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Share-Based Compensation
 12 Months Ended
Feb. 01, 2020
Share-based Payment Arrangement [Abstract]  
Share-Based Compensation
(8)
Share-Based Compensation
Equity Incentive Plan
Pursuant to the Company's 2002 Equity Incentive Plan (the “Plan”), the Company’s board of directors may grant stock options, restricted shares and restricted stock units to officers, directors, key employees and professional service providers. The Plan, as amended, allows for the issuance of up to a total of 7.6 million shares under the Plan. As of February 1, 2020, 3,293,081 stock options, restricted shares, or restricted stock units were available for grant.
Common Stock Options
All stock options have a term not greater than ten years. Stock options vest and become exercisable in whole or in part, in accordance with vesting conditions set by the Company’s board of directors. Options granted to date generally vest over four years from the date of grant.
Stock option activity under the Plan was as follows:
 
 
Options
outstanding
 
Weighted
average
exercise
price
 
Weighted
average
remaining
contractual
term
Balance as of January 28, 2017
866,637

 
$
29.60

 
6.7
Granted
—

 
—

 
 
Forfeited
(19,172
)
 
37.13

 
 
Exercised
(327,980
)
 
29.27

 
 
Balance as of February 3, 2018
519,485

 
29.53

 
5.9
Granted
—

 
—

 
 
Forfeited
(71
)
 
4.95

 
 
Exercised
(145,157
)
 
27.73

 
 
Balance as of February 2, 2019
374,257

 
30.23

 
5.1
Granted
—

 
—

 
 
Forfeited
(1,150
)
 
39.47

 
 
Exercised
(141,582
)
 
29.02

 
 
Balance as of February 1, 2020
231,525

 
30.92

 
4.1
Exercisable as of February 1, 2020
219,968

 
$
30.68

 
4.0

The fair value of each option award granted to employees, including outside directors, is estimated on the date of grant using the Black-Scholes option-pricing model. The Company did not grant any stock options in fiscal 2019, fiscal 2018 and fiscal 2017.
The Company uses the simplified method to estimate the expected term of the option. The expected volatility incorporates historical and implied volatility of similar entities whose share prices are publicly available. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant.
The total intrinsic value of stock options exercised during fiscal 2019, fiscal 2018 and fiscal 2017 was $14.0 million, $9.9 million and $9.7 million, respectively. The aggregate intrinsic value of stock options exercisable and stock options outstanding as of February 1, 2020 was $18.2 million and $19.0 million, respectively. In fiscal 2019, fiscal 2018 and fiscal 2017, the Company received cash from the exercise of options of $4.1 million, $4.0 million and $9.6 million, respectively. Upon option exercise, the Company issued new shares of common stock.
Restricted Stock Units and Performance-Based Restricted Stock Units
All RSUs and PSUs vest in accordance with vesting conditions set by the compensation committee of the Company’s board of directors. RSUs granted to date have vesting periods ranging from less than one year to five years from the date of grant. PSUs granted to date have vesting periods ranging from one year to five years from the date of grant, including grants that have a cumulative three year performance period, subject to satisfaction of the applicable performance goals established for the respective grant. The Company periodically assesses the probability of achievement of the performance criteria and adjusts the amount of compensation expense accordingly. Compensation is recognized over the vesting period and adjusted for the probability of achievement of the performance criteria.
RSU and PSU activity under the Plan was as follows:
 
Restricted Stock Units
 
Performance-Based Restricted Stock Units
 
Number
 
Weighted-Average Grant Date Fair Value
 
Number
 
Weighted-Average Grant Date Fair Value
Non-vested balance as of January 28, 2017
275,176

 
$
36.27

 
504,556

 
$
36.91

Granted
158,304

 
40.52

 
147,552

 
39.65

Vested
(88,550
)
 
34.21

 
(141,003
)
 
38.15

Forfeited
(35,376
)
 
41.11

 
(15,446
)
 
35.20

Non-vested balance as of February 3, 2018
309,554

 
38.48

 
495,659

 
37.43

Granted
115,411

 
77.28

 
121,333

 
69.59

Vested
(107,695
)
 
37.98

 
(197,534
)
 
35.69

Forfeited
(24,382
)
 
43.75

 
(3,258
)
 
69.03

Non-vested balance as of February 2, 2019
292,888

 
53.52

 
416,200

 
47.38

Granted
89,337

 
119.28

 
85,939

 
116.92

Vested
(109,924
)
 
44.70

 
(117,137
)
 
39.21

Forfeited
(21,949
)
 
70.48

 
(27,836
)
 
45.23

Non-vested balance as of February 1, 2020
250,352

 
$
79.37

 
357,166

 
$
66.96


In connection with the vesting of RSUs and PSUs during fiscal 2019, the Company withheld 83,121 shares with an aggregate value of $10.4 million in satisfaction of minimum tax withholding obligations due upon vesting. In connection with the vesting of RSUs and PSUs during fiscal 2018, the Company withheld 113,058 shares with an aggregate value of $8.0 million in satisfaction of minimum tax withholding obligations due upon vesting. In connection with the vesting of RSUs during fiscal 2017, the Company withheld 33,327 shares with an aggregate value of $1.5 million in satisfaction of minimum tax withholding obligations due upon vesting.
As of February 1, 2020, there was $19.5 million of total unrecognized compensation costs related to non-vested share-based compensation arrangements (including stock options, RSUs and PSUs) granted under the Plan. The cost is expected to be recognized over a weighted average vesting period of 2.3 years.
Share Repurchase Program
On March 20, 2018, the Company's board of directors approved a share repurchase program authorizing the repurchase of up to $100 million of the Company's common stock through March 31, 2021, on the open market, in privately negotiated transactions, or otherwise. In fiscal 2018, the Company repurchased 21,810 shares under this program at an aggregate cost of approximately $2.0 million, or an average price of $91.07 per share. In fiscal 2019, the Company repurchased 337,552 shares under this program at an aggregate cost of approximately $36.9 million, or an average price of $109.27 per share. Subsequent to February 1, 2020, we repurchased 137,023 shares under this program at an aggregate cost of approximately $12.7 million, or an average price of $92.42 per share. There can be no assurances that any additional repurchases will be completed, or as to the timing or amount of any repurchases. The share repurchase program may be modified or discontinued at any time.