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STOCK-BASED COMPENSATION | 12 Months Ended
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Jan. 30, 2021
Share-based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATIONThe 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 awarded in Fiscal 2020, an employee may earn from 0% to 250% of their Target Shares based on the Company’s achievement of certain performance goals established at the beginning of the applicable performance period. The Performance Awards cliff vest, if earned, after completion of the applicable performance period, which is generally three years. The fair value of these Performance Awards granted is based on the closing price of our common stock on the grant date. 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. The following table summarizes the Company’s stock-based compensation expense:
| Fiscal Year Ended
| January 30, 2021 |  | February 1, 2020 |  | February 2, 2019
| (In thousands)
Deferred Awards | $ | 14,100 |  |  | $ | 18,910 |  |  | $ | 12,849 |
Performance Awards | 216 |  |  | (2,691) |  |  | 14,566 |
Total stock-based compensation expense(1) | $ | 14,316 |  |  | $ | 16,219 |  |  | $ | 27,415 |
____________________________________________ (1) A portion of stock-based compensation is included in cost of sales. Approximately $3.4 million, $3.6 million, and $3.5 million in Fiscal 2020, Fiscal 2019, and Fiscal 2018, respectively, were included in cost of sales. All other stock-based compensation is included in selling, general, and administrative expenses. The Company recognized a tax benefit related to stock-based compensation expense of $3.8 million, $4.3 million, and $7.2 million for Fiscal 2020, Fiscal 2019, and Fiscal 2018, respectively. At January 30, 2021, the Company had 725,248 shares available for grant under the Equity Plan. Changes in the Company’s Unvested Stock Awards during Fiscal 2020, Fiscal 2019, and Fiscal 2018 Deferred Awards
| Fiscal Year Ended
| January 30, 2021 |  | February 1, 2020 |  | February 2, 2019
| 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 | 377 |  |  | $ | 97.88 |  |  | 299 |  |  | $ | 99.98 |  |  | 420 |  |  | $ | 82.30 |
Granted | 410 |  |  | 41.73 |  |  | 264 |  |  | 102.21 |  |  | 135 |  |  | 124.21 |
Vested | (161) |  |  | 107.55 |  |  | (126) |  |  | 105.24 |  |  | (197) |  |  | 75.65 |
Forfeited | (76) |  |  | 82.07 |  |  | (60) |  |  | 112.09 |  |  | (59) |  |  | 110.63 |
Unvested Deferred Awards at end of year | 550 |  |  | $ | 55.43 |  |  | 377 |  |  | $ | 97.88 |  |  | 299 |  |  | $ | 99.98 |
Total unrecognized stock-based compensation expense related to unvested Deferred Awards approximated $15.7 million as of January 30, 2021, 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 2020, Fiscal 2019, and Fiscal 2018 was approximately $5.3 million, $13.5 million, and $25.3 million, respectively. Performance Awards
| Fiscal Year Ended
| January 30, 2021 |  | February 1, 2020 |  | February 2, 2019
| 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 | 342 |  |  | $ | 99.97 |  |  | 352 |  |  | $ | 90.66 |  |  | 544 |  |  | $ | 84.11 |
Granted | 144 |  |  | 52.16 |  |  | 201 |  |  | 98.49 |  |  | 87 |  |  | 123.02 |
Shares earned in excess of (below) target | (101) |  |  | 118.00 |  |  | 181 |  |  | 75.83 |  |  | 347 |  |  | 70.09 |
Vested shares, including shares earned in excess of target | (4) |  |  | 107.51 |  |  | (354) |  |  | 76.36 |  |  | (513) |  |  | 70.09 |
Forfeited | (31) |  |  | 107.24 |  |  | (38) |  |  | 110.77 |  |  | (113) |  |  | 114.06 |
Unvested Performance Awards at end of year | 350 |  |  | $ | 74.37 |  |  | 342 |  |  | $ | 99.97 |  |  | 352 |  |  | $ | 90.66 |
____________________________________________ (1)For those awards for 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 probability that the performance criteria will be achieved 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 $10.7 million as of January 30, 2021, which will be recognized over a weighted average period of approximately 1.3 years. The fair value of Performance Awards held by the Company’s employees that vested during Fiscal 2020, Fiscal 2019, and Fiscal 2018 was approximately $0.1 million, $33.9 million, and $69.2 million, respectively.

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