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STOCK-BASED COMPENSATION | 3 Months Ended
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May 03, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The following table summarizes the Company’s stock-based compensation expense (in thousands):
| Thirteen Weeks Ended
| May 3, 2014 |  | May 4, 2013
Deferred Awards | $ | 2,983 |  |  | $ | 3,531 |
Performance Awards | 79 |  |  | 1,901 |
Total stock-based compensation expense (1) | $ | 3,062 |  |  | $ | 5,432 |
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(1) | During the First Quarter 2014 and the First Quarter 2013, approximately $0.5 million and $0.7 million, respectively, were included in cost of sales. All other stock-based compensation is included in selling, general & administrative expenses.
The Company recognized a tax benefit related to stock-based compensation expense of approximately $1.2 million and $2.2 million for the First Quarter 2014 and First Quarter 2013, respectively. Awards Granted During the First Quarter 2014 The Company granted Deferred Awards and Performance Awards to various executives and members of our Board of Directors during the First Quarter 2014. Awards were also issued in connection with new hires and contractual obligations. Generally, the Deferred Awards have a three year vesting period with one third of the award vesting annually. Deferred Awards granted to the Board of Directors vest after one year. In general, the Performance Awards granted to executives other than our Chief Executive Officer and President have a three-year cumulative performance period, and, if earned, vest upon completion of the three-year performance period. The Performance Award granted to our Chief Executive Officer and President, if earned, has a one year performance and vest period. Depending on the final adjusted operating income for the one-year performance period, the percentage of Target Shares earned can be 0% and range up to 200%. Changes in the Company’s Unvested Stock Awards during the First Quarter 2014 Deferred Awards
| Number of Shares |  | Weighted Average Grant Date Fair Value
| (in thousands) |  |
Unvested Deferred Awards, beginning of period | 691 |  |  | $ | 49.27 |
Granted | 15 |  |  | 51.11 |
Vested | (206 | ) |  | 48.59 |
Forfeited | (14 | ) |  | 47.91 |
Unvested Deferred Awards, end of period | 486 |  |  | $ | 49.65 |
Total unrecognized stock-based compensation expense related to unvested Deferred Awards approximated $18.2 million as of May 3, 2014, which will be recognized over a weighted average period of approximately 2.3 years. Performance Awards
| Number of Shares (1) |  | Weighted Average Grant Date Fair Value
| (in thousands) |  |
Unvested Performance Awards, beginning of period | 267 |  |  | $ | 47.67 |
Granted | 98 |  |  | 50.83 |
Vested shares, including shares vested in excess of target | (107 | ) |  | 46.34 |
Forfeited | (4 | ) |  | 47.06 |
Unvested Performance Awards, end of period | 254 |  |  | $ | 49.46 |
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(1) | For those awards in which the performance period is complete, the number of unvested shares is based on actual shares that will vest upon completion of the service period. For those awards in which the performance period is not yet complete, the number of unvested shares is based on the participants earning their Target Shares at 100%.
For those awards in which the performance period is not yet complete, the cumulative expense recognized reflects changes in adjusted operating income estimates as they occur. Total unrecognized stock-based compensation expense related to unvested Performance Awards approximated $7.5 million as of May 3, 2014, which will be recognized over a weighted average period of approximately 1.1 years. Stock Options At May 3, 2014, there were no unvested stock options. Outstanding Stock Options Changes in the Company’s outstanding stock options for the First Quarter 2014 were as follows:
| Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life |  | Aggregate Intrinsic Value
| (in thousands) |  |  |  | (in years) |  | (in thousands)
Options outstanding, beginning of period | 34 |  |  | $ | 28.77 |  |  | 3.8 |  | $ | 817 |
Exercised | (2 | ) |  | 23.69 |  |  | N/A |  | 62 |
Options outstanding and exercisable, end of period | 32 |  |  | $ | 29.12 |  |  | 3.8 |  | $ | 578 |

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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 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: 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 3: 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=6406099&loc=d3e25284-112666 Reference 4: 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=6418621&loc=d3e17540-113929 Reference 5: 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 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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