Share-Based Compensation

3 Months Ended

Apr. 30, 2016

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

Share-Based Compensation

Note 8 Share-Based Compensation

The Company recognized share-based compensation expense of $2.0 million and $1.7 million during the thirteen weeks ended April 30, 2016 and May 2, 2015, respectively. In addition to share-based compensation expense, the Company recognized cash-based expense related to performance share units and cash awards granted under the performance share plans of $0.8 million and $1.7 million during the thirteen weeks ended April 30, 2016 and May 2, 2015, respectively.

The Company issued 387,605 and 344,679 shares of common stock during thirteen weeks ended April 30, 2016 and May 2, 2015, respectively, for stock-based awards, stock options exercised and directors' fees.

The following table summarizes restricted stock activity for the thirteen weeks ended April 30, 2016 and May 2, 2015:

	Thirteen Weeks Ended April 30, 2016					Thirteen Weeks Ended May 2, 2015
			Weighted- Average Grant Date Fair Value					Weighted- Average Grant Date Fair Value
	Total Number of Restricted Shares					Total Number of Restricted Shares
January 30, 2016	1,262,449		$	19.55	January 31, 2015	1,562,470		$	15.61
Granted	336,800		26.64		Granted	285,421		30.06
Forfeited	(29,250	)	20.53		Forfeited	(34,850	)	21.01
Vested	(419,250	)	9.18		Vested	(350,625	)	14.58
April 30, 2016	1,150,749		$	25.38	May 2, 2015	1,462,416		$	18.57

Of the 336,800 restricted shares granted during the thirteen weeks ended April 30, 2016, all of the shares will vest in four years. Of the 285,421 restricted shares granted during the thirteen weeks ended May 2, 2015, 272,921 will vest in four years and the remaining 12,500 restricted shares will vest in five years. Share-based compensation expense is recognized on a straight-line basis over the respective vesting periods.

During the thirteen weeks ended April 30, 2016 and May 2, 2015, the Company granted performance share awards for a targeted 159,000 and 177,921 shares, respectively, with a weighted-average grant date fair value of $26.64 and $30.12, respectively. Vesting of performance-based awards is dependent upon the financial performance of the Company and the attainment of certain financial goals during the three-year period following the grant. 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 the specified financial goals for the service period. Compensation expense is recognized based on the fair value of the award and the anticipated number of shares or 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 following table summarizes stock option activity for the thirteen weeks ended April 30, 2016 and May 2, 2015:

	Thirteen Weeks Ended April 30, 2016					Thirteen Weeks Ended May 2, 2015
			Weighted- Average Grant Date Fair Value					Weighted- Average Grant Date Fair Value
	Total Number of Stock Options					Total Number of Stock Options
January 30, 2016	301,295		$	8.95	January 31, 2015	416,803		$	8.42
Granted	—		—		Granted	16,667		12.81
Exercised	(50,066	)	7.17		Exercised	(58,633	)	6.98
Forfeited	(7,499	)	15.94		Forfeited	(1,500	)	15.94
Expired	(14,625	)	10.75		Expired	(36,451	)	6.95
April 30, 2016	229,105		$	8.99	May 2, 2015	336,886		$	9.01

Of the 16,667 stock options granted during the thirteen weeks ended May 2, 2015, 8,333 will vest in four years and 8,334 will vest in five years.

The Company also granted 853 and 704 restricted stock units to non-employee directors during the thirteen weeks ended April 30, 2016 and May 2, 2015, respectively, with weighted-average grant date fair values of $28.09 and $32.30, respectively. All restricted stock units for dividend equivalents vested immediately and compensation expense was fully recognized during the thirteen weeks ended April 30, 2016 and May 2, 2015.