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Stock-Based Compensation
 9 Months Ended
Oct. 27, 2012
Share-based Compensation [Abstract]  
Stock-Based Compensation
Stock-Based Compensation

Stock-based compensation. For the three and nine month periods ended October 27, 2012 and October 29, 2011, the Company recognized stock-based compensation expense as follows:

 
Three Months Ended
 
Nine Months Ended
($000)
October 27,
2012

 
October 29,
2011

 
October 27,
2012

 
October 29,
2011

Restricted stock
$
7,547

 
$
6,362

 
$
21,643

 
$
16,797

Performance awards
5,091

 
4,377

 
14,323

 
12,519

ESPP
502

 
392

 
1,414

 
1,095

Total
$
13,140

 
$
11,131

 
$
37,380

 
$
30,411

 
 
 
 
 
 
 
 


Total stock-based compensation recognized in the Company's Condensed Consolidated Statements of Earnings for the three and nine month periods ended October 27, 2012 and October 29, 2011 is as follows:

 
Three Months Ended
 
Nine Months Ended
Statements of Earnings Classification ($000)
October 27,
2012

 
October 29,
2011

 
October 27,
2012

 
October 29,
2011

Cost of goods sold
$
6,457

 
$
4,954

 
$
17,434

 
$
13,110

Selling, general and administrative
6,683

 
6,177

 
19,946

 
17,301

Total
$
13,140

 
$
11,131

 
$
37,380

 
$
30,411

 
 
 
 
 
 
 
 


Restricted stock. The Company grants shares of restricted stock or restricted stock units to directors, officers, and key employees. The market value of shares of restricted stock or of the stock underlying restricted stock units at the date of grant is amortized to expense ratably over the vesting period of generally three to five years.

During the nine month period ended October 27, 2012, shares purchased by the Company for tax withholding totaled approximately 492,000 shares and are considered treasury shares which are available for reissuance. As of October 27, 2012, shares subject to repurchase related to unvested restricted stock totaled 4.8 million shares.

(000, except per share data)
Number of
shares

 
Weighted
average
grant date
fair value

Unvested at January 28, 2012
5,353

 
$
23.23

Awarded
900

 
49.81

Released
(1,448
)
 
19.14

Forfeited
(37
)
 
28.99

Unvested at October 27, 2012
4,768

 
$
29.46

 
 
 
 


The unamortized compensation expense for all plans at October 27, 2012 was $83.5 million, which is expected to be recognized over a weighted-average remaining period of 2.0 years. The unamortized compensation expense for all plans at October 29, 2011 was $74.3 million, which was expected to be recognized over a weighted-average remaining period of 2.1 years.

Performance shares. The Company has a performance share award program for senior executives. A performance share award represents a right to receive shares of restricted stock or restricted stock units on a specified settlement date based on the Company’s attainment of a profitability-based performance goal during the performance period, which is the Company’s fiscal year. If attained, the restricted stock or units then issued vest over a service period, generally two to three years from the date the performance award was granted. Shares related to restricted stock units earned are deferred for release generally one year from the date earned.

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% or $21,250 of their annual base earnings withheld 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.

Stock option activity. The following table summarizes stock option activity for the nine month period ended October 27, 2012:
(000, except per share data)
Number of
shares

 
Weighted
average
exercise
price

 
Weighted
average
remaining
contractual
term
 
Aggregate
intrinsic
value

Outstanding at January 28, 2012
2,418

 
$
13.24

 
 
 
 
Granted
—

 
—

 
 
 
 
Exercised
(613
)
 
11.97

 
 
 
 
Forfeited
—

 
—

 
 
 
 
Outstanding at October 27, 2012, all vested
1,805

 
$
13.67

 
2.31
 
$
85,305

 
 
 
 
 
 
 
 


No stock options were granted during the nine month periods ended October 27, 2012 and October 29, 2011.

The following table summarizes information about the weighted average remaining contractual life (in years) and the weighted average exercise prices for stock options both outstanding and exercisable as of October 27, 2012 (number of shares in thousands):

 
 
 
 
Options outstanding and exercisable
Exercise price range
 
Number of
shares

 
Remaining
life
 
Exercise
price

$
8.45

to
$
13.76

 
464

 
1.40
 
$
11.61

13.77

to
14.12

 
469

 
3.01
 
13.89

14.13

to
14.44

 
452

 
2.42
 
14.33

14.45

to
16.43

 
420

 
2.40
 
14.98

$
8.45

to
$
16.43

 
1,805

 
2.31
 
$
13.67