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						Nine Months Ended
	October 31, 2015			November 1, 2014			October 31, 2015			November 1, 2014
Stock options and stock appreciation rights ("SARs")	$	—		$	184		$	30		$	521
Non-vested stock	1,719			1,294			5,133			3,690
Performance shares	1,278			1,104			3,763			2,807
Total compensation expense	2,997			2,582			8,926			7,018
Related tax benefit	(1,126		)	(971		)	(3,356		)	(2,639		)
Stock-based compensation expense, net of tax	$	1,871		$	1,611		$	5,570		$	4,379

As of October 31, 2015, we have unrecognized compensation cost of $22.1 million related to stock-based compensation awards granted. That cost is expected to be recognized over a weighted average period of 2.4 years.

Stock Options and SARs

The following table summarizes stock option and SAR activity for the nine months ended October 31, 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	(160,650	)	15.32
Forfeited	(25,725	)	18.01
Outstanding, vested and exercisable at October 31, 2015	232,150		$	17.13	1.9	$	—

The following table summarizes non-vested stock options and SARs activity for the nine months ended October 31, 2015:



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

The aggregate intrinsic value of stock options and SARs exercised during the nine months ended October 31, 2015 and November 1, 2014, was $0.9 million and $3.5 million, respectively.

Non-vested Stock

The following table summarizes non-vested stock activity for the nine months ended October 31, 2015:



Non-vested Stock	Number of Shares		Weighted Average Grant Date Fair Value
Outstanding at January 31, 2015	678,604		$	21.76
Granted	474,728		20.65
Vested	(264,402	)	20.75
Forfeited	(38,768	)	22.10
Outstanding at October 31, 2015	850,162		$	21.44

The aggregate intrinsic value of non-vested stock that vested during the nine months ended October 31, 2015 and November 1, 2014, was $5.4 million and $5.7 million, respectively. 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 during the nine months ended October 31, 2015 was 191,101.

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 three-year performance cycle. If earned, the performance shares vest following the three-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 unless and until the shares underlying the award are issued.

The following table summarizes information about the performance shares that were outstanding at October 31, 2015:



Period Granted	Target Shares Outstanding at January 31, 2015	Target Shares Granted	Target Shares Vested	Target Shares Forfeited		Target Shares Outstanding at October 31, 2015	Weighted Average Grant Date Fair Value Per Share
2013	118,250	—	—	(2,200	)	116,050	$	33.81
2014	166,153	—	—	(2,292	)	163,861	33.84
2015	—	227,685	—	(3,809	)	223,876	28.33
Total	284,403	227,685	—	(8,301	)	503,787

During the nine months ended October 31, 2015, 221,182 shares vested related to the 2012 performance share grant. The aggregate intrinsic value of shares that vested during the nine months ended October 31, 2015 and November 1, 2014, was $4.9 million and $0.8 million, respectively. The payment of the recipients' tax liability for shares that vested during the nine months ended October 31, 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.