As of April 30, 2022, there were 1,898,671 shares of common stock available for issuance under the Company’s 2013 Omnibus Incentive Plan. Subsequent to the end of the first quarter of Fiscal 2022, the Company's stockholders approved the Company's 2022 Omnibus Incentive Plan (2022 Plan) at the Company’s annual meeting of stockholders on May 18, 2022. The 2022 Plan previously had been approved by the Company’s Board of Directors subject to stockholder approval. The 2022 Plan replaces the 2013 Plan and is largely based on the 2013 Plan, but with updates to the available shares and other administrative changes. Subject to the terms and conditions of the 2022 Plan, the number of shares of Company common stock authorized for grants under the 2022 Plan is 5,470,000 shares plus the number of shares that remained available for future grant under the 2013 Plan as of the effectiveness of the 2022 Plan.

Non-cash stock compensation expense is as follows:


	(in thousands)
		Three Months Ended
		April 30,		May 1,
Type of Non-Cash Stock Compensation		2022		2021
Restricted stock and restricted stock unit grants (a)		$	8,492	$	6,256
Stock option grants (a)			4,999		4,394
Performance stock unit grants (a)			3,214		2,229
Total (b)		$	16,705	$	12,879

(a)

Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Income.

Stock option transactions during the three month period ended April 30, 2022 are summarized as follows:


	Number of Shares			Weighted Average Exercise Price Per Share
Options outstanding, January 29, 2022		1,097,558		$	181.17
Options granted		6,993			214.03
Options exercised (a)		(41,673	)		113.29
Options forfeited		(3,414	)		213.94
Options outstanding, April 30, 2022		1,059,464		$	183.95

(a)

Options exercised during the three month period ended April 30, 2022 had a total intrinsic value of $3.8 million.

The following table summarizes information about the stock options vested and expected to vest during the contractual term of such options as of April 30, 2022:


	Options		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value (in millions)
Options vested and expected to vest		1,059,464		6.7	$	183.95	$	43.5
Options exercisable		470,643		5.3	$	141.00	$	29.5

The fair value of each stock option granted during the three month period ended April 30, 2022 was estimated using the Black Scholes option pricing model using the following assumptions:


		Three Months Ended
		April 30,
		2022
Risk-free interest rate		1.13%
Expected volatility		34%
Expected life (years)		6.25
Contractual life (years)		10.0
Expected dividend yield		0%
Weighted average grant date fair value of options issued	$	74.83

The expected dividend yield was based on the Company’s expectation of not paying dividends in the near term. To evaluate its volatility factor, the Company uses the historical volatility of its stock price, as well as the historical volatility of the stock price of peer companies that are publicly traded over the expected life of the options. The risk free interest rate was based on the U.S. Treasury rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the awards being valued. For grants issued during the three month period ended April 30, 2022, the expected life of the options was calculated using the simplified method. The simplified method defines the life as the average of the contractual term of the options and the weighted average vesting period for all option tranches. This methodology was utilized due to the relatively short length of time the Company’s common stock has been publicly traded.

Prior to May 1, 2019, the Company granted shares of restricted stock. Grants made on and after May 1, 2019 are in the form of restricted stock units. Restricted stock transactions during the three month period ended April 30, 2022 are summarized as follows:


	Number of Shares			Weighted Average Grant Date Fair Value Per Award
Non-vested awards outstanding, January 29, 2022		368,158		$	233.00
Awards granted		3,345			213.15
Awards vested (a)		(2,224	)		159.11
Awards forfeited		(1,360	)		210.81
Non-vested awards outstanding, April 30, 2022		367,919			233.35

(a)

Restricted stock awards vested during the three month period ended April 30, 2022 had a total intrinsic value of $0.5 million.

The fair value of each share of restricted stock granted during the three month period ended April 30, 2022 was based upon the closing price of the Company’s common stock on the grant date.

The Company grants performance-based restricted stock units to its senior executives. Vesting of the performance stock units granted in Fiscal 2020 and Fiscal 2021 is based on continued service and the achievement of pre-established EBIT margin expansion and sales compounded annual growth rate (CAGR) goals (each weighted equally) over a three-year performance period. Vesting of the performance stock units granted in Fiscal 2022 will be based on continued service and the achievement of pre-established adjusted net income per share growth over a three-year performance period. Based on the Company’s achievement of these goals, each award may range from 50% (at threshold performance) to no more than 200% of the target award. In the event that actual performance is below threshold, no award will be made. Compensation costs recognized on the performance stock units are adjusted, as applicable, for performance above or below the target specified in the award.

Performance stock unit transactions during the three month period ended April 30, 2022 are summarized as follows:


	Number of Shares			Weighted Average Grant Date Fair Value Per Award
Non-vested awards outstanding, January 29, 2022		186,436		$	215.90
Awards granted (a)		11,118			170.08
Awards vested (a) (b)		(81,440	)		173.84
Awards forfeited		—			—
Non-vested awards outstanding, April 30, 2022		116,114			241.01

(a)

Inclusive of awards distributed in connection with the final settlement of the performance-based stock awards granted in Fiscal 2019.

(b)

Performance-based stock awards vested during the three month period ended April 30, 2022 had a total intrinsic value of $15.4 million.