STOCK-BASED COMPENSATION

9 Months Ended

Oct. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The following table summarizes the Company’s stock-based compensation expense (in thousands):



	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	October 31, 2015		November 1, 2014		October 31, 2015		November 1, 2014
Deferred Awards	$	2,429	$	2,856	$	8,123	$	8,615
Performance Awards	1,853		1,825		4,333		4,439
Total stock-based compensation expense ⁽¹⁾	$	4,282	$	4,681	$	12,456	$	13,054

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⁽¹⁾	During the Third Quarter 2015 and the Third Quarter 2014, approximately $0.9 million and $1.0 million, respectively, were included in cost of sales. During Year-To-Date 2015 and Year-To-Date 2014, approximately $2.3 million and $2.5 million, respectively, were included in cost of sales. All other stock-based compensation is included in selling, general & administrative expenses.

The Company recognized a tax benefit related to stock-based compensation expense of approximately $4.8 million and $5.1 million for Year-To-Date 2015 and Year-To-Date 2014, respectively.

Awards Granted During Year-To-Date 2015

The Company granted Deferred Awards and Performance Awards to various executives and members of our Board of Directors during Year-To-Date 2015. Awards were also granted in connection with new hires and contractual obligations. Generally, the Deferred Awards have a three year vesting period with one third of the award vesting annually. Generally, the Deferred Awards granted to the Board of Directors vest after one year. Performance Awards granted have a cumulative three-year performance period, and, if earned, vest upon completion of the three-year performance period. Depending on the final adjusted earnings per share achieved for the cumulative three-year performance period and the Company's TSR relative to that of the Company's peer group, the percentage of Target Shares earned can be 0% and range up to 300%.

Changes in the Company’s Unvested Stock Awards during Year-To-Date 2015

Deferred Awards



	Number of Shares		Weighted Average Grant Date Fair Value
	(in thousands)
Unvested Deferred Awards, beginning of period	592		$	49.02
Granted	184		65.55
Vested	(237	)	48.91
Forfeited	(20	)	54.53
Unvested Deferred Awards, end of period	519		$	54.71

Total unrecognized stock-based compensation expense related to unvested Deferred Awards approximated $17.9 million as of October 31, 2015, which will be recognized over a weighted average period of approximately 2.1 years.

Performance Awards



	Number of Shares ⁽¹⁾		Weighted Average Grant Date Fair Value
	(in thousands)
Unvested Performance Awards, beginning of period	345		$	50.18
Granted	195		70.91
Vested shares, including shares vested in excess of target	(147	)	48.02
Forfeited	(7	)	52.33
Unvested Performance Awards, end of period	386		$	61.45

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⁽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%.

For those awards in which the performance period is not yet complete, the number of unvested shares in the table above is based on the participants earning their Target Shares at 100%; however, the cumulative expense recognized reflects changes in estimated adjusted operating income and adjusted earnings per share as they occur. Total unrecognized stock-based compensation expense related to unvested Performance Awards approximated $15.1 million as of October 31, 2015, which will be recognized over a weighted average period of approximately 2.2 years.

Stock Options

At October 31, 2015, there were no unvested stock options.

Outstanding Stock Options

Changes in the Company’s outstanding stock options for Year-To-Date 2015 were as follows:



	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
	(in thousands)				(in years)	(in thousands)
Options outstanding, beginning of period	30		$	29.05	3.3	$	927
Exercised	(15	)	29.05		N/A	455
Options outstanding and exercisable, end of period	15		$	29.05	2.5	$	369