Share-Based Compensation (Tables)

12 Months Ended

Jan. 29, 2022

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Expensed and Capitalized, Amount

Our share-based compensation expense, by award type, consists of the following (in thousands):

	Fiscal Year Ended
	February 1, 2020		January 30, 2021		January 29, 2022
Restricted stock units	$	—	$	—	$	4,040
Restricted stock awards	—		—		3,864
Stock options	—		—		514
Employee stock purchase plan	—		—		170
Remeasurement adjustments for incentive units	11,993		7,791		151,166
Share-based compensation expense before income taxes	11,993		7,791		159,754
Income tax detriment	—		—		293
Net share-based compensation expense	$	11,993	$	7,791	$	160,047

Restricted Stock Unit Activity

RSU activity under the 2021 LTIP consists of the following (in thousands except per share and contractual life amounts):

	Shares	Weighted average grant date value per share
Nonvested, January 30, 2021	—
Granted	392	$	26.82
Vested	(105)	$	27.00
Forfeited	(9)	$	27.00
Nonvested, January 29, 2022	278	$	26.75

Restricted Stock Activity

Restricted stock award activity under the 2021 LTIP consists of the following (in thousands except per share and contractual life amounts):

	Shares	Weighted average grant date fair value per share
Outstanding, January 30, 2021	—
Granted	866	$	27.00
Vested	(120)	$	27.00
Forfeited	(214)	$	27.00
Nonvested, January 29, 2022	532	$	27.00

Stock Option Activity

Stock option activity under the 2021 LTIP consists of the following (in thousands except per share and contractual life amounts):

	Shares	Weighted average exercise price per share		Weighted average remaining contractual life (years)	Aggregate intrinsic value
Outstanding, January 30, 2021	—
Granted	342	$	21.03
Exercised	—
Expired / forfeited	(5)	$	21.00
Outstanding, January 29, 2022	337	$	21.03	9.4	$	—
Exercisable, January 29, 2022	—

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The weighted average grant date fair value of stock option awards granted during fiscal year 2021 was $11.24 per option and was estimated at the grant date using the Black-Scholes option pricing model with the following weighted average assumptions:

Dividend yield	—		%
Expected volatility(1)	56.0		%
Risk-free interest rate(2)	1.1		%
Expected term(3)	6.31 years
Grant date fair value per share	$	21.00

(1)     The expected volatility is estimated based on the historical volatility of a select peer group of similar publicly traded companies for a term that is consistent with the expected term of the stock options.

(2)    The risk-free interest rates are based on the U.S. Treasury constant maturity interest rate whose term is consistent with the expected term of the stock options.

(3)    The expected term of the stock options represents the estimated period of time until exercise and is calculated using the simplified method.