Stock-Based Compensation

3 Months Ended

May 03, 2014

Stock-Based Compensation [Abstract]

Stock-Based Compensation

Note 2.  Stock-Based Compensation

For the thirteen weeks ended May 3, 2014 and May 4, 2013, stock-based compensation expense was $6.5 million and $7.5 million, respectively.  As of May 3, 2014, approximately 7.3 million shares remain available for future grants of equity awards under our 2012 Omnibus Stock and Incentive Plan.

Restricted Stock Awards

Restricted stock award activity for the thirteen weeks ended May 3, 2014 was as follows:

	Number of Shares	Weighted Average Grant Date Fair Value
Unvested, beginning of period	3,883,134	$	15.13
Granted	1,333,960		16.49
Vested	(889,645)		15.62
Forfeited	(140,650)		15.65
Unvested, end of period	4,186,799		15.44

Performance-based restricted stock award activity for the thirteen weeks ended May 3, 2014 was as follows:

	Number of Shares	Weighted Average Grant Date Fair Value
Unvested, beginning of period	17,222	$	13.69
Granted	-		-
Vested	(17,222)		13.69
Forfeited	-		-
Unvested, end of period	-		-

Performance-based Restricted Stock Units

For the thirteen weeks ended May 3, 2014, we granted performance-based restricted stock units (“PSUs”), contingent upon the achievement of a Company-specific performance goal during fiscal 2014.  Any units earned as a result of the achievement of this goal will vest over 3 years from the date of grant and will be settled in shares of our common stock. 

Performance-based restricted stock unit activity for the thirteen weeks ended May 3, 2014 was as follows:

	Number of Shares	Weighted Average Grant Date Fair Value
Unvested, beginning of period	485,935	$	15.01
Granted	657,000		16.51
Vested	(240,596)		15.01
Forfeited	(18,166)		15.30
Unvested, end of period	884,173		16.12

Stock Option Awards

For the thirteen weeks ended May 3, 2014 and May 4, 2013, we did not grant any stock options.  In the years that we granted options, we used the Black-Scholes option-pricing model to value our stock options. 

Stock option activity for the thirteen weeks ended May 3, 2014 was as follows:

	Number of Shares		Weighted Average Exercise Price
Outstanding, beginning of period	2,642,269	$	15.63
Granted	-		-
Exercised	(145,256)		11.80
Forfeited or expired	(76,471)		20.23
Outstanding, end of period	2,420,542		15.72
Exercisable at May 3, 2014	2,326,038	$	15.86