Share-Based Compensation

6 Months Ended

Aug. 03, 2013

Share-based Compensation [Abstract]

Share-Based Compensation

Note 10 Share-Based Compensation

During the second quarter of 2013, the Company granted 29,150 restricted shares to certain employees with a weighted-average grant date fair value of $20.44. The restricted shares vest in four years and share-based compensation expense will be recognized on a straight-line basis over the four-year period.

The Company recognized share-based compensation expense of $1.3 million and $1.8 million during the thirteen weeks and $2.9 million and $3.3 million during the twenty-six weeks ended August 3, 2013 and July 28, 2012, respectively. The Company issued 122,475 shares of common stock during the thirteen weeks ended August 3, 2013 for restricted stock grants, stock options exercised and directors’ fees. The Company issued 644,211 shares of common stock during the twenty-six weeks ended August 3, 2013 for restricted stock grants, stock performance awards, stock options exercised and directors’ fees. During the thirteen and twenty-six weeks ended August 3, 2013, the Company cancelled restricted stock awards of 56,500 and 84,500 shares, respectively, as a result of forfeitures.

The Company also granted 55,545 restricted stock units to non-employee directors with a weighted-average grant date fair value of $21.31 during the second quarter of 2013. Of the 55,545 restricted stock units granted, 1,095 restricted stock units vested and compensation was fully recognized during the second quarter of 2013 and 54,450 of the restricted stock units vest in one year, and compensation expense will be recognized ratably over the one-year period based upon the fair value of the restricted stock units, as remeasured at the end of each period.