XML 26 R17.htm IDEA: XBRL DOCUMENT v3.23.1
Share-Based Compensation
 3 Months Ended
Apr. 29, 2023
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION
Financial statement impact

The following table details share-based compensation expense and the related income tax impacts for the thirteen weeks ended April 29, 2023 and April 30, 2022:
Thirteen Weeks Ended
(in thousands)April 29, 2023April 30, 2022
Share-based compensation expense$8,088 $8,356 
Income tax benefit associated with share-based compensation expense recognized1,005 965 

The following table details discrete income tax benefits and charges related to share-based compensation awards during the thirteen weeks ended April 29, 2023 and April 30, 2022:
Thirteen Weeks Ended
(in thousands)April 29, 2023April 30, 2022
Income tax discrete benefits realized for tax deductions related to the issuance of shares$1,117 $2,111 
Income tax discrete charges realized upon cancellation of stock appreciation rights(101)(195)
Total income tax discrete benefits related to share-based compensation awards$1,016 $1,916 


The following table details 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 for the thirteen weeks ended April 29, 2023 and April 30, 2022:
Thirteen Weeks Ended
(in thousands)April 29, 2023April 30, 2022
Employee tax withheld upon issuance of shares (1)
$18,359 $13,925 
(1)    Classified within other financing activities on the Condensed Consolidated Statements of Cash Flows.
Restricted stock units

The following table summarizes activity for restricted stock units for the thirteen weeks ended April 29, 2023:
Service-based Restricted
Stock Units		Performance-based Restricted
Stock Units		Market-based Restricted
Stock Units
Number of 
Underlying
Shares		Weighted-
Average Grant
Date Fair Value		Number of 
Underlying
Shares		Weighted-
Average Grant
Date Fair Value		Number of 
Underlying
Shares		Weighted-
Average Grant
Date Fair Value
Unvested at January 28, 20232,461,395 $21.30 336,549 $31.08 662,137 $23.68 
Granted840,987 28.35 222,144 28.36 111,077 41.20 
Adjustments for performance achievement
— — — — 493,854 16.24 
Vested(803,312)19.37 — — (987,708)16.24 
Forfeited(35,766)26.65 — — — — 
Unvested at April 29, 2023 (1)
2,463,304 $24.29 558,693 $30.00 279,360 $43.81 
(1)    Unvested shares related to restricted stock units with performance-based and market-based vesting conditions are reflected at 100% of their target vesting amount in the table above. Unvested shares related to restricted stock units with performance-based and market-based vesting conditions can be achieved at up to 200% of their target vesting amount.

The following table details unrecognized compensation cost and the remaining weighted-average period over which these costs are expected to be recognized for restricted stock units as of April 29, 2023:
(in thousands)Service-based Restricted
Stock Units		Performance-based Restricted
Stock Units		Market-based Restricted
Stock Units
Unrecognized compensation cost$51,262 $8,601 $8,085 
Remaining weighted-average period cost is expected to be recognized (years)1.41.31.2

Additional information pertaining to restricted stock units for the thirteen weeks ended April 29, 2023 and April 30, 2022 follows:
(in thousands)April 29, 2023April 30, 2022
Service-based restricted stock units:
Total grant date fair value of awards granted$23,842 $23,342 
Total grant date fair value of awards vested15,560 13,622 
Performance-based restricted stock units:
Total grant date fair value of awards granted6,300 5,300 
Total grant date fair value of awards vested— 4,482 
Market-based restricted stock units:
Total grant date fair value of awards granted4,576 3,731 
Total grant date fair value of awards vested16,040 4,105 

The weighted-average assumptions used for market-based restricted stock units in the Monte Carlo simulation during the thirteen weeks ended April 29, 2023 and April 30, 2022 were as follows:
April 29, 2023April 30, 2022
Grant date market price$28.36 $32.07 
Fair value41.20 45.15 
Price volatility63 %66 %
Expected term (years)2.92.9
Risk-free interest rate4.6 %2.3 %
Dividend yield— — 
Average volatility of peer companies66.0 72.9 
Average correlation coefficient of peer companies0.52950.5146
Stock appreciation rights

The following table summarizes stock appreciation rights activity for the thirteen weeks ended April 29, 2023:
Number of
Underlying
Shares		Weighted-Average
Exercise Price		Aggregate
Intrinsic Value		Weighted-Average
Remaining
Contractual Life (years)
Outstanding at January 28, 2023190,589 $29.43 
Exercised(7,700)24.05 
Forfeited or expired(23,700)45.69 
Outstanding at April 29, 2023
159,189 $27.27 $106,556 1.6
Stock appreciation rights exercisable at April 29, 2023159,189 $27.27 $106,556 1.6
No stock appreciation rights were exercised during the thirteen weeks ended April 30, 2022.