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Share-Based Compensation
 9 Months Ended
Nov. 02, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
The following summarizes the share-based compensation expense recognized under all of the Company’s stock plans (in thousands):
 Three Months EndedNine Months Ended
 Nov 2, 2024Oct 28, 2023Nov 2, 2024Oct 28, 2023
Stock options$— $— $— $713 
Stock awards/units4,821 4,840 13,728 14,108 
Employee Stock Purchase Plan28 37 127 131 
Total share-based compensation expense$4,849 $4,877 $13,855 $14,952 
As of November 2, 2024, there was no unrecognized compensation cost related to nonvested stock options and approximately $35.4 million of unrecognized compensation cost related to nonvested stock awards/units. This cost is expected to be recognized over a weighted average period of 1.7 years.
At the 2024 annual meeting of stockholders held on May 31, 2024, the Company’s shareholders approved an amendment and restatement of the Guess?, Inc. 2004 Equity Incentive Plan, as amended (the “2004 Plan”). The amendment and restatement of the 2004 Plan increased the aggregate number of shares of the Company’s common stock available for award grants under the 2004 Plan by 3,890,000 shares (from 29,780,000 shares to 33,670,000 shares).
Equity Award Grants
On March 29, 2024, the Company granted 375,800 nonvested stock awards/units to its employees.
On October 8, 2024, the Company granted 427,265 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 nine months ended November 2, 2024:
Number of UnitsWeighted Average Grant Date Fair Value
Nonvested at February 3, 2024376,916 $18.36 
Granted234,498 19.19 
Vested(112,590)18.14 
Forfeited(1,983)19.83 
Nonvested at November 2, 2024496,841 $18.79 
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 nine months ended November 2, 2024:
Number of UnitsWeighted Average Grant Date Fair Value
Nonvested at February 3, 2024722,780 $19.55 
Granted1
235,917 20.35 
Vested1
(172,601)17.77 
Forfeited(2,509)20.90 
Nonvested at November 2, 2024783,587 $20.18 
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Notes:
1As a result of the achievement of certain market-based vesting conditions, there were 43,150 shares that vested in addition to the original target number of shares granted in fiscal 2022.