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STOCK-BASED COMPENSATION | 3 Months Ended
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May 03, 2025
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 senior management levels. The Company also grants Deferred Awards to its non-employee independent directors. The following table summarizes the Company’s stock-based compensation expense:
| Thirteen Weeks Ended |  |
| May 3, 2025 |  | May 4, 2024 |  |  |  |
| (in thousands)
Deferred Awards | $ | 1,239 |  |  | $ | 2,418 |  |  |  |  |
Performance Awards | 507 |  |  | 10,192 |  |  |  |  |
Total stock-based compensation expense (1) | $ | 1,746 |  |  | $ | 12,610 |  |  |  |  |
___________________________________________ (1)Stock-based compensation expense recorded within Cost of sales (exclusive of depreciation and amortization) amounted to $0.3 million and $1.0 million in the First Quarter 2025 and First Quarter 2024, respectively. All other stock-based compensation expense is included in Selling, general, and administrative expenses. During the First Quarter 2024, there was a change of control of the Company, which triggered a conversion of all then-outstanding Performance Awards into service-based Performance Awards in accordance with their terms. As a result, the Fiscal 2023, fiscal year 2022, and fiscal year 2021 Performance Awards will all vest or have vested, as applicable, at their target shares on their respective vesting dates without regard to the achievement of any of the performance metrics associated with those awards, provided that the recipient be employed at the Company on each such vesting date. The incremental expense recorded for Performance Awards in the First Quarter 2024 due to the change of control was $9.9 million.

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