2. Stock-Based Compensation

Stock-based compensation expense by type of grant for each period presented was as follows (in thousands):



	Three Months Ended						Nine Months Ended
	October 29, 2016			October 31, 2015			October 29, 2016			October 31, 2015
Stock appreciation rights (“SARs”)	$	—		$	—		$	—		$	30
Non-vested stock	1,362			1,719			5,311			5,133
Performance shares	(569		)	1,278			2,034			3,763
Total compensation expense	793			2,997			7,345			8,926
Related tax benefit	(298		)	(1,126		)	(2,762		)	(3,356		)
Stock-based compensation expense, net of tax	$	495		$	1,871		$	4,583		$	5,570

As of October 29, 2016, we have unrecognized compensation cost of $18.6 million related to stock-based compensation awards granted. That cost is expected to be recognized over a weighted average period of 2.4 years.

SARs

Prior to 2012, we granted stock options and SARs to our employees, which generally vested over four years from the date of grant. There were no stock options outstanding as of January 30, 2016. Outstanding SARs will expire, if not exercised or forfeited, within seven years from the date of grant. Exercised SARs are settled by the issuance of common stock in an amount equal to the increase in our stock price between the grant date and the exercise date.

The following table summarizes SARs activity for the nine months ended October 29, 2016:



SARs	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in thousands)
Outstanding, vested and exercisable at January 30, 2016	224,400		$	17.16
Forfeited	(39,750	)	14.66
Outstanding, vested and exercisable at October 29, 2016	184,650		$	17.70	1.1	$	—

No SARs were exercised during the nine months ended October 29, 2016. The aggregate intrinsic value of stock options and SARs exercised during the nine months ended October 31, 2015 was $0.9 million.

Non-vested Stock

We grant shares of non-vested stock to our employees and non-employee directors. The non-vested stock converts one-for-one to common stock at the end of the vesting period at no cost to the recipient to whom it is awarded. The vesting period of the non-vested stock ranges from one to four years from the date of grant.

The following table summarizes non-vested stock activity for the nine months ended October 29, 2016:



Non-vested Stock	Number of Shares		Weighted Average Grant Date Fair Value
Outstanding at January 30, 2016	894,526		$	20.20
Granted	1,396,947		6.78
Vested	(371,656	)	19.45
Forfeited	(238,290	)	12.25
Outstanding at October 29, 2016	1,681,527		10.34

The weighted-average grant date fair value for non-vested stock granted during the nine months ended October 29, 2016 and October 31, 2015 was $6.78 and $20.65, respectively. The aggregate intrinsic value of non-vested stock that vested during the nine months ended October 29, 2016 and October 31, 2015, was $2.7 million and $5.4 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 nine months ended October 29, 2016 was 289,757.

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 is recorded ratably over the vesting period and is based on the fair value at grant date as 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 October 29, 2016:



Period Granted	Target Shares Outstanding at January 30, 2016	Target Shares Granted	Target Shares Vested		Target Shares Forfeited		Target Shares Outstanding at October 29, 2016	Weighted Average Grant Date Fair Value Per Share
2014	160,423	—	(3,438	)	(36,667	)	120,318	$	33.84
2015	223,876	—	(6,983	)	(45,707	)	171,186	28.33
2016	—	451,680	(5,168	)	(90,439	)	356,073	8.69
Total	384,299	451,680	(15,589	)	(172,813	)	647,577

The weighted-average grant date fair value for performance shares granted during the nine months ended October 29, 2016 and October 31, 2015 was $8.69 and $28.33, respectively. For the 2013 performance grant, none of the 112,750 target shares that were outstanding at January 30, 2016 were earned. The aggregate intrinsic value of performance shares that vested during the nine months ended October 29, 2016 and October 31, 2015 was $0.1 million and $4.9 million, respectively. The payment of the employees’ tax liability for 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 nine months ended October 29, 2016 was 11,323.