STOCK-BASED COMPENSATION

12 Months Ended

Jan. 30, 2016

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


J.	STOCK-BASED COMPENSATION

The Company has several stock option plans which allowed for granting of stock options to employees, executives, and directors. The Company has not granted any stock options since fiscal 2008 and there are currently no stock options outstanding, as all stock options were exercised prior to January 31, 2015. The Company also has a restricted stock plan that allows for the granting of non-vested shares of common stock to employees and executives and a restricted stock plan that allows for the granting of non-vested shares of common stock to non-employee directors. As of January 30, 2016, 1,050,976 shares were available for grant under the Company’s various restricted stock plans, of which 962,852 shares were available for grant to executive officers.

Compensation expense was recognized during fiscal 2015, 2014, and 2013 for equity-based grants, based on the grant date fair value of the awards. The fair value of grants of non-vested common stock awards is the stock price on the date of grant.

Information regarding the impact of compensation expense related to grants of non-vested shares of common stock is as follows:



	Fiscal Years Ended
	January 30, 2016		January 31, 2015		February 1, 2014

Stock-based compensation expense, before tax	$	6,197	$	6,013	$	5,066

Stock-based compensation expense, after tax	$	3,904	$	3,788	$	3,192

FASB ASC 718 requires the benefits of tax deductions in excess of the compensation cost recognized for stock options exercised during the period to be classified as financing cash inflows. This amount is shown as “excess tax benefit from stock option exercises” on the consolidated statements of cash flows. For fiscal 2015, 2014, and 2013, the excess tax benefit realized from exercised stock options was $0, $225, and $399, respectively.

Non-vested shares of common stock granted during each of the past three fiscal years were granted pursuant to the Company’s 2005 Restricted Stock Plan and the Company’s 2008 Director Restricted Stock Plan. Shares granted under the 2005 Plan typically vest over a period of four years, only upon certification by the Compensation Committee of the Board of Directors that the Company has achieved its pre-established performance targets for the fiscal year. Shares granted under the 2008 Director Plan vest 25% on the date of grant and then in equal portions on each of the first three anniversaries of the date of grant.

A summary of the Company’s stock-based compensation activity related to grants of non-vested shares of common stock for the fiscal year ended January 30, 2016 is as follows:



	Shares		Weighted Average Grant Date Fair Value

Non-Vested - beginning of year	340,637		$	44.17
Granted	279,900		50.79
Forfeited	(127,710	)	44.35
Vested	(132,043	)	44.08
Non-Vested - end of year	360,784		$	49.28

As of January 30, 2016, there was $4,969 of unrecognized compensation expense related to grants of non-vested shares. It is expected that this expense will be recognized over a weighted average period of approximately 2.0 years. The total fair value of shares vested during fiscal 2015, 2014, and 2013 was $4,568, $7,535, and $9,329 respectively. During the fiscal year ended January 30, 2016, 126,550 shares (representing one-half of the shares granted during fiscal 2014 under the 2005 Restricted Stock Plan) were forfeited because the Company did not achieve all of the performance targets established for the fiscal 2014 grants.