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Stockholders' Equity and Share-Based Compensation
 3 Months Ended
May 06, 2025
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.
In March 2023, our Board of Directors 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 authorization limit of $600.0 under the plan as of May 6, 2025. During the three months ended May 6, 2025, the Company repurchased 1.04 shares at an
average of $23.03 per share. The remaining dollar value of shares that may be repurchased under the program was $104.1 as of May 6, 2025. 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
In October 2024, the 2014 Plan expired pursuant to its terms. Subsequently, the Company adopted the 2025 Omnibus Incentive Plan (the “2025 Plan”), subject to shareholder approval at the Company’s 2025 Annual Meeting.
Our compensation expense related to share-based compensation was as follows:
Three Months Ended
May 6, 2025May 5, 2024
General and administrative expenses$3.0 $4.0 
Share-based awards
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 also 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.
Our share-based compensation award activity during the three months ended May 6, 2025 was as follows:
Options Restricted
Stock Units 		Total
Outstanding at February 4, 20250.660.931.59
RSUs vested—(0.10)(0.10)
Forfeited(0.18)(0.01)(0.19)
Outstanding at May 6, 20250.480.821.30
Remaining unrecognized compensation expense$0.6 $4.7 $5.3 
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.