Stock-Based Compensation (Tables)

6 Months Ended

Jul. 30, 2022

Share-Based Payment Arrangement [Abstract]

Non-Cash Stock Compensation Expense

Non-cash stock compensation expense is as follows:

	(in thousands)
	Three Months Ended				Six Months Ended
	July 30,		July 31,		July 30,		July 31,
Type of Non-Cash Stock Compensation	2022		2021		2022		2021
Restricted stock and restricted stock unit grants (a)	$	10,292	$	7,684	$	18,784	$	13,940
Stock option grants (a)		5,293		4,682		10,292		9,076
Performance stock unit grants (a)		1,588		10,814		4,802		13,043
Total (b)	$	17,173	$	23,180	$	33,878	$	36,059

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

The amounts presented in the table above exclude taxes. For the three and six month periods ended July 30, 2022, the tax benefit related to the Company’s non-cash stock compensation was approximately $3.0 million and $6.2 million, respectively. For the three and six month periods ended July 31, 2021, the tax benefit related to the Company’s non-cash stock compensation was approximately $3.7 million and $6.1 million, respectively.

Stock Option Transactions

Stock option transactions during the six month period ended July 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		283,601			210.33
Options exercised (a)		(64,761	)		91.90
Options forfeited		(21,785	)		221.63
Options outstanding, July 30, 2022		1,294,613		$	191.34

(a)Options exercised during the six month period ended July 30, 2022 had a total intrinsic value of $6.4 million.

Stock Options Vested and Expected to Vest

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

	Options		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value (in millions)
Options vested and expected to vest		1,294,613		7.2	$	191.34	$	9.9
Options exercisable		660,396		5.7	$	158.35	$	9.9

Weighted Average Assumptions Used to Estimate Fair Value of Each Stock Option Granted

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

		Six Months Ended
		July 30,
		2022
Risk-free interest rate		1.13% - 2.78%
Expected volatility		32% - 34%
Expected life (years)		6.25
Contractual life (years)		10.0
Expected dividend yield		0%
Weighted average grant date fair value of options issued	$	78.77

Award Grant and Vesting Transactions

Restricted stock transactions during the six month period ended July 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		225,616			207.82
Awards vested (a)		(105,747	)		206.68
Awards forfeited		(14,388	)		227.01
Non-vested awards outstanding, July 30, 2022		473,639			227.06

(a)Restricted stock awards vested during the six month period ended July 30, 2022 had a total intrinsic value of $21.3 million.

Performance Stock Unit Transactions

Performance stock unit transactions during the six month period ended July 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)		102,047			206.36
Awards vested (a) (b)		(81,440	)		173.84
Awards forfeited		(8,820	)		224.73
Non-vested awards outstanding, July 30, 2022		198,223			227.87

(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 six month period ended July 30, 2022 had a total intrinsic value of $15.4 million.