Share-Based Compensation

9 Months Ended

Nov. 01, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]



Note 9	Share-Based Compensation

The Company recognized share-based compensation expense of $1.6 million and $1.1 million during the thirteen weeks and $4.6 million and $4.1 million during the thirty-nine weeks ended November 1, 2014 and November 2, 2013, respectively.

The Company issued 72,687 shares of common stock during the thirteen weeks ended November 1, 2014 for stock options exercised and directors' fees. The Company issued 586,929 shares of common stock during the thirty-nine weeks ended November 1, 2014 for restricted stock grants, stock options exercised, and directors’ fees.

During the thirteen and thirty-nine weeks ended November 1, 2014, the Company granted zero and 279,710 restricted shares, respectively, to certain employees with a weighted-average grant date fair value of $28.17. Of the 279,710 restricted shares granted, 277,910 of the shares will vest in four years and share-based compensation expense will be recognized on a straight-line basis over the four-year period. The remaining 1,800 restricted shares vest in one year. During the thirteen and thirty-nine weeks ended November 1, 2014, the Company cancelled 4,500 and 32,100 shares of restricted stock awards, respectively, as a result of forfeitures.

During the thirteen and thirty-nine weeks ended November 1, 2014, the Company granted zero and 88,185 performance share units, respectively, with a weighted-average grant date fair value of $28.18. Vesting of performance-based units is dependent upon the financial performance of the Company and the attainment of certain financial goals during the next three years. Performance share units are settled in cash based on the Company’s stock price upon payout. At the end of the vesting period, the employee will have earned an amount of shares or units between 0% and 200% of the targeted award, depending on the achievement of specified financial goals for the service period. Compensation expense is being recognized based on the fair value of the award and the anticipated number of units to be awarded in accordance with the vesting schedule of the units over the three-year service period. The performance share units are settled in cash and their fair value is based on the unadjusted quoted market price for the Company’s common stock on each measurement date.

The Company also granted 847 and 41,234 restricted stock units to non-employee directors with weighted-average grant date fair values of $26.72 and $28.64, respectively, during the thirteen and thirty-nine weeks ended November 1, 2014. All restricted stock units for dividend equivalents vested immediately and compensation expense was fully recognized during the thirteen weeks ended November 1, 2014.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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