STOCK-BASED COMPENSATION

6 Months Ended

Jul. 31, 2021

Share-based Payment Arrangement [Abstract]

The following table summarizes the Company’s stock-based compensation expense:


	Thirteen Weeks Ended				Twenty-six Weeks Ended
	July 31, 2021		August 1, 2020		July 31, 2021		August 1, 2020
	(In thousands)
Deferred Awards	$	3,188	$	3,193	$	6,766	$	7,507
Performance Awards	7,338		335		11,676		(3,394)
Total stock-based compensation expense (1)	$	10,526	$	3,528	$	18,442	$	4,113

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(1)A portion of stock-based compensation is included in cost of sales. Approximately $0.8 million and $0.9 million during the Second Quarter 2021 and the Second Quarter 2020, respectively, were included in cost of sales. During Year-To-Date 2021 and Year-To-Date 2020, approximately $1.7 million and $1.6 million, respectively, were included within cost of sales (exclusive of depreciation and amortization). 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 approximately $4.8 million and $1.1 million during Year-To-Date 2021 and Year-To-Date 2020, respectively.

Changes in the Company’s Unvested Stock Awards During Year-To-Date 2021

Deferred Awards


	Number of Shares	Weighted Average Grant Date Fair Value
	(in thousands)
Unvested Deferred Awards, beginning of period	550	$	55.43
Granted	143	75.76
Vested	(217)	86.18
Forfeited	(3)	97.00
Unvested Deferred Awards, end of period	473	$	47.12

Total unrecognized stock-based compensation expense related to unvested Deferred Awards approximated $20.4 million as of July 31, 2021, which will be recognized over a weighted average period of approximately 2.0 years.

Performance Awards


	Number of Shares (1)	Weighted Average Grant Date Fair Value
	(in thousands)
Unvested Performance Awards, beginning of period	350	$	74.37
Granted	144	73.73
Shares earned in excess of (below) target	(22)	65.34
Vested shares, including shares earned	(118)	95.61
Forfeited	(1)	108.21
Unvested Performance Awards, at end of period	353	$	67.50

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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 in the table above is based on the participants earning their Target Shares at 100%. However, the cumulative expense recognized reflects changes in the probability that the performance criteria will be achieved as they occur. Based on the current number of Performance Awards expected to be earned, total unrecognized stock-based compensation expense related to unvested Performance Awards approximated $14.7 million as of July 31, 2021, which will be recognized over a weighted average period of approximately 2.3 years.