Avg Grant Date Fair Value
Outstanding at February 4, 2024 | 1.51 |  |  | $ | 33.65 |
Granted | 0.18 |  |  | $ | 55.38 |
Performance adjusted units | (0.07) |  |  | N/A
Vested | (0.09) |  |  | $ | 42.14 |
Forfeited | (0.60) |  |  | $ | 31.62 |
Outstanding at February 4, 2025 | 0.93 |  |  | $ | 37.90 |
The weighted average grant-date fair values of restricted stock units granted during fiscal 2024, 2023 and 2022 were $55.38, $35.94, and $33.09, respectively. The total fair value of restricted stock units vested during fiscal 2024, 2023, and 2022 was $4.2, $7.4, and $20.6, respectively. The unrecognized expense related to our restricted stock units was $11.7 as of February 4, 2025, which will be expensed over a weighted average of 2.2 years. Compensation expense related to stock options with only service conditions (time-based) is recognized on a straight-line basis over the requisite service period for each separately vesting portion of the award or to the date on which retirement eligibility is achieved, if shorter. Compensation expense for time-based restricted stock units is based on the market price of the shares underlying the awards on the grant date. Compensation expense for performance-based restricted stock units reflects the estimated probability that performance conditions at target or above will be met. Restricted stock units are expensed ratably over the service period. The effect of market conditions is considered in determining the grant date fair value of MSU awards, which is not subsequently revised based on actual performance. Compensation expense related to stock option plans and time-based restricted stock units, which is included in “General and administrative expenses” on the Consolidated Statements of Comprehensive Income, was as follows for the fiscal years presented:
| 2024 |  | 2023 |  | 2022
Stock options | $ | 0.7 |  |  | $ | 2.7 |  |  | $ | 2.5 |
Restricted stock units | 3.9 |  |  | 13.3 |  |  | 17.5 |
Total compensation expense | $ | 4.6 |  |  | $ | 16.0 |  |  | $ | 20.0 |
Contingent awards As noted above, the 2014 Plan expired in October 2024. Subsequent to expiration of the 2014 Plan, contingent awards were issued to certain executive employees under the 2025 Plan during the fourth quarter of fiscal 2024. Based on certain criteria in accordance with GAAP under ASC 718 these contingent awards will not be considered granted until a new stock incentive plan is approved by the shareholders of the Company. As such, the fair value of these contingent awards will not be determined until the second quarter of fiscal 2025 (assuming stockholder approval of the 2025 Plan at our 2025 annual meeting of stockholders) and expense will be recognized beginning at that time through the vesting date of those awards. The Company cannot estimate the value of the awards or the resulting expense to be recognized as such values will be dependent on factors including the Company’s share price on the date of approval of the 2025 Plan. Further, in the event the 2025 Plan is not approved, these contingent awards will be considered cancelled.

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