Stock-Based Compensation Stock-Based Compensation (Notes)

3 Months Ended

May 01, 2015

Stock-Based Compensation [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

STOCK-BASED COMPENSATION

Accounting standards require, among other things, that (i) the fair value of all stock awards be expensed over their respective vesting periods; (ii) the amount of cumulative compensation cost recognized at any date must at least be equal to the portion of the grant-date value of the award that is vested at that date and (iii) compensation expense include a forfeiture estimate for those shares not expected to vest. Also in accordance with these provisions, for awards that only have a service requirement with multiple vest dates, the Company is required to recognize compensation cost on a straight-line basis over the requisite service period for the entire award.

The Company has granted time vesting stock awards ("Deferred Awards") and performance-based stock awards ("Performance Awards") to employees at management levels and above. Deferred Awards were granted in the form of restricted stock units that only require each recipient to complete a service period. Deferred Awards generally vest ratably over three years. Performance Awards were granted in the form of restricted stock units which have, in addition to a service requirement, performance criteria that must be achieved for the awards to be earned. Performance Awards have annual vesting, but due to the performance criteria, are not eligible for straight-line expensing. Therefore, Performance Awards are amortized using a graded expense process. The fair value of all awards is based on the closing price of the Company’s common stock on the grant date. Compensation expense is reduced for estimated forfeitures of those awards not expected to vest due to employee turnover.

The following table summarizes the Company’s stock-based compensation expense, which is included in Selling and administrative expense in the Condensed Consolidated and Combined Statements of Operations:

	13 Weeks Ended
(in thousands)	May 1, 2015
Performance Awards	$	397
Deferred Awards	284
Total stock-based compensation expense	$	681

Awards Granted Year to Date May 1, 2015

The Company granted Deferred Awards to various employees during the First Quarter 2015, which generally cliff vest after a three year period.

Changes in the Company’s Unvested Stock Awards Year to Date May 1, 2015

Deferred Awards

(in thousands, except per share amounts)	Number of Shares		Weighted Average Grant Date Fair Value
Unvested Deferred Awards, beginning of period	44		$	28.01
Granted	132		33.32
Forfeited	(6	)	26.73
Unvested Deferred Awards, end of period	170		32.14

Total unrecognized stock-based compensation expense related to unvested Deferred Awards approximated $5.1 million as of May 1, 2015, which will be recognized over a weighted average period of approximately 2.7 years.