Stock-Based Compensation

12 Months Ended

Feb. 02, 2013

Stock-Based Compensation [Abstract]

Stock-Based Compensation

NOTE 10: STOCK-BASED COMPENSATION

In 2009, our shareholders approved the adoption of the 2009 Long-Term Incentive Plan (“2009 Plan”), which allows for the granting of stock options, stock appreciation rights, restricted stock, performance share awards and other forms of equity awards to employees, directors, and officers.The maximum number of shares of common stock that may be issued under the 2009 Plan is 5,700.As of February 2, 2013, there were approximately1,000shares available for future issuances under the 2009 Plan. Stock options granted generally vest over a four-year period from the grant date and have a contractual term of seven to ten years from the grant date. Restricted stock and performance share awards generally vest over periods ranging from three to five years from the grant date, although the equity incentive plan permits accelerated vesting in certain circumstances at the discretion of the HRCC of the Board of Directors. We do not use cash to settle any of our stock-based awards, and we issue new shares of common stock upon the exercise of stock options and the granting of restricted stock and performance shares.

Total stock-based compensation expense and related tax benefits recognized in fiscal years 2012, 2011, and 2010were as follows:

		2012		2011		2010
Stock options		$	280	$	1,293	$	2,016
Restricted stock			12,410		10,922		11,510
Performance share awards			3,311		3,382		3,240
	Total stock-based compensation	$	16,001	$	15,597	$	16,766
Total income tax benefit recognized related to stock-based
	compensation expense	$	6,211	$	6,089	$	6,871

Stock Options

The fair value of stock options is determined on the grant date utilizing the Black-Scholes valuation model. The Black-Scholes model estimates the expected value employees will receive from the stock options based on a number of assumptions, such as interest rates, employee exercises, volatility, our stock price and dividend yield.During 2012, 2011, and 2010, no stock options were granted. A summary of stock option activity for 2012 is presented below:

		2012
							Weighted
			Weighted				Average
			Average		Aggregate		Remaining
			Exercise		Intrinsic		Contractual
		Shares	Price		Value		Life (Years)
Outstanding at beginning of year		1,646	$	12.83
	Granted	―		―
	Exercised	(195)		3.05
	Forfeited	(22)		14.61
Outstanding at end of year		1,429	$	14.14	$	1,406	1.9
Options exercisable at end of year		1,266	$	15.65	$	46	1.7
Options expected to vest		163	$	2.36	$	1,360	3.1

The total intrinsic value of stock options exercised during 2012, 2011, and 2010 was $1,442, $1,650, and $1,888, respectively. The net tax benefit realized from stock options exercised during 2012 was $433. Cash proceeds received from the exercise of stock options during 2012 was $597. The total fair value of stock options vested during 2012, 2011, and 2010was $1,088, $2,146, and $2,169, respectively. As of February 2, 2013, total unrecognized compensation expense related to non-vested stock options, including an estimate for pre-vesting forfeitures, was $12, which is expected to be recognized over a weighted-average period of 0.1 years.

The following table summarizes information about stock options outstanding and exercisable as of February 2, 2013:

	Options Outstanding				Options Exercisable
		Weighted				Weighted
	Number	Average	Weighted		Number	Average	Weighted
	Outstanding	Remaining	Average		Exercisable	Remaining	Average
	at February 2,	Contractual	Exercise		at February 2,	Contractual	Exercise
Range of Exercise Prices	2013	Life (Years)	Price		2013	Life (Years)	Price
$2.36 to $6.64	171	2.9	$	2.51	8	0.4	$	5.42
$8.08 to $13.04	760	2.1	$	13.04	760	2.1	$	13.04
$13.05 to $20.31	498	1.1	$	19.80	498	1.1	$	19.80
	1,429	1.9	$	14.14	1,266	1.7	$	15.65

Restricted Stock

The fair value of restricted stock is based on the closing market price of our common stock on the date of grant. A summary of restricted stock awards activity for 2012 is presented below: 

		February 2, 2013
			Weighted
			Average
		Shares	Grant Price
Outstanding at beginning of year		4,895	$	7.54
	Granted	1,809		11.06
	Vested	(2,539)		5.17
	Forfeited	(124)		10.28
Outstanding at end of year		4,041	$	10.52

We granted restricted stock awards of 1,809, 895, and 1,096 to certain employees in 2012, 2011, and 2010,respectively. The weighted-average grant-date fair value of restricted stock awards granted in 2012, 2011, and 2010was $11.06, $11.23, and $7.65, respectively. The total fair value of restricted stock that vested in 2012, 2011, and 2010was $13,140,$13,453, and $6,134, respectively.As of February 2, 2013, total unrecognized compensation expense related to non-vested restricted stock awards, including an estimate for pre-vesting forfeitures, was $16,780, which is expected to be recognized over a weighted-average period of 2.3 years.

Performance Shares

Under the 2009 Plan, we may grant performance share awards that vest based on the outcome of certain performance criteria that are established and approved by the HRCC of the Board of Directors. The actual number of performance shares earned is based on the level of performance achieved over the performance period, historicallyone year from the grant date, relative to established financial and operating goals, none of which are considered market conditions. For performance share awards granted during 2012 and 2011, the amount of shares that can be earned ranged from 0% to 125% of the number of performance share awards granted. For performance share awards granted during 2010, the amount of shares that could be earned ranged from 0% to 100%. In addition to the performance criteria, performance shares do not vest unless employees remain employed during the requisite service period, which is typically three years from the grant date. The fair value of performance share awards is determined based on the closing market price of our common stock on the date of grant.

A summary of performance share award activity for 2012 is presented below: 

		February 2, 2013
			Weighted
			Average
		Shares	Grant Price
Outstanding at beginning of year		1,845	$	5.32
	Granted	480		11.35
	Vested	(1,060)		2.45
	Forfeited	(25)		10.80
Outstanding at end of year		1,240	$	10.00

We granted performance share awards of 480, 306, and 503to certain employees in 2012, 2011, and 2010, respectively. The weighted-average grant-date fair value of performance share awards granted in 2012, 2011, and 2010was $11.35, $12.31, and $7.20, respectively. The total fair value of performance share awards that vested in 2012, 2011, and 2010was $2,594, $239, and $9,186, respectively.As of February 2, 2013, total unrecognized compensation expense related to non-vested performance share awards, including an estimate for pre-vesting forfeitures, was $3,463, which is expected to be recognized over a weighted-average period of 1.7 years..