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Stock Based Compensation | 12 Months Ended
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Jan. 28, 2017
Share-based Compensation [Abstract] |
Stock Based Compensation | Note 10 – Stock Based Compensation Compensation Plan Summaries The 2000 Stock Option and Incentive Plan (the “2000 Plan”) was approved by our Board of Directors and shareholders effective June 8, 2000. On June 14, 2012, the 2000 Plan was amended to increase the number of shares reserved for issuance from 3,000,000 to 3,900,000 (subject to adjustment for subsequent stock splits, stock dividends and certain other changes in the common stock). The 2000 Plan was also amended to revise the provision governing the payment of dividends on shares of restricted stock. No further awards may be made under the 2000 Plan after the later of ten years from date of adoption, or ten years from the approval of any amendment. At January 28, 2017, there were 380,000 shares of unissued common stock reserved for future grants under the 2000 Plan. Stock options currently outstanding under the 2000 Plan typically were granted such that one-third of the shares underlying the stock options granted would vest and become fully exercisable on each of the first three anniversaries of the date of the grant and were assigned a 10-year term from the date of grant. Restricted stock awards issued to employees under the 2000 Plan are classified as either performance-based or service-based. Performance-based restricted stock awards historically were granted such that they vest upon the achievement of specified levels of annual earnings per diluted share during a six-year period starting from the grant date. Should the annual earnings per diluted share criteria not be met within the six-year period from the grant date, any shares still restricted will be forfeited. In fiscal 2016, we granted performance-based restricted stock awards that vest on March 31, 2019 if we achieve a specified level of annual earnings per diluted share in any of fiscal 2016, 2017 or 2018. Should the annual earnings per diluted share criteria not be met in any of three fiscal years, the restricted stock awards will be forfeited on March 31, 2019. Service-based restricted stock awards typically are granted under one of four vesting periods: (a) one-third of the shares would vest on each of the first three anniversaries subsequent to the date of the grant; (b) the full award would vest at the end of a 5-year service period subsequent to date of grant; (c) the full award would vest at the end of a 2-year service period subsequent to date of grant; or (d) for our Directors, all restricted stock awards are issued to vest on January 2nd. of the year following the year of the grant. Awards that contain both performance and service based conditions require that the performance target is met during the required service period. Non-vested performance-based restricted stock granted before June 14, 2012, and all shares of non-vested service-based restricted stock provide non-forfeitable rights to all dividends declared by the Company. Dividends on non-vested performance-based restricted stock granted after June 14, 2012, are subject to deferral until such times as the shares vest and are released. Plan Specific Activity and End of Period Balance Summaries Stock Options No stock options have been granted since fiscal 2008. All outstanding options had vested as of the end of fiscal 2011, therefore no unrecognized compensation expense remains. The following table summarizes the stock option transactions pursuant to the stock-based compensation plans:
|  | Number of Shares |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at January 30, 2016 |  |  | 7,000 |  |  | $ | 7.63 |  |  |  |  |  |  |  |  |
Granted |  |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  |
Forfeited or expired |  |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  |
Exercised |  |  | 0 |  |  |  | 0.00 |  |  |  |  |  |  |  |  |
Outstanding and exercisable at January 28, 2017 |  |  | 7,000 |  |  | $ | 7.63 |  |  |  | 0.98 |  |  | $ | 124 |
The following table summarizes information regarding options exercised:
(In thousands) |  | 2016 |  | 2015 |  | 2014
Total intrinsic value (1) |  | $ | 0 |  |  | $ | 229 |  |  | $ | 146 |
Total cash received |  | $ | 0 |  |  | $ | 155 |  |  | $ | 77 |
Associated excess income tax benefits recorded |  | $ | 0 |  |  | $ | 57 |  |  | $ | 43 |
(1) | Defined as the difference between the market value at exercise and the grant price of stock options exercised.
Restricted Stock Awards The following table summarizes the restricted share transactions pursuant to the 2000 Plan:
|  | Number of Shares |  | Weighted- Average Grant Date Fair Value
Restricted stock at January 30, 2016 |  |  | 829,492 |  |  | $ | 22.13 |
Granted |  |  | 225,003 |  |  |  | 24.98 |
Vested |  |  | (54,657 | ) |  |  | 25.38 |
Forfeited |  |  | (34,980 | ) |  |  | 21.55 |
Restricted stock at January 28, 2017 |  |  | 964,858 |  |  | $ | 22.63 |
The total fair value at grant date of restricted stock awards that vested during fiscal 2016, 2015 and 2014 was $1.4 million, $478,000 and $351,000, respectively. The weighted-average grant date fair value of stock awards granted during fiscal 2015 and fiscal 2014 was $24.43 and $25.50, respectively. The following table summarizes information regarding stock-based compensation expense recognized for restricted stock awards:
(In thousands) |  | 2016 |  | 2015 |  | 2014
Stock-based compensation expense before the recognized income tax benefit |  | $ | 3,507 |  |  | $ | 3,340 |  |  | $ | 906 |
Income tax benefit |  | $ | 1,322 |  |  | $ | 1,274 |  |  | $ | 351 |
The $906,000 of expense recognized in fiscal 2014 was comprised of stock-based compensation expense of $3.2 million, partially offset by an expense reversal of $2.3 million. The reduction in expense was attributable to the third quarter reversal of the cumulative prior period expense for performance-based awards, which were deemed by management as not probable of vesting prior to their expiration. As of January 28, 2017, there was approximately $7.4 million of unrecognized compensation expense remaining related to both our performance-based and service-based restricted stock awards. The cost is expected to be recognized over a weighted average period of approximately 1.9 years. This incorporates our current assumptions with respect to the estimated requisite service period required to achieve the designated performance conditions for performance-based stock awards. Cash-Settled Stock Appreciation Rights (SARs) Our outstanding Cash-Settled Stock Appreciation Rights (SARs) were granted during the first quarter of fiscal 2015 to certain non-executive employees, such that one-third of the shares underlying the SARs will vest and become fully exercisable on each of the first three anniversaries of the date of the grant and were assigned a five-year term from the date of grant, after which any unexercised SARs will expire. Each SAR entitles the holder, upon exercise of their vested shares, to receive cash in an amount equal to the closing price of our stock on the date of exercise less the exercise price, with a maximum amount of gain defined. The SARs granted during the first quarter of fiscal 2015 were issued with a defined maximum gain of $10.00 over the exercise price of $24.26. In accordance with current authoritative guidance, cash-settled SARs are accounted for as liability awards and classified as Other liabilities on the Consolidated Balance Sheets. The following table summarizes the SARs activity:
|  | Number of Shares |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (Years)
Outstanding at January 30, 2016 |  |  | 147,550 |  |  | $ | 24.26 |  |  |  |  |
Granted |  |  | 0 |  |  |  | 24.26 |  |  |  |  |
Forfeited |  |  | (6,500 | ) |  |  | 24.26 |  |  |  |  |
Exercised |  |  | (29,750 | ) |  |  | 24.26 |  |  |  |  |
Outstanding at January 28, 2017 |  |  | 111,300 |  |  | $ | 24.26 |  |  |  | 3.1 |
The fair value of liability awards are remeasured, using a trinomial lattice model, at each reporting period until the date of settlement. Increases or decreases in stock-based compensation expense is recognized over the vesting period, or immediately for vested awards. The fair value was estimated using a trinomial lattice model with the following assumptions:
|  | January 28, 2017 |  | January 30, 2016 |  | January 31, 2015
Risk free interest rate yield curve |  |  | 0.49% - 1.94 | % |  |  | 0.22% - 1.33 | % |  |  | 0.01% - 1.18 | %
Expected dividend yield |  |  | 1.1 | % |  |  | 1.0 | % |  |  | 1.0 | %
Expected volatility |  |  | 35.51 | % |  |  | 36.05 | % |  |  | 37.82 | %
Maximum life |  |  | 3.1 Years |  |  |  | 4.1 Years |  |  |  | 2.0 Years |
Exercise multiple |  |  | 1.34 |  |  |  | 1.34 |  |  |  | 1.31 |
Maximum payout |  | $ | 10.00 |  |  | $ | 10.00 |  |  | $ | 6.67 |
Employee exit rate |  |  | 2.2% - 9.0 | % |  |  | 2.2% - 9.0 | % |  |  | 2.2% - 9.0 | %
The risk free interest rate was based on the U.S. Treasury yield curve in effect at the end of the reporting period. The expected dividend yield was based on our quarterly cash dividends in fiscal 2016, with the assumption that quarterly dividends would continue at the current rate. Expected volatility was based on the historical volatility of our stock. The exercise multiple and employee exit rate are based on historical option data. The following table summarizes information regarding stock-based compensation expense recognized for SARs:
(In thousands) |  | 2016 |  | 2015 |  | 2014
Stock-based compensation expense before the recognized income tax benefit |  | $ | 276 |  |  | $ | 321 |  |  | $ | 121 |
Income tax benefit |  | $ | 104 |  |  | $ | 123 |  |  | $ | 47 |
As of January 28, 2017, approximately $110,000 in unrecognized compensation expense remained related to non-vested SARs. This expense is expected to be recognized over a weighted-average period of approximately 0.7 years.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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