Share-Based Compensation

3 Months Ended

May 01, 2021

Share-based Payment Arrangement [Abstract]

The following table summarizes the share-based compensation expense recognized under all of the Company’s stock plans (in thousands):


	Three Months Ended
	May 1, 2021		May 2, 2020
Stock options	$	907	$	695
Stock awards/units	3,073		4,926
Employee Stock Purchase Plan	80		165
Total share-based compensation expense	$	4,060	$	5,786

Unrecognized compensation cost related to nonvested stock options and nonvested stock awards/units totaled approximately $7.1 million and $22.5 million, respectively, as of May 1, 2021. This cost is expected to be recognized over a weighted average period of 1.7 years.

Annual Grants

On April 13, 2021, the Company made an annual grant of 367,440 nonvested stock awards/units to its employees.

Performance-Based Awards

The Company has granted certain nonvested stock units subject to performance-based vesting conditions to select executive officers. Each award of nonvested stock units generally has an initial vesting period from the date of the grant through either (i) the end of the first fiscal year or (ii) the first anniversary of the date of grant, followed by annual vesting periods which may range from two-to-three years.

The Company has also granted a target number of nonvested stock units to select key management, including certain executive officers. The number of shares that may ultimately vest with respect to each award may range from 0% up to 200% of the target number of shares, subject to the achievement of certain performance-based vesting conditions. Any shares that are ultimately issued are scheduled to vest at the end of the third fiscal year following the grant date.

The following table summarizes the activity for nonvested performance-based units during the three months ended May 1, 2021:


	Number of Units	Weighted Average Grant Date Fair Value
Nonvested at January 30, 2021	769,632	$	16.15
Granted	—	—
Vested	(166,547)	14.06
Forfeited	(186,714)	21.83
Nonvested at May 1, 2021	416,371	$	14.45

Market-Based Awards

The Company has granted certain nonvested stock units subject to market-based vesting conditions to select executive officers. The number of shares that may ultimately vest will equal 0% to 150% of the target number of shares, subject to the performance of the Company’s total stockholder return (“TSR”) relative to the TSR of a select group of peer companies over a three-year period. Vesting is also subject to continued service requirements through the vesting date.

The following table summarizes the activity for nonvested market-based units during the three months ended May 1, 2021:


	Number of Units	Weighted Average Grant Date Fair Value
Nonvested at January 30, 2021	509,012	$	8.67
Granted1	41,955	20.28
Vested1	(125,822)	20.28

Nonvested at May 1, 2021	425,145	$	6.38

____________________________________________________________________

Notes:

1As a result of the achievement of certain market-based vesting conditions, there were 41,955 shares that vested in addition to the original target number of shares granted in fiscal 2019.