Share-Based Compensation

9 Months Ended

Oct. 30, 2021

Share-based Payment Arrangement [Abstract]

The following summarizes the share-based compensation expense recognized under all of the Company’s stock plans (in thousands):


	Three Months Ended				Nine Months Ended
	Oct 30, 2021		Oct 31, 2020		Oct 30, 2021		Oct 31, 2020
Stock options	$	862	$	1,006	$	2,676	$	2,521
Stock awards/units	5,311		3,693		12,221		11,754
Employee Stock Purchase Plan	33		41		171		254
Total share-based compensation expense	$	6,206	$	4,740	$	15,068	$	14,529

Unrecognized compensation cost related to nonvested stock options and nonvested stock awards/units totaled approximately $5.2 million and $29.5 million, respectively, as of October 30, 2021. This cost is expected to be recognized over a weighted average period of 1.7 years.

Performance-Based Awards

The Company has granted certain nonvested stock units subject to performance-based vesting conditions to select executive officers. Each award of nonvested stock units generally has an initial vesting period from the date of the grant through either (i) the end of the first fiscal year or (ii) the first anniversary of the date of grant, followed by annual vesting periods which may range from two-to-three years.

The following summarizes the activity for nonvested performance-based units during the nine months ended October 30, 2021:


	Number of Units	Weighted Average Grant Date Fair Value
Nonvested at January 30, 2021	769,632	$	16.15
Granted	242,898	26.40
Vested	(166,761)	14.07
Forfeited	(201,956)	21.83
Nonvested at October 30, 2021	643,813	$	18.78

Market-Based Awards

The Company has granted certain nonvested stock units subject to market-based vesting conditions to select executive officers. These market-based awards include (i) units where the number of shares that may ultimately vest will equal 0% to 150% of the target number of shares, subject to the performance of the Company’s total stockholder return (“TSR”) relative to the TSR of a select group of peer companies over a three-year period and (ii) units scheduled to vest based on the attainment of certain absolute stock price levels over a four-year period. Vesting is also subject to continued service requirements through the vesting date.

The following summarizes the activity for nonvested market-based units during the nine months ended October 30, 2021:


	Number of Units	Weighted Average Grant Date Fair Value
Nonvested at January 30, 2021	509,012	$	8.67
Granted1	494,623	21.48
Vested1	(125,822)	20.28

Nonvested at October 30, 2021	877,813	$	14.22

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Notes:

1As a result of the achievement of certain market-based vesting conditions, there were 41,955 shares that vested in addition to the original target number of shares granted in fiscal 2019.