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Stock-Based Compensation
 12 Months Ended
Jan. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
Stock-Based Compensation
The Company’s stock-based compensation consists of awards of restricted stock and restricted stock units. The Company recognized stock-based compensation expense of $5.0 million, $3.5 million and $3.0 million in the fiscal years ended January 30, 2016, January 31, 2015, and February 1, 2014, respectively.
Awards of Restricted-Stock Units
The Company reserved 6,076,001 shares of common stock for issuance or transfer under the 2010 Equity and Incentive Plan, which allows for grants of restricted stock units, as well as other equity awards. As of January 30, 2016, there were 5,100,762 of shares remaining in that program.
During the fiscal year ended January 30, 2016, the Company granted a total of 606,785 time-based and performance-based restricted stock units to certain employees and non-employee directors under the 2010 Equity and Incentive Plan with an aggregate fair value of $9.6 million. The Company determined the fair value of the units based on the closing price of the Company’s common stock on the grant date.
The majority of time-based restricted stock units vest and settle in shares of the Company’s common stock, on a one-for-one basis, in equal installments on each of the first three anniversaries of the grant date. Beginning in fiscal 2014, all restricted stock awards issued to non-employee directors vest after a one-year period from grant date. The Company is recognizing the expense relating to these awards, net of estimated forfeitures, on a straight-line basis over the vesting period.
The majority of performance-based restricted stock units vest upon the completion of a three-year period of time (cliff vesting), subject to the employee’s continuing employment throughout the three-year performance period and the Company’s achievement of annual net income or earnings per share targets during the three-year performance period. The Company is recognizing the expense relating to these units, net of estimated forfeitures and based on the probable outcome of achievement of the financial targets, on a straight-line basis over the vesting period.
The following table summarizes information about restricted-stock units as of and for the year ended January 30, 2016 (units in thousands):
 
 
 
Time-based
Restricted Stock Units
 
Performance-based
Restricted Stock Units
 
 
Number of
Units
 
Weighted-
Average
Grant
Date Fair
Value
(per unit)
 
Number of
Units
 
Weighted-
Average
Grant
Date Fair
Value
(per unit)
Nonvested units outstanding at January 31, 2015
 
248

 
$
26.34

 
217

 
$
26.26

Granted
 
440

 
15.85

 
167

 
15.84

Vested
 
(139
)
 
25.00

 
(8
)
 
29.62

Forfeited
 
(86
)
 
19.51

 
(73
)
 
24.09

Nonvested units outstanding at January 30, 2016
 
463

 
$
18.05

 
303

 
$
20.95


 
As of January 30, 2016, there was $6.8 million of total unrecognized compensation cost, net of estimated forfeitures, related to nonvested restricted stock units. That cost is expected to be recognized over a weighted average period of 1.7 years. The total fair value of restricted stock units for which restrictions lapsed (vested) during fiscal 2016 was $2.3 million. No restricted-stock awards were granted, vested, or forfeited for the year ended January 30, 2016.