Stock-Based Compensation

6 Months Ended

Jul. 29, 2017

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

Stock-Based Compensation

Stock-Based Compensation

For the twenty-six weeks ended July 29, 2017 and July 30, 2016, stock-based compensation expense was $10.2 million and $9.6 million, respectively. As of July 29, 2017, approximately 9.1 million shares remain available for future grants of equity awards under our Amended and Restated 2012 Omnibus Stock and Incentive Plan. The Amended and Restated Plan was approved by the Company’s Board of Directors on April 6, 2017 and became effective upon shareholder approval at the 2017 Annual Meeting on June 22, 2017.

Restricted Stock Awards

Restricted stock award activity for the twenty-six weeks ended July 29, 2017 was as follows:

	Number of Shares		Weighted Average Grant Date Fair Value
Unvested, beginning of period	2,463,186		$	13.87
Granted	1,324,380		13.64
Vested	(971,616	)	14.52
Forfeited	(132,685	)	14.76
Unvested, end of period	2,683,265		13.47

Performance-based Stock Units

For the twenty-six weeks ended July 29, 2017, we granted performance-based restricted stock units (“PSUs”), contingent upon the achievement of a Company-specific performance goal during fiscal 2017. Any units earned as a result of the achievement of this goal will be settled in unvested shares of our common stock on the first anniversary of the grant date. Such unvested shares will then vest on the second and third anniversary dates.

Performance-based restricted stock unit activity for the twenty-six weeks ended July 29, 2017 was as follows:

	Number of Shares		Weighted Average Grant Date Fair Value
Unvested, beginning of period	652,248		$	13.28
Granted	601,137		13.93
Vested	(274,774	)	13.54
Forfeited	(77,628	)	13.08
Unvested, end of period	900,983		13.65

Stock Option Awards

For the twenty-six weeks ended July 29, 2017 and July 30, 2016, we did not grant any stock options.

Stock option activity for the twenty-six weeks ended July 29, 2017 was as follows:

	Number of Shares		Weighted  Average Exercise Price
Outstanding, beginning of period	577,246		$	13.58
Granted	—		—
Exercised	(8,000	)	10.15
Forfeited or expired	(77,334	)	19.21
Outstanding and exercisable at July 29, 2017	491,912		12.75