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STOCK-BASED COMPENSATION
 6 Months Ended
Aug. 01, 2015
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
 
Twenty-six Weeks Ended
 
August 1,
2015
 
August 2,
2014
 
August 1,
2015
 
August 2,
2014
   Deferred Awards
$
2,477

 
$
2,776

 
$
5,694

 
$
5,759

   Performance Awards
1,829

 
2,535

 
2,480

 
2,614

Total stock-based compensation expense (1)
$
4,306

 
$
5,311

 
$
8,174

 
$
8,373


____________________________________________
(1) 
During the Second Quarter 2015 and the Second Quarter 2014, approximately $0.9 million and $1.0 million, respectively, were included in cost of sales. During Year-To-Date 2015 and Year-To-Date 2014, approximately $1.4 million and $1.5 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 $3.2 million and $3.3 million for Year-To-Date 2015 and Year-To-Date 2014, respectively.
Awards Granted During Year-To-Date 2015
The Company granted Deferred Awards and Performance Awards to various executives and members of our Board of Directors during Year-To-Date 2015. Awards were also granted 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. Performance Awards granted have a cumulative three-year performance period, and, if earned, vest upon completion of the three-year performance period. Depending on the final adjusted earnings per share achieved for the cumulative three-year performance period and the Company's total shareholder return ("TSR") relative to that of the Company's peer group, the percentage of Target Shares earned can be 0% and range up to 300%.
Changes in the Company’s Unvested Stock Awards during Year-To-Date 2015
Deferred Awards
 
Number of
Shares
 
Weighted
Average
Grant Date
Fair Value
 
(in thousands)
 
 
Unvested Deferred Awards, beginning of period
592

 
$
49.02

Granted
166

 
66.25

Vested
(223
)
 
48.69

Forfeited
(11
)
 
51.06

Unvested Deferred Awards, end of period
524

 
$
54.58



Total unrecognized stock-based compensation expense related to unvested Deferred Awards approximated $20.1 million as of August 1, 2015, 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
345

 
$
50.18

Granted
191

 
70.99

Vested shares, including shares vested in excess of target
(147
)
 
48.02

Forfeited
(4
)
 
48.89

Unvested Performance Awards, end of period
385

 
$
61.33


____________________________________________
(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 estimated adjusted operating income and adjusted earnings per share as they occur. Total unrecognized stock-based compensation expense related to unvested Performance Awards approximated $17.3 million as of August 1, 2015, which will be recognized over a weighted average period of approximately 2.4 years.
Stock Options
At August 1, 2015, there were no unvested stock options.
Outstanding Stock Options
Changes in the Company’s outstanding stock options for Year-To-Date 2015 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
30

 
$
29.05

 
3.3
 
$
927

Exercised
(15
)
 
29.05

 
 N/A
 
455

Options outstanding and exercisable, end of period
15

 
$
29.05

 
2.8
 
$
433