Share-Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION Financial statement impact The Company recognized share-based compensation expense of $2.6 million and $4.8 million for the thirteen weeks ended May 4, 2019 and May 5, 2018, respectively. The Company recognized tax benefits associated with share-based compensation expense of $0.5 million and $0.9 million for the thirteen weeks ended May 4, 2019 and May 5, 2018, respectively. Restricted stock units The following table summarizes activity for restricted stock units for the thirteen weeks ended May 4, 2019:
Fair value of both service-based and performance-based restricted stock units is calculated using the market price of the underlying Common Stock on the date of grant reduced for anticipated dividend payments on unvested shares. In determining fair value, the Company does not take into account performance-based vesting requirements. Performance-based vesting requirements are taken into account in determining the number of awards expected to vest. For market-based restricted stock units, fair value is calculated using a Monte Carlo simulation with the number of shares that ultimately vest dependent on the Company’s total stockholder return measured against the total stockholder return of a select group of peer companies over a three-year period. For awards with performance-based or market-based vesting requirements, the number of shares that ultimately vest can vary from 0% to 200% of target depending on the level of achievement of performance criteria. Service-based restricted stock units are expensed on a straight-line basis over the award’s requisite service period. Performance-based restricted stock units subject to graded vesting are expensed on an accelerated attribution basis. Performance share award expense is primarily recognized in the performance period of the award’s requisite service period. Market-based restricted stock units without graded vesting features are expensed on a straight-line basis over the award’s requisite service period. Compensation expense for stock appreciation rights is recognized on a straight-line basis over the award’s requisite service period. The Company adjusts share-based compensation expense on a quarterly basis for actual forfeitures. Unrecognized compensation expense presented excludes the effect of potential forfeitures, and will be adjusted for actual forfeitures as they occur. As of May 4, 2019, there was $32.5 million, $8.6 million and $7.3 million of total unrecognized compensation cost, related to service-based, performance-based and market-based restricted stock units, respectively. The unrecognized compensation cost is expected to be recognized over a remaining weighted-average period of 17 months, 14 months and 15 months for service-based, performance-based and market-based restricted stock units, respectively. The actual tax benefit realized for tax deductions related to the issuance of shares associated with restricted stock units vesting was $4.0 million and $3.4 million for the thirteen weeks ended May 4, 2019 and May 5, 2018, respectively. The amount of employee tax withheld by the Company upon the issuance of shares associated with restricted stock units vesting and the exercise of stock appreciation rights was $6.3 million and $5.0 million for the thirteen weeks ended May 4, 2019 and May 5, 2018, respectively, and is classified within other financing activities on the Condensed Consolidated Statements of Cash Flows. Additional information pertaining to restricted stock units for the thirteen weeks ended May 4, 2019 and May 5, 2018 follows:
The weighted-average assumptions used for market-based restricted stock units in the Monte Carlo simulation during the thirteen weeks ended May 4, 2019 and May 5, 2018 were as follows:
Stock appreciation rights The following table summarizes stock appreciation rights activity for the thirteen weeks ended May 4, 2019:
As of May 4, 2019, total unrecognized compensation cost related to stock appreciation rights was insignificant and is expected to be recognized over a weighted-average period of 3 months. The grant date fair value of stock appreciation rights that vested during the thirteen weeks ended May 4, 2019 and May 5, 2018 was $2.4 million and $0.9 million, respectively. |