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Equity and Incentive Compensation Plans (Tables)
 9 Months Ended
Nov. 01, 2014
Summary of Stock Option Activity
The following table summarizes stock option activity for the nine months ended November 1, 2014:
 
Shares
 
Weighted  Average
Exercise Price
Options outstanding at February 1, 2014
2,199,719

 
$
26.60

Granted (1)
63,700

 
37.52

Exercised
(478,713
)
 
29.11

Forfeited or expired
(62,274
)
 
30.18

Options outstanding at November 1, 2014
1,722,432

 
26.18

Vested and exercisable at November 1, 2014
1,495,451

 
$
25.35

Options expected to vest in the future as of November 1, 2014
206,451

 
$
31.88


(1)
Awards vest annually over a three-year period and expire ten years after the grant date.
Weighted-Average Assumptions
The Company uses the Black-Scholes option pricing model to estimate the fair value of options granted as of the grant date. For the nine months ended November 1, 2014 and November 2, 2013, the fair value of options granted was estimated using the following weighted average assumptions:
 
 
Nine Months Ended
 
 
November 1,
2014
 
November 2,
2013
Expected volatility
 
47.5
%
 
52.9
%
Risk-free interest rate
 
1.7
%
 
0.9
%
Expected life (years)
 
5.4

 
5.0

Dividend yield
 
—
%
 
—
%
Restricted Stock
  
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
The following table summarizes restricted stock activity for the nine months ended November 1, 2014:
 
Time - Based
 
Performance - Based
 
Number of
Shares
 
Weighted 
Average
Grant Date
Fair Value
 
Number of
Shares
 
Weighted 
Average
Grant Date
Fair Value
Restricted stock awards at February 1, 2014
602,205

  
$
29.95

 
289,935

  
$
29.56

Granted
408,393

(1) 
37.55

 
141,617

(2) 
37.53

Vested
(216,616
)
 
28.92

 
(124,139
)
 
29.24

Forfeited
(127,263
)
 
32.36

 
(75,294
)
 
31.07

Restricted stock awards at November 1, 2014
666,719

  
34.48

 
232,119

  
34.10


(1)
Of this amount, 22,893 shares vest in June 2015; 127,700 shares vest in equal installments in each of March 2015, 2016 and 2017; 255,900 shares vest in equal installments in each of March 2017, 2018 and 2019; and 1,900 shares vest in equal installments in each of June 2015, 2016 and 2017.

(2)
These shares vest over a three-year period based on achievement of performance targets set bi-annually for each tranche of the grant. Based on Company performance, grantees may earn 50% to 200% of the shares granted with respect to each tranche. If the Company does not achieve the minimum threshold goal associated with such shares, grantees will not earn any shares with respect to that tranche.