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STOCK-BASED COMPENSATION | 12 Months Ended
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Feb. 03, 2024
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION 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, and each Performance Award has a defined number of shares that an employee can earn (the “Target Shares”). With the approval of the Human Capital & 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 granted in Fiscal 2023 and Fiscal 2022, employees may earn from 0% to 200% of their Target Shares, and for Performance Awards granted in Fiscal 2021, employees may earn from 0% to 300% of their Target Shares, based on the terms of the award and the Company’s achievement of certain performance goals established at the beginning of the applicable service period. Performance Awards cliff vest, if earned, after completion of the applicable service period, which is generally three years. The following table summarizes the Company’s stock-based compensation expense (benefit):
| Fiscal Years Ended
| February 3, 2024 |  | January 28, 2023 |  | January 29, 2022
| (in thousands)
Deferred Awards | $ | 6,619 |  |  | $ | 9,937 |  |  | $ | 13,061 |
Performance Awards (1) | (12,195) |  |  | 19,213 |  |  | 17,881 |
Total stock-based compensation expense (benefit) (2) | $ | (5,576) |  |  | $ | 29,150 |  |  | $ | 30,942 |
____________________________________________ (1) Included within the Performance Awards benefit for Fiscal 2023 was a combination of ongoing expense associated with existing grants and $13.5 million of credits resulting from (a) a change in estimate based on revised expectations of the attainment levels for performance metrics of certain awards, and (b) the reversal of unvested expense related to forfeited awards for employees no longer with the Company. (2) Stock-based compensation expense (benefit) recorded within Cost of sales (exclusive of depreciation and amortization) amounted to $0.4 million, $2.2 million, and $3.3 million in Fiscal 2023, Fiscal 2022, and Fiscal 2021, respectively. All other stock-based compensation expense is included in Selling, general, and administrative expenses. The Company recognized a tax benefit related to stock-based compensation expense (benefit) of $0.3 million, $2.5 million, and $2.6 million for Fiscal 2023, Fiscal 2022, and Fiscal 2021, respectively. At February 3, 2024, the Company had 470,805 shares available for grant under the Equity Plan. Changes in the Company’s Unvested Stock Awards Deferred Awards
| Fiscal Years Ended
| February 3, 2024 |  | January 28, 2023 |  | January 29, 2022
| 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 | 282 |  |  | $ | 49.78 |  |  | 467 |  |  | $ | 57.60 |  |  | 550 |  |  | $ | 55.43 |
Granted | 170 |  |  | 25.35 |  |  | 159 |  |  | 46.56 |  |  | 157 |  |  | 76.59 |
Vested | (203) |  |  | 50.08 |  |  | (222) |  |  | 62.13 |  |  | (229) |  |  | 63.73 |
Forfeited | (11) |  |  | 52.27 |  |  | (122) |  |  | 53.09 |  |  | (11) |  |  | 92.10 |
Unvested Deferred Awards at end of year | 238 |  |  | $ | 31.99 |  |  | 282 |  |  | $ | 49.78 |  |  | 467 |  |  | $ | 57.60 |
Total unrecognized stock-based compensation expense related to unvested Deferred Awards was $4.7 million as of February 3, 2024, which will be recognized over a weighted average period of approximately 1.9 years. The fair value of Deferred Awards that vested during Fiscal 2023, Fiscal 2022, and Fiscal 2021 was $4.7 million, $11.4 million, and $14.6 million, respectively. Performance Awards
| Fiscal Years Ended
| February 3, 2024 |  | January 28, 2023 |  | January 29, 2022
| Number of Shares(1) |  | Weighted Average Grant Date Fair Value |  | Number of Shares(1) |  | Weighted Average Grant Date Fair Value |  | Number of Shares(1) |  | Weighted Average Grant Date Fair Value
| (in thousands) |  |  |  | (in thousands) |  |  |  | (in thousands) |  |
Unvested Performance Awards at beginning of year | 483 |  |  | $ | 55.85 |  |  | 366 |  |  | $ | 70.01 |  |  | 350 |  |  | $ | 74.37 |
Granted | 131 |  |  | 21.55 |  |  | 90 |  |  | 48.84 |  |  | 164 |  |  | 75.01 |
Shares earned in excess of (below) Target Shares | — |  |  | — |  |  | 192 |  |  | 48.17 |  |  | (22) |  |  | 65.34 |
Vested shares, including shares earned in excess of Target Shares | (300) |  |  | 44.71 |  |  | (58) |  |  | 101.62 |  |  | (119) |  |  | 89.44 |
Forfeited | (18) |  |  | 55.01 |  |  | (107) |  |  | 59.86 |  |  | (7) |  |  | 90.22 |
Unvested Performance Awards at end of year | 296 |  |  | $ | 51.98 |  |  | 483 |  |  | $ | 55.85 |  |  | 366 |  |  | $ | 70.01 |
____________________________________________ (1)For 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 awards for which the performance period is not yet complete, the number of unvested shares is based on the participants earning their Target Shares at 100%. The cumulative expense (benefit) recognized for Performance Awards 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 u nrecognized stock-based compensation expense related to unvested Performance Awards was $1.9 million as of February 3, 2024, which will be recognized over a weighted average period of approximately 2.3 years. The fair value of Performance Awards that vested during Fiscal 2023, Fiscal 2022, and Fiscal 2021 was $11.8 million, $3.0 million, and $10.6 million, respectively. As discussed in “Note 18. Subsequent Events” of the Consolidated Financial Statements, “Item 8. Financial Statements and Supplementary Data” of this Form 10-K, there was a change of control of the Company in February 2024, which triggered a conversion of all Performance Awards into service-based Performance Awards. As a result, the Fiscal 2023, Fiscal 2022, and Fiscal 2021 Performance Awards are all expected to vest at their Target Shares on their respective vesting dates without regard to the achievement of any of the performance metrics associated with those awards.

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