STOCK-BASED COMPENSATION

The following table summarizes the Company’s stock-based compensation expense:



	Thirteen Weeks Ended
	May 4, 2019		May 5, 2018
	(In thousands)
Deferred Awards	$	4,150	$	3,813
Performance Awards	3,609		4,984
Total stock-based compensation expense ⁽¹⁾	$	7,759	$	8,797

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⁽¹⁾	During the First Quarter 2019 and the First Quarter 2018, approximately $1.0 million and $1.0 million, respectively, were included within 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 $2.1 million and $2.3 million during the First Quarter 2019 and the First Quarter 2018, respectively.

Changes in the Company’s Unvested Stock Awards during the First Quarter 2019

Deferred Awards



	Number of Shares		Weighted Average Grant Date Fair Value
	(In thousands)
Unvested Deferred Awards, beginning of period	299		$	99.98
Granted	97		98.89
Vested	(54	)	117.34
Forfeited	(6	)	112.34
Unvested Deferred Awards, end of period	336		$	96.66

Total unrecognized stock-based compensation expense related to unvested Deferred Awards approximated $22.2 million as of May 4, 2019, which will be recognized over a weighted average period of approximately 1.5 years.

Performance Awards



	Number of Shares ⁽¹⁾		Weighted Average Grant Date Fair Value
	(In thousands)
Unvested Performance Awards, beginning of period	352		$	90.66
Shares earned in excess of target	181		75.83
Vested shares, including shares vested in excess of target	(349	)	75.83
Forfeited	(1	)	126.47
Unvested Performance Awards, end of period	183		$	104.17

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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 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 $6.1 million as of May 4, 2019, which will be recognized over a weighted average period of approximately 1.2 years.