Share-Based Compensation

9 Months Ended

Oct. 28, 2023

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 28, 2023		Oct 29, 2022		Oct 28, 2023		Oct 29, 2022
Stock options	$	—	$	706	$	713	$	2,018
Stock awards/units	4,840		5,129		14,108		14,353
Employee Stock Purchase Plan	37		33		131		176
Total share-based compensation expense	$	4,877	$	5,868	$	14,952	$	16,547

As of October 28, 2023, there was no unrecognized compensation cost related to nonvested stock options and approximately $27.1 million of unrecognized compensation cost related to nonvested stock awards/units. This cost is expected to be recognized over a weighted average period of 1.6 years.

Grants

On May 12, 2023 and July 3, 2023, the Company granted 471,373 and 5,153 nonvested stock units, respectively, to certain of its executive employees. These nonvested stock units are subject to certain performance-based or market-based vesting conditions.

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 28, 2023:


	Number of Units	Weighted Average Grant Date Fair Value
Nonvested at January 28, 2023	612,627	$	20.14
Granted	340,042	18.14
Vested	(278,757)	18.25
Forfeited	(184,365)	20.34
Nonvested at October 28, 2023	489,547	$	19.75

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 28, 2023:


	Number of Units	Weighted Average Grant Date Fair Value
Nonvested at January 28, 2023	946,787	$	14.75
Granted1	281,487	12.06
Vested1	(505,494)	6.38
Forfeited	—	—
Nonvested at October 28, 2023	722,780	$	19.55

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Notes:

1As a result of the achievement of certain market-based vesting conditions, there were 145,003 shares that vested in addition to the original target number of shares granted in fiscal 2021.