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STOCK-BASED COMPENSATION
 12 Months Ended
Jan. 28, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION
The following table summarizes the Company’s stock-based compensation expense (in thousands):
 
Fiscal Year Ended
 
January 28,
2012
 
January 29,
2011
 
January 30,
2010
Deferred Awards
$
9,109

 
$
7,430

 
$
6,591

Performance Awards (1)
177

 
558

 
1,633

Stock Options
—

 
57

 
226

Total stock-based compensation expense (2)
$
9,286

 
$
8,045

 
$
8,450

____________________________________________
(1)
During Fiscal 2010, the Company lowered the expected number of shares that will vest.
(2)
A portion of stock-based compensation is included in cost of sales. Approximately $1.3 million, $1.4 million and $1.2 million in Fiscal 2011, Fiscal 2010 and Fiscal 2009, respectively, were included in cost of sales. All other stock-based compensation is included in selling, general & administrative expense.
The Company recognized a tax benefit related to stock-based compensation expense of $3.7 million, $3.2 million and $3.4 million for Fiscal 2011, Fiscal 2010 and Fiscal 2009, respectively.
Awards Granted During Fiscal 2011
As part of an amendment to the employment agreement of its Chief Executive Officer and President, on March 28, 2011 the Company granted 100,725 Deferred Awards, which vest as to 50%, 25% and 25% on the first, second and third anniversaries of the date of grant.  In addition, the Company granted Performance Awards that provided for the issuance of 100,725 Target Shares if the Company had met its operating income target for Fiscal 2011.  The Performance Awards had a minimum threshold that would have provided 50% of the Target Shares and a maximum target that would have provided 200% of the Target Shares.  Based on operating results for Fiscal 2011, none of the Performance Awards were earned.
Additionally, during Fiscal 2011, the Company granted 213,604 Deferred Awards to employees, including new hire awards, which vest ratably over three years.  The Company also granted Performance Awards to employees that provided for the issuance of 126,176 Target Shares if the Company had met its operating income target for Fiscal 2011.  The Performance Awards had a minimum threshold that would have provided 50% of the Target Shares and a maximum target that would have provided 200% of the Target Shares.  Based on operating results for Fiscal 2011, none of the Performance Awards were earned.
On January 30, 2011, the Company made its annual grant of Deferred Awards to the non-employee members of its Board of Directors.  Total awards granted were 18,640 and vest after one year.  On May 20, 2011, the Company granted 1,376 Deferred Awards to a new member of its Board of Directors.  These awards vest after one year.
At January 28, 2012, the Company had 2,238,922 shares available for granting under the Equity Plan. 
Changes in the Company’s Unvested Stock Awards during Fiscal 2011, Fiscal 2010 and Fiscal 2009
Deferred Awards
 
Fiscal Year Ended
 
January 28, 2012
 
January 29, 2011
 
January 30, 2010
 
Number of
Shares
 
Weighted
Average
Grant Date
Fair Value
 
Number of
Shares
 
Weighted
Average
Grant Date
Fair Value
 
Number of
Shares
 
Weighted
Average
Grant Date
Fair Value
 
(in thousands)
 
 
 
(in thousands)
 
 
 
(in thousands)
 
 
Unvested Deferred Awards at beginning of year
356

 
$
36.91

 
512

 
$
30.34

 
463

 
$
32.84

Granted
334

 
50.76

 
145

 
46.19

 
319

 
27.45

Vested (1)
(186
)
 
34.23

 
(242
)
 
29.51

 
(206
)
 
31.51

Forfeited
(98
)
 
43.49

 
(59
)
 
32.98

 
(64
)
 
30.24

Unvested Deferred Awards at end of year
406

 
$
47.96

 
356

 
$
36.91

 
512

 
$
30.34


____________________________________________
3.
STOCK-BASED COMPENSATION (Continued)
(1)
In Fiscal 2011, Fiscal 2010 and Fiscal 2009, the Company withheld shares of 18,793, 14,022 and 18,247, respectively, to satisfy the withholding tax requirements of certain recipients. These shares were immediately retired.
Total unrecognized stock-based compensation expense related to unvested Deferred Awards approximated $13.4 million as of January 28, 2012, which will be recognized over a weighted average period of approximately 2.0 years.
Performance Awards
 
Fiscal Year Ended
 
January 28, 2012
 
January 29, 2011
 
January 30, 2010
 
Number of
Performance
Shares (1)
 
Weighted
Average
Grant Date
Fair Value
 
Number of
Performance
Shares (1)
 
Weighted
Average
Grant Date
Fair Value
 
Number of
Performance
Shares (1)
 
Weighted
Average
Grant Date
Fair Value
 
(in thousands)
 
 
 
(in thousands)
 
 
 
(in thousands)
 
 
Unvested Performance Awards at beginning of year
151

 
$
25.16

 
174

 
$
27.65

 
141

 
$
24.28

Granted
227

 
51.45

 
16

 
46.30

 
62

 
32.89

Vested
(144
)
 
24.10

 
—

 
—

 
—

 
—

Net shares in excess of (less than) target
(198
)
 
51.26

 
(11
)
 
88.19

 
—

 
—

Forfeited
(30
)
 
52.49

 
(28
)
 
28.43

 
(29
)
 
22.55

Unvested Performance Awards at end of year
6

 
$
46.08

 
151

 
$
25.16

 
174

 
$
27.65

____________________________________________
(1)
For those awards in which the performance period is complete, the number of unvested shares is based on actual shares that will vest upon completion of the service period. For those awards in which the performance period is not yet complete, the number of unvested shares is based on the participants earning their Target Shares at 100%.  At January 28, 2012, there are no open performance periods.
 
Based on the current number of Performance Awards expected to be earned, the total unrecognized stock-based compensation expense related to unvested Performance Awards approximated $0.1 million as of January 28, 2012, which will be recognized over a weighted average period of approximately 1.1 years.
Stock Options
No stock options were issued during Fiscal 2011, Fiscal 2010 and Fiscal 2009 and at January 29, 2011, there were no unvested stock options.
Outstanding Stock Options
Changes in the Company’s outstanding stock options for Fiscal 2011 were as follows:
 
 
Fiscal Year Ended
 
 
January 28, 2012
 
January 29, 2011
 
January 30, 2010
 
 
Number of
Options
 
Weighted
Average
Exercise
Price
 
Number of
Options
 
Weighted
Average
Exercise
Price
 
Number of
Options
 
Weighted
Average
Exercise
Price
 
 
(in thousands)
 
 
 
(in thousands)
 
 
 
(in thousands)
 
 
Options outstanding at beginning of year
 
351

 
$
33.93

 
731

 
$
33.22

 
1,187

 
$
31.73

Granted
 
—

 
—

 
—

 
—

 
—

 
—

Exercised (1)
 
(188
)
 
36.21

 
(366
)
 
32.57

 
(273
)
 
21.88

Forfeited
 
(9
)
 
37.09

 
(14
)
 
33.97

 
(183
)
 
40.52

Options outstanding at end of year (2)
 
154

 
$
30.98

 
351

 
$
33.93

 
731

 
$
33.22

Options exercisable at end of year (3)
 
154

 
$
30.98

 
335

 
$
34.35

 
691

 
$
33.66


____________________________________________
3.
STOCK-BASED COMPENSATION (Continued)
(1)
The aggregate intrinsic value of options exercised was approximately $2.7 million, $5.4 million and $3.0 million for Fiscal 2011, Fiscal 2010 and Fiscal 2009, respectively.
(2)
The aggregate intrinsic value of options outstanding at the end of Fiscal 2011, Fiscal 2010 and Fiscal 2009 was approximately $2.9 million, $3.3 million and $2.8 million, respectively.
(3)
The aggregate intrinsic value of options exercisable at the end of Fiscal 2011, Fiscal 2010 and Fiscal 2009 was approximately $2.9 million, $3.0 million and $2.6 million, respectively.

The following table summarizes information regarding options outstanding at January 28, 2012 (options in thousands):
 
 
 
 
Options Outstanding and Exercisable
Range of Exercise Prices
 
 
Options
 
Weighted Average Exercise Price
 
Weighted Average Remaining Contractual Life
$8.98
$21.63
 
 
19

 
$
17.44

 
4.9
$22.02
$31.63
 
 
80

 
26.62

 
4.5
$31.89
$42.15
 
 
27

 
38.40

 
3.1
$44.12
$50.81
 
 
28

 
45.96

 
3.8
 
 
 
 
154

 
$
30.98

 
4.2