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Management Incentive Plan and Stock-Based Compensation
 9 Months Ended
Oct. 31, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Management Incentive Plan and Stock-Based Compensation Management Incentive Plan and Stock-Based Compensation
Management incentive plan and performance share award modifications. In August 2020, the Compensation Committee of the Board of Directors approved modifications to the performance measurement goals for the management incentive plan and the performance share award program for fiscal 2020, to be based on the attainment of specific management priorities related to their response to business challenges from COVID-19, as measured and approved by the Compensation Committee, as an alternative to the previously established profitability-based performance goals. As of October 31, 2020, the Company has established an accrual for this incentive compensation based on the Compensation Committee's assessment of progress towards achievement of these specific priorities.

Stock-based compensation. For the three and nine month periods ended October 31, 2020 and November 2, 2019, the Company recognized stock-based compensation expense as follows:

Three Months EndedNine Months Ended
($000)October 31, 2020November 2, 2019October 31, 2020November 2, 2019
Restricted stock$17,330 $15,030 $51,450 $39,388 
Performance awards8,979 9,979 19,801 28,308 
Employee stock purchase plan1,061 978 3,016 2,904 
Total$27,370 $25,987 $74,267 $70,600 

Total stock-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Operations for the three and nine month periods ended October 31, 2020 and November 2, 2019, is as follows:

Three Months EndedNine Months Ended
Statements of Operations Classification ($000)October 31, 2020November 2, 2019October 31, 2020November 2, 2019
Cost of goods sold$13,767 $13,823 $38,282 $40,757 
Selling, general and administrative13,603 12,164 35,985 29,843 
Total$27,370 $25,987 $74,267 $70,600 

The tax benefits related to stock-based compensation expense for the three and nine month periods ended October 31, 2020 were $5.1 million and $15.3 million, respectively. The tax benefits related to stock-based compensation expense for the three and nine month periods ended November 2, 2019 were $5.5 million and $14.2 million, respectively.

Restricted stock awards. The Company grants shares of restricted stock to directors, officers, and key employees. The market value of shares of restricted stock at the date of grant is amortized to expense over the vesting period of generally three to five years.
During the three and nine month periods ended October 31, 2020 and November 2, 2019, shares purchased by the Company for tax withholding totaled 142,350 and 492,171, and 42,300 and 612,924, respectively, and are considered treasury shares which are available for reissuance.

Performance share awards. The Company has a performance share award program for senior executives. A performance share award represents a right to receive shares of restricted stock on a specified settlement date based on the Company’s attainment of a performance goal during the performance period, which is the Company’s fiscal year. If attained, the restricted stock then vests over a service period, generally two to three years from the date the performance award was granted.

As of October 31, 2020, shares related to unvested restricted stock and performance share awards totaled 4.3 million shares. A summary of restricted stock and performance share award activity for the nine month period ended October 31, 2020, is presented below:

(000, except per share data)Number of
shares		Weighted-average
grant date
fair value
Unvested at February 1, 20204,394 $76.20 
Awarded1,118 94.42 
Released(1,229)65.65 
Forfeited(20)81.67 
Unvested at October 31, 20204,263 $83.99 

The unamortized compensation expense at October 31, 2020, was $178.2 million, which is expected to be recognized over a weighted-average remaining period of 2.1 years. The unamortized compensation expense at November 2, 2019, was $169.6 million, which was expected to be recognized over a weighted-average remaining period of 2.2 years.

Employee stock purchase plan. Under the Employee Stock Purchase Plan (“ESPP”), eligible employees participating in the quarterly offering period can choose to have up to the lesser of 10% of their annual base earnings or the IRS annual share purchase limit of $25,000 in aggregate market value to purchase the Company’s common stock. The purchase price of the stock is 85% of the closing market price on the date of purchase. Purchases occur on a quarterly basis (on the last trading day of each calendar quarter). The Company recognizes expense for ESPP purchase rights equal to the value of the 15% discount given on the purchase date.