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Stock-Based Compensation (Tables)

12 Months Ended

Feb. 01, 2020

Share-based Payment Arrangement [Abstract]

The following table provides total stock-based compensation recognized in the Consolidated Statements of Income for the fiscal years presented (in thousands):


	2019		2018		2017
Stock option expense	$	6,286	$	7,147	$	8,686
Restricted stock expense	37,207		34,794		27,553
Total stock-based compensation expense	$	43,493	$	41,941	$	36,239
Total related tax benefit	$	9,620	$	9,104	$	12,130

Schedule of assumptions used to estimate the fair value of stock-based awards to employees

The following assumptions were used in the Black-Scholes option valuation model for awards granted in the fiscal years presented:


	Employee Stock Option Plans
Black-Scholes Valuation Assumptions	2019			2018			2017
Expected term (years)⁽¹⁾	5.39			5.20			5.47
Expected volatility⁽²⁾	35.15% - 38.40%			33.15% - 37.41%			29.24% - 33.86%
Weighted average volatility	35.75		%	34.61		%	30.52		%
Risk-free interest rate⁽³⁾	1.39% - 2.43%			2.55% - 3.04%			1.70% - 2.25%
Expected dividend yield	2.31% - 3.25%			2.40% - 2.82%			1.30% - 2.78%
Weighted average grant date fair value	$	10.59		$	9.02		$	11.98

⁽¹⁾Represents the estimated period of time until exercise and is based on historical experience of similar awards giving consideration to the contractual terms, vesting schedules and expectations of future employee behavior.

⁽²⁾Based on the historical volatility of the Company’s common stock over a time frame consistent with the expected life of the stock options.

⁽³⁾Based on the implied yield available on U.S. Treasury constant maturity interest rates whose term is consistent with the expected life of the stock options.

Schedule of stock option activity

Stock option activity for the last three fiscal years is presented in the following table:


	Shares Subject to Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding, January 28, 2017	3,561,085	$	46.71	3.88	$	22,638
Granted	786,246	45.28
Exercised	(582,022)	28.43
Forfeited / Expired	(635,360)	50.60
Outstanding, February 3, 2018	3,129,949	$	48.97	4.08	$	389
Granted	881,334	34.18

Forfeited / Expired	(880,856)	45.96
Outstanding, February 2, 2019	3,130,427	$	45.65	4.07	$	1,783
Granted	605,574	38.58
Exercised	(144,275)	38.59
Forfeited / Expired	(528,352)	43.97
Outstanding, February 1, 2020	3,063,374	$	44.87	3.88	$	10,254
Exercisable, February 1, 2020	1,630,803	$	49.79	2.65	$	1,594
Vested and expected to vest, February 1, 2020	2,907,149	$	45.25	3.78	$	9,159

Schedule of nonvested stock option activity

Nonvested stock option activity for the year ended February 1, 2020 is presented in the following table:


	Shares Subject to Options	Weighted Average Grant Date Fair Value
Nonvested, February 2, 2019	1,618,847	$	11.09
Granted	605,574	10.59
Vested	(567,585)	12.33
Forfeited	(224,265)	9.34
Nonvested, February 1, 2020	1,432,571	$	10.66

Schedule of stock options outstanding and exercisable by range of exercise prices

Additional information regarding stock options outstanding as of February 1, 2020 is as follows:


	Options Outstanding							Options Exercisable
Range of Exercise Prices	Shares	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price		Shares	Weighted Average Exercise Price
$24.48 - $34.05	646,237	5.24	$	33.52	141,071	$	33.34
$35.22 - $45.67	631,453	5.88	39.02		60,213	43.47
$46.29 - $47.09	711,627	2.52	46.93		572,479	46.89
$47.64 - $55.29	682,696	3.11	51.12		471,438	51.97
$55.49 - $58.86	391,361	2.24	58.43		385,602	58.42





$24.48 - $58.86	3,063,374	3.88	$	44.87	1,630,803	$	49.79

Schedule of nonvested restricted stock activity

Restricted stock activity for the last three fiscal years is presented in the following table:


	Shares	Weighted Average Grant Date Fair Value
Nonvested, January 28, 2017	2,360,040	$	50.64
Granted	2,228,573	41.47
Vested	(359,956)	54.13
Forfeited	(624,420)	49.38
Nonvested, February 3, 2018	3,604,237	$	44.84
Granted	1,616,600	33.96
Vested	(549,293)	49.88
Forfeited	(1,213,927)	45.05
Nonvested, February 2, 2019	3,457,617	$	38.88
Granted	1,578,677	37.37
Vested	(852,549)	38.96
Forfeited	(796,795)	39.84
Nonvested, February 1, 2020	3,386,950	$	37.94