Stock-Based Compensation

3 Months Ended

Apr. 29, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Stock-Based Compensation

Note 4 - Stock-Based Compensation

Stock-based compensation includes share-settled awards issued pursuant to the Shoe Carnival, Inc. 2017 Equity Incentive Plan in the form of restricted stock units, performance stock units, and restricted and other stock awards. Additionally, we recognize stock-based compensation expense for the discount on shares sold to employees through our Employee Stock Purchase Plan and for cash-settled stock appreciation rights. For the thirteen weeks ended April 29, 2023 and April 30, 2022, stock-based compensation expense was comprised of the following:

	Thirteen Weeks Ended			Thirteen Weeks Ended
(In thousands)	April 29, 2023			April 30, 2022
Share-settled equity awards	$	1,226		$	1,355
Stock appreciation rights		(27	)		(123	)
Employee stock purchase plan		10			8
Total stock-based compensation expense	$	1,209		$	1,240
Income tax effect at statutory rates	$	(273	)	$	(296	)
Additional income tax benefit on vesting of share-settled awards	$	(620	)	$	(495	)

As of April 29, 2023, approximately $10.9 million of unrecognized compensation expense remained related to our share-settled equity awards. The cost is expected to be recognized over a weighted average period of approximately 2.4 years.

Share-Settled Equity Awards

The following table summarizes transactions for our restricted stock units and performance stock units:

	Number of Shares			Weighted- Average Grant Date Fair Value
Outstanding at January 28, 2023		560,323		$	23.27
Granted		370,653			24.98
Vested		(282,927	)		16.83
Forfeited		(10,420	)		30.00
Outstanding at April 29, 2023		637,629		$	27.01

The total fair value at grant date of restricted stock units and performance stock units that vested during the thirteen weeks ended April 29, 2023 and April 30, 2022 was $4.8 million and $3.1 million, respectively. The weighted-average grant date fair value of restricted stock units and performance stock units granted during the thirteen weeks ended April 30, 2022 was $30.52.