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STOCK-BASED COMPENSATION
 3 Months Ended
Apr. 29, 2017
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:
 
Thirteen Weeks Ended
 
April 29,
2017
 
April 30,
2016
 
(In thousands)
   Deferred Awards
$
3,265

 
$
2,306

   Performance Awards
4,394

 
4,238

Total stock-based compensation expense (1)
$
7,659

 
$
6,544


____________________________________________
(1) 
During the First Quarter 2017 and the First Quarter 2016, approximately $1.0 million and $0.6 million, respectively, were included in cost of sales. All other stock-based compensation is included in selling, general and administrative expenses. 
The Company recognized a tax benefit related to stock-based compensation expense of approximately $3.0 million and $2.6 million for the First Quarter 2017 and the First Quarter 2016, respectively.
Awards Granted During Year-To-Date 2017
The Company granted Deferred Awards and Performance Awards to various executives and members of our Board of Directors during the First Quarter 2017. 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 members of the Board of Directors vest after one year. Performance Awards granted during the First Quarter 2017 have a three-year performance period, and, if earned, vest upon completion of the three-year performance period. Depending on the final adjusted earnings per share and adjusted operating margin expansion achieved for the cumulative three-year performance period and adjusted return on invested capital achieved as of the end of fiscal 2019, the percentage of Target Shares earned range from 0% to 200%.
Changes in the Company’s Unvested Stock Awards during the First Quarter 2017
Deferred Awards
 
Number of
Shares
 
Weighted
Average
Grant Date
Fair Value
 
(In thousands)
 
 
Unvested Deferred Awards, beginning of period
469

 
$
61.19

Granted
52

 
96.96

Vested
(17
)
 
66.37

Forfeited
(3
)
 
73.09

Unvested Deferred Awards, end of period
501

 
$
64.67



Total unrecognized stock-based compensation expense related to unvested Deferred Awards approximated $16.0 million as of April 29, 2017, which will be recognized over a weighted average period of approximately 2.0 years.
Performance Awards
 
Number of
Shares (1)
 
Weighted
Average
Grant Date
Fair Value
 
(In thousands)
 
 
Unvested Performance Awards, beginning of period
515

 
$
68.11

Granted
62

 
113.10

Unvested Performance Awards, end of period
577

 
$
72.92


____________________________________________
(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 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 earnings per share, adjusted operating margin expansion, and adjusted return on invested capital as they occur. Total unrecognized stock-based compensation expense related to unvested Performance Awards approximated $35.1 million as of April 29, 2017, which will be recognized over a weighted average period of approximately 2.0 years.