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STOCK-BASED COMPENSATION | 12 Months Ended
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Jan. 30, 2016
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):
| Fiscal Year Ended
| January 30, 2016 |  | January 31, 2015 |  | February 1, 2014
Deferred Awards | $ | 10,653 |  |  | $ | 10,529 |  |  | $ | 12,873 |
Performance Awards | 10,466 |  |  | 7,254 |  |  | 8,337 |
Total stock-based compensation expense (1) | $ | 21,119 |  |  | $ | 17,783 |  |  | $ | 21,210 |
____________________________________________ (1) A portion of stock-based compensation is included in cost of sales. Approximately $2.5 million, $1.6 million and $2.8 million in Fiscal 2015, Fiscal 2014 and Fiscal 2013, respectively, were included in cost of sales. All other stock-based compensation is included in selling, general & administrative expense. The Company recognized a tax benefit related to stock-based compensation expense of $8.3 million, $7.0 million and $8.5 million for Fiscal 2015, Fiscal 2014 and Fiscal 2013, respectively. The Company generally grants time vesting stock awards ("Deferred Awards") and performance-based stock awards ("Performance Awards") to employees at management levels. The Company also grants Deferred Awards to its non-employee directors. Deferred Awards are granted in the form of restricted stock units that require each recipient to complete a service period. Deferred Awards generally vest ratably over three years, except for those granted to non-employee directors, which generally vest over one year. Performance Awards are granted in the form of restricted stock units which have performance criteria that must be achieved for the awards to vest in addition to a service period requirement. With the approval of the Board's Compensation Committee, the Company may settle vested Deferred Awards and Performance Awards to the employee in shares, in a cash amount equal to the market value of such shares at the time all requirements for delivery of the award have been met, or in part shares and cash. For Performance Awards issued during Fiscal 2013 each award has a defined number of shares that an employee can earn (the “Target Shares”), and based on the adjusted operating income level achieved for the three-fiscal year period, the employee can earn from 0% to 200% of their Target Shares. The fair value of these Performance Awards and all Deferred Awards granted is based on the closing price of our common stock on the grant date. The Fiscal 2013 Performance Awards cliff vest, if earned, after completion of the three year performance period. For Performance Awards issued during Fiscal 2014 and Fiscal 2015 (the “2014 and 2015 Performance Awards”), the Target Shares earned can range from 0% to 300% and depend on the achievement of adjusted earnings per share for the three-fiscal year performance period and our total shareholder return (“TSR”) relative to that of companies in our peer group for the same period. The 2014 and 2015 Performance Awards cliff vest, if earned, after a three year service period. The 2014 and 2015 Performance Awards grant date fair value was estimated using a Monte Carlo simulation covering the period from the valuation date through the end of the performance period using our simulated stock price as well as the TSR of companies in our peer group. Stock-based compensation expense is recognized ratably over the related service period reduced for estimated forfeitures of those awards not expected to vest due to employee turnover. Stock- based compensation expense, as it relates to Performance Awards, is also adjusted based on the Company's estimate of the percentage of the aggregate Target Shares expected to be earned. At January 30, 2016, the Company had 605,499 shares available for grant under the Equity Plan. Changes in the Company’s Unvested Stock Awards during Fiscal 2015, Fiscal 2014 and Fiscal 2013 Deferred Awards
| Fiscal Year Ended
| January 30, 2016 |  | January 31, 2015 |  | February 1, 2014
| Number of Shares |  | Weighted Average Grant Date Fair Value |  | Number of Shares |  | Weighted Average Grant Date Fair Value |  | Number of Shares |  | Weighted Average Grant Date Fair Value
| (in thousands) |  |  |  | (in thousands) |  |  |  | (in thousands) |  |
Unvested Deferred Awards at beginning of year | 592 |  |  | $ | 49.02 |  |  | 691 |  |  | $ | 49.27 |  |  | 560 |  |  | $ | 49.53 |
Granted | 196 |  |  | 64.62 |  |  | 273 |  |  | 48.50 |  |  | 395 |  |  | 48.93 |
Vested (1) | (250 | ) |  | 49.02 |  |  | (229 | ) |  | 48.97 |  |  | (205 | ) |  | 49.46 |
Forfeited | (65 | ) |  | 55.35 |  |  | (143 | ) |  | 49.31 |  |  | (59 | ) |  | 48.82 |
Unvested Deferred Awards at end of year | 473 |  |  | $ | 54.62 |  |  | 592 |  |  | $ | 49.02 |  |  | 691 |  |  | $ | 49.27 |
____________________________________________
(1) | In Fiscal 2015, Fiscal 2014 and Fiscal 2013, the Company withheld shares of 29,654, 21,788 and 2,089, respectively, to satisfy minimum withholding tax requirements. These shares were immediately retired.
Total unrecognized stock-based compensation expense related to unvested Deferred Awards approximated $13.3 million as of January 30, 2016, which will be recognized over a weighted average period of approximately 1.9 years. The fair value of Deferred Awards held by the Company's employees that vested during Fiscal 2015, Fiscal 2014 and Fiscal 2013 was approximately $15.5 million, $11.4 million and $9.8 million, respectively. Performance Awards
| Fiscal Year Ended
| January 30, 2016 |  | January 31, 2015 |  | February 1, 2014
| Number of Performance Shares (1) |  | Weighted Average Grant Date Fair Value |  | Number of Performance Shares (1) |  | Weighted Average Grant Date Fair Value |  | Number of Performance Shares (1) |  | Weighted Average Grant Date Fair Value
| (in thousands) |  |  |  | (in thousands) |  |  |  | (in thousands) |  |
Unvested Performance Awards at beginning of year | 345 |  |  | $ | 50.18 |  |  | 267 |  |  | $ | 47.67 |  |  | 172 |  |  | $ | 48.59 |
Granted | 195 |  |  | 70.91 |  |  | 245 |  |  | 50.91 |  |  | 204 |  |  | 47.89 |
Vested shares | (147 | ) |  | 48.02 |  |  | (107 | ) |  | 46.34 |  |  | (95 | ) |  | 49.84 |
Forfeited | (18 | ) |  | 59.49 |  |  | (60 | ) |  | 48.87 |  |  | (14 | ) |  | 47.55 |
Unvested Performance Awards at end of year | 375 |  |  | $ | 61.37 |  |  | 345 |  |  | $ | 50.18 |  |  | 267 |  |  | $ | 47.67 |
____________________________________________
(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 in the table above is based on the participants earning their Target Shares at 100%; however, the cumulative expense recognized reflects changes in estimated adjusted operating income and adjusted earnings per share as they occur. Based on the current number of Performance Awards expected to be earned, the total unrecognized stock-based compensation expense related to unvested Performance Awards approximated $15.4 million as of January 30, 2016, which will be recognized over a weighted average period of approximately 2.1 years. The fair value of Performance Awards held by the Company's employees that vested during Fiscal 2015, Fiscal 2014 and Fiscal 2013 was approximately $2.3 million, $5.5 million and $5.0 million, respectively. Stock Options No stock options were issued during Fiscal 2015, Fiscal 2014 and Fiscal 2013 and at January 30, 2016, there were no unvested stock options. Outstanding Stock Options Changes in the Company’s outstanding stock options for Fiscal 2015 were as follows:
|  | Fiscal Year Ended
|  | January 30, 2016 |  | January 31, 2015 |  | February 1, 2014
|  | Number of Options |  | Weighted Average Exercise Price |  | Number of Options |  | Weighted Average Exercise Price |  | Number of Options |  | Weighted Average Exercise Price
|  | (in thousands) |  |  |  | (in thousands) |  |  |  | (in thousands) |  |
Options outstanding at beginning of year |  | 30 |  |  | $ | 29.05 |  |  | 34 |  |  | $ | 28.77 |  |  | 84 |  |  | $ | 30.08 |
Granted |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Exercised (1) |  | (15 | ) |  | 29.05 |  |  | (2 | ) |  | 24.54 |  |  | (49 | ) |  | 31.06 |
Forfeited |  | — |  |  | — |  |  | (2 | ) |  | 29.54 |  |  | (1 | ) |  | 27.11 |
Options outstanding at end of year (2) |  | 15 |  |  | $ | 29.05 |  |  | 30 |  |  | $ | 29.05 |  |  | 34 |  |  | $ | 28.77 |
Options exercisable at end of year (2) |  | 15 |  |  | $ | 29.05 |  |  | 30 |  |  | $ | 29.05 |  |  | 34 |  |  | $ | 28.77 |
____________________________________________
(1) | The aggregate intrinsic value of options exercised was approximately $0.5 million, $0.1 million and $0.9 million for Fiscal 2015, Fiscal 2014 and Fiscal 2013, respectively.
(2) | The aggregate intrinsic value of options outstanding and exercisable at the end of Fiscal 2015, Fiscal 2014 and Fiscal 2013 was approximately $0.5 million, $0.9 million and $0.8 million, respectively.
The following table summarizes information regarding options outstanding at January 30, 2016:
|  |  |  | Options Outstanding and Exercisable
Range of Exercise Prices |  |  | Options (in thousands) |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life
$22.02 | $31.63 |  |  | 15 |  |  | 29.05 |  |  | 2.3

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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=6418621&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=51659978&loc=d3e25284-112666 Reference 3: 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 4: 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 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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