Stock Option and Award Plans and Stock-Based Compensation (Tables)

3 Months Ended

May 03, 2014

Non-Cash Stock Compensation Expense

Non-cash stock compensation expense during the three month periods ended May 3, 2014 and May 4, 2013 amounted to $1.4 million and $0.5 million, respectively. The table below summarizes the types of stock compensation:

	(in thousands)
	Three Months Ended
Type of Non-Cash Stock Compensation	May 3, 2014		May 4, 2013
Stock Option Modification (a)	$	585	$	—
Stock Option Grants (b)		713		490
Restricted Stock Issuances(b)		69		20
Total (c)	$	1,367	$	510

(a) Represents non-cash compensation related to the modification of outstanding stock options granted under the 2006 Plan during Fiscal 2013 which is included in the line item “Stock Option Modification Expense” in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

(b) Included in the line item “Selling and Administrative Expenses” in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

(c) The tax benefit related to the Company’s non-cash stock compensation was $0.5 million and $0.2 million during the three month periods ended May 3, 2014 and May 4, 2013, respectively.

Stock Option Transactions

Stock option transactions during the three month period ended May 3, 2014 are summarized as follows:

	Number of Shares			Weighted Average Exercise Price Per Share
Options Outstanding February 1, 2014		4,619,323		$	3.25
Options Issued		65,233			27.65
Options Exercised(a)		(419,980	)		1.77
Options Forfeited		(7,337	)		0.79
Options Outstanding May 3, 2014		4,257,239		$	3.78

(a) Options exercised during the three months ended May 3, 2014 had a total intrinsic value of $10.5 million.

Non-Vested Stock Option Share Transactions

Non-vested stock option share transactions during the three month period ended May 3, 2014 are summarized below:

	Number of Shares			Weighted Average Grant Date Fair Value Per Share
Non-Vested Options Outstanding, February 1, 2014		3,527,800		$	4.13
Non-Vested Options Granted		65,233			12.34
Non-Vested Options Vested		(214,917	)		2.60
Non-Vested Options Forfeited		(7,337	)		2.78
Non-Vested Options Outstanding, May 3, 2014		3,370,779		$	4.56

Information about Options to Purchase Shares

The following table summarizes information about the options outstanding and exercisable under the 2006 Plan as of May 3, 2014:

	Options Outstanding				Options Exercisable
Exercise Prices	Number Outstanding at May 3, 2014		Weighted Average Remaining Contractual Life (Years)		Number Exercisable at May 3, 2014		Weighted Average Remaining Contractual Life (Years)
$  0.79 - $  0.94		1,477,506		6.6		533,857		5.2
$  3.17		443,221		6.3		198,382		4.9
$  4.55 - $  5.91		2,218,518		8.8		154,221		6.4
$26.96		52,761		9.7		—		—
$27.40 - $29.86		65,233		10.0		—		—
		4,257,239				886,460

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 as of May 3, 2014:

	Options		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value
Vested and Expected to Vest		4,093,764		7.8	$	3.77	$	100.0 million

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

The fair value of each stock option granted during the three month period ended May 3, 2014 was estimated on the date of grant using the Black Scholes option pricing model using the following assumptions:

	Three Months Ended May 3, 2014
Risk-Free Interest Rate		2.11	%
Expected Volatility		44.0	%
Expected Life (years)		6.25
Contractual Life (years)		10.0
Expected Dividend Yield		0.0	%
Weighted Average Grant Date Fair Value of Options Issued	$	12.49

Award grant and vesting

Award grant and vesting transactions during the three month period ended May 3, 2014 are summarized as follows:

	Number of Shares		Weighted Average  Grant Date Fair Value Per Awards
Non-Vested Awards Outstanding, February 1, 2014		81,396	$	12.58
Awards Granted		74,134		27.50
Awards Vested		—		—
Non-Vested Awards Outstanding, May 3, 2014		155,530	$	19.69