Share-Based Compensation

6 Months Ended

Jul. 31, 2021

Share-based Payment Arrangement [Abstract]

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


	Three Months Ended				Six Months Ended
	Jul 31, 2021		Aug 1, 2020		Jul 31, 2021		Aug 1, 2020
Stock options	$	907	$	820	$	1,814	$	1,515
Stock awards/units	3,837		3,135		6,910		8,061
Employee Stock Purchase Plan	58		48		138		213
Total share-based compensation expense	$	4,802	$	4,003	$	8,862	$	9,789

Unrecognized compensation cost related to nonvested stock options and nonvested stock awards/units totaled approximately $6.2 million and $35.1 million, respectively, as of July 31, 2021. This cost is expected to be recognized over a weighted average period of 1.8 years.

Grants

On June 30, 2021, the Company made a grant of 695,566 nonvested stock units to certain of its executive employees. These nonvested stock units are subject to certain performance-based or market-based vesting conditions.

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 following summarizes the activity for nonvested performance-based units during the six months ended July 31, 2021:


	Number of Units	Weighted Average Grant Date Fair Value
Nonvested at January 30, 2021	769,632	$	16.15
Granted	242,898	26.40
Vested	(166,761)	14.07
Forfeited	(186,714)	21.83
Nonvested at July 31, 2021	659,055	$	18.85

Market-Based Awards

The Company has granted certain nonvested stock units subject to market-based vesting conditions to select executive officers. These market-based awards include (i) units where 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 and (ii) units scheduled to vest based on the attainment of certain absolute stock price levels over a four-year period. Vesting is also subject to continued service requirements through the vesting date.

The following summarizes the activity for nonvested market-based units during the six months ended July 31, 2021:


	Number of Units	Weighted Average Grant Date Fair Value
Nonvested at January 30, 2021	509,012	$	8.67
Granted1	494,623	21.48
Vested1	(125,822)	20.28

Nonvested at July 31, 2021	877,813	$	14.22

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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.