Stock-Based Compensation (Tables)

9 Months Ended

Oct. 28, 2023

Stock-Based Compensation.

Schedule of options outstanding, vested or expected to vest, and exercisable

A summary of options outstanding, vested or expected to vest, and exercisable as of October 28, 2023 was as follows:

		WEIGHTED		WEIGHTED		AGGREGATE
		AVERAGE		AVERAGE		INTRINSIC
		EXERCISE		REMAINING TERM		VALUE
	SHARES	PRICE		(in years)		(in thousands)
Options outstanding	3,637,625	$	189.03		5.4	$	296,799
Options vested or expected to vest	3,362,736		182.91		5.2		291,519
Options exercisable	2,560,660		162.67		4.5		265,227

Schedule of stock-based compensation expense

	THREE MONTHS ENDED				NINE MONTHS ENDED
	OCTOBER 28,		OCTOBER 29,		OCTOBER 28,		OCTOBER 29,
	2023		2022		2023		2022
	(in thousands)
Stock-based compensation expense(1)	$	9,820	$	10,187	$	28,538	$	33,725

(1) On October 18, 2020, our Board of Directors granted Mr. Friedman an option to purchase 700,000 shares of our common stock with an exercise price equal to $385.30 per share under the 2012 Stock Incentive Plan. The option will result in aggregate non-cash stock compensation expense of $174 million, of which $2.0 million and $4.1 million was recognized during the three months ended October 28, 2023 and October 29, 2022, respectively, and $7.5 million and $14 million was recognized during the nine months ended October 28, 2023 and October 29, 2022, respectively.

Schedule of total unrecognized compensation expense and weighted average remaining term

As of October 28, 2023, the total unrecognized compensation expense and weighted average remaining term was as follows:

	UNRECOGNIZED		WEIGHTED
	STOCK BASED		AVERAGE
	COMPENSATION		REMAINING TERM
	(in thousands)		(in years)
Unvested options(1)	$	100,628		4.5
Unvested restricted stock and restricted stock units		6,032		3.4
Total	$	106,660

(1) Includes unrecognized compensation expense related to the fully vested option grant made to Mr. Friedman in October 2020 of $7.5 million, which will be recognized on an accelerated basis through May 2025.