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Share Repurchases
6 Months Ended
Aug. 01, 2015
Equity [Abstract]  
Share Repurchases

NOTE 12—SHARE REPURCHASES

Certain options and awards granted under the Company’s equity plans contain a repurchase right, which may be exercised at the Company’s discretion in the event of the termination of an employee’s employment with the Company.

During the three and six months ended August 1, 2015, the Company repurchased 2,625 shares of common stock from a former employee pursuant to such repurchase right for fair value at a purchase price of $0.2 million. The repurchase was settled with the issuance of a promissory note bearing interest at 3%, paid annually, with principal due at the end of a 7-year term.

During the three and six months ended August 2, 2014, the Company repurchased 10,588 and 251,910 shares of common stock, respectively, from former employees pursuant to such repurchase right for fair value at a purchase price of $0.9 million and $16.6 million, respectively. The repurchases were settled with the issuance of promissory notes bearing interest at approximately 5%, paid annually, with principal due generally at the end of an 8-year term.

The aggregate unpaid principal amount of the notes payable for share repurchases was $19.5 million and $19.3 million as of August 1, 2015 and January 31, 2015, respectively, which is included in other non-current obligations on the condensed consolidated balance sheets. The Company recorded interest expense on the outstanding notes of $0.3 million and $0.2 million during the three months ended August 1, 2015 and August 2, 2014, respectively. The Company recorded interest expense on the outstanding notes of $0.5 million and $0.4 million during the six months ended August 1, 2015 and August 2, 2014, respectively.