Stock-Based Compensation

3 Months Ended

May 02, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

2.Stock-Based Compensation

The following table summarizes stock-based compensation expense by type of grant for each period presented (in thousands):

	Three Months Ended
	May 2, 2015			May 3, 2014
Stock options and stock appreciation rights ("SARs")	$	30		$	142
Non-vested stock	1,606			932
Performance shares	1,073			552
Total compensation expense	2,709			1,626
Related tax benefit	(1,019		)	(611		)
Stock-based compensation expense, net of tax	$	1,690		$	1,015

As of May 2, 2015, we have unrecognized compensation cost of $27.3 million related to stock-based compensation awards granted. That cost is expected to be recognized over a weighted average period of 2.8 years.

Stock Options and SARs

The following table summarizes stock option and SAR activity for the three months endedMay 2, 2015:

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 31, 2015	418,525		$	16.49
Exercised	(115,025	)	16.30
Forfeited	(4,125	)	16.12
Outstanding at May 2, 2015	299,375		$	16.57	2.1	$	841
Vested or expected to vest at May 2, 2015	299,375		$	16.57	2.1	$	841
Exercisable at May 2, 2015	299,175		$	16.57	2.1	$	841

The following table summarizes non-vested stock options and SARs activity for the three months endedMay 2, 2015:

Stock Options/SARs	Number of Shares		Weighted Average Grant  Date Fair Value
Non-vested at January 31, 2015	69,763		$	8.69
Vested	(69,563	)	8.69
Forfeited	—		—
Non-vested at May 2, 2015	200		$	7.21

The aggregate intrinsic value of stock options and SARs exercised during the three months endedMay 2, 2015 and May 3, 2014, was $0.7 million and $3.5 million, respectively.

Non-vested Stock

The following table summarizes non-vested stock activity for the three months endedMay 2, 2015:

Non-vested Stock	Number of Shares		Weighted Average Grant  Date Fair Value
Outstanding at January 31, 2015	678,604		$	21.76
Granted	401,466		21.18
Vested	(193,509	)	21.15
Forfeited	(2,446	)	22.40
Outstanding at May 2, 2015	884,115		$	21.63

The aggregate intrinsic value of non-vested stock that vested during the three months endedMay 2, 2015 was $4.1 million. The payment of the employees' tax liability for a portion of the vested shares was satisfied by withholding shares with a fair value equal to the tax liability. As a result, the actual number of shares issued was 126,888.

Performance Shares

We grant performance shares as a means of rewarding management for our long-term performance based on shareholder return performance measures. The actual number of shares that may be issued ranges from zero to a maximum of twice the number of granted shares outstanding, as reflected in the table below, and is based on our shareholder return performance relative to a specific group of companies over a 3-year performance cycle. If earned, the performance shares vest following the 3-year cycle. Compensation expense, which is recorded ratably over the vesting period, is based on the fair value at grant date and the anticipated number of shares of our common stock, which is determined using a Monte Carlo probability model. Grant recipients do not have any shareholder rights until the granted shares have been issued.

The following table summarizes information about the performance shares that were outstanding at May 2, 2015:

Period Granted	Target Shares Outstanding at January 31, 2015	Target Shares Granted	Target Shares Vested	Target Shares Forfeited	Target Shares Outstanding at May 2, 2015	Weighted Average Grant Date Fair Value Per Share
2013	118,250	—	—	—	118,250	$	33.81
2014	166,153	—	—	—	166,153	33.84
2015	—	222,185	—	—	222,185	28.42
Total	284,403	222,185	—	—	506,588

During the three months endedMay 2, 2015, 221,182 shares vested related to the 2012 performance share grant. The aggregate intrinsic value of shares that vested during the three months endedMay 2, 2015 was $4.9 million. The payment of the recipients' tax liability for shares that vested during the three months endedMay 2, 2015 of approximately $1.8 million was satisfied by withholding shares with a fair value equal to the tax liability. As a result, the actual number of shares issued was 139,591.