STOCK-BASED COMPENSATION

3 Months Ended

May 04, 2024

Share-Based Payment Arrangement [Abstract]

The Company generally grants time-vesting stock awards (“Deferred Awards”) and performance-based stock awards (“Performance Awards”) to employees at management levels. The Company also grants Deferred Awards to its non-employee directors.

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


	Thirteen Weeks Ended
	May 4, 2024		April 29, 2023
	(in thousands)
Deferred Awards	$	2,418	$	2,500
Performance Awards	10,192		583
Total stock-based compensation expense (1)	$	12,610	$	3,083

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(1)Stock-based compensation expense recorded within Cost of sales (exclusive of depreciation and amortization) amounted to $1.0 million and $0.4 million in the First Quarter 2024 and First Quarter 2023, respectively. All other stock-based compensation expense is included in Selling, general, and administrative expenses.

During the First Quarter 2024, there was a change of control of the Company, which triggered a conversion of all Performance Awards into service-based Performance Awards in accordance with their terms. As a result, the Fiscal 2023, Fiscal 2022, and fiscal year 2021 Performance Awards will all vest at their target shares on their respective vesting dates without regard to the achievement of any of the performance metrics associated with those awards. The incremental expense recorded for Performance Awards in the First Quarter 2024 due to the change of control was $9.9 million.