Stock-Based Compensation

3 Months Ended

Aug. 01, 2015

5. Stock-Based Compensation

The compensation costs that have been charged against income for the thirteen and twenty-six weeks ended August 1, 2015 and August 2, 2014 were as follows (in thousands):

	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	August 1, 2015		August 2, 2014		August 1, 2015		August 2, 2014
Stock-based compensation expense by type:
Stock options	$	18	$	19	$	359	$	430
Restricted stock unit awards, including performance-based		887		885		3,165		2,936
Employee stock purchases		21		19		58		56
Director deferred compensation		18		17		35		35
Total stock-based compensation expense		944		940		3,617		3,457
Income tax benefit recognized		346		347		1,331		1,280
Stock-based compensation expense, net of income tax	$	598	$	593	$	2,286	$	2,177

In the thirteen and twenty-six weeks ended August 1, 2015 and August 2, 2014, we granted the following equity awards:

	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	August 1, 2015		August 2, 2014		August 1, 2015		August 2, 2014
Stock options		1,138		979		20,228		17,975
Restricted stock unit awards		-		896		69,529		63,399
Performance-based restricted stock unit awards		-		-		29,300		25,300
Deferred stock units		376		323		11,628		10,329

Under the 2012 Non-Employee Director Equity Plan (2012 Plan), no shares of our common stock were awarded during the thirteen weeks ended August 1, 2015 and August 2, 2014. A total of 1,981 and 1,759 shares of our common stock were awarded during the twenty-six weeks ended August 1, 2015 and August 2, 2014, respectively, as part of the annual equity award to directors in the first quarter. In addition, under our employee stock purchase plan, our employees purchased 2,042 and 1,580 shares of our common stock during the thirteen weeks ended August 1, 2015 and August 2, 2014, respectively, and 5,491 and 4,681 shares of our common stock during the twenty-six weeks ended August 1, 2015 and August 2, 2014, respectively.

The weighted-average grant date fair value of stock options granted during the thirteen and twenty-six weeks ended August 1, 2015 was $16.14 and $17.73 per share, respectively. The weighted-average grant date fair value of shares of stock purchased through our employee stock purchase plan was $10.23 and $10.54, and the weighted-average price paid by our employees for shares of our common stock was $39.59 and $40.58, during the thirteen and twenty-six weeks ended August 1, 2015, respectively.

The weighted-average grant date fair value of stock options granted during the thirteen and twenty-six weeks ended August 2, 2014 was $18.99 and $23.93 per share, respectively. The weighted-average grant date fair value of shares of stock purchased through our employee stock purchase plan was $11.88 and $11.91, and the weighted-average price paid by our employees for shares of our common stock was $45.42 and $45.11, during the thirteen and twenty-six weeks ended August 2, 2014, respectively.

At August 1, 2015, the total compensation costs related to nonvested restricted stock unit awards not yet recognized was $9.7 million and the weighted-average period over which such awards are expected to be recognized was 2.7 years. There are no future compensation costs related to nonvested stock options to be recognized at August 1, 2015.