The Company accounts for share-based compensation under the provisions of ASC 718, Compensation - Stock Compensation (“ASC 718”), which requires the Company to measure and recognize compensation expense for all share-based payments at fair value.

Total share-based compensation expense included in the Consolidated Statements of Operations for the 13 weeks ended May 1, 2021 and May 2, 2020 was $12.6 million ($9.4 million, net of tax) and $4.1 million ($2.9 million, net of tax), respectively.

The Company has granted time-based stock options. Time-based stock option awards vest over the requisite service period of the award or to an employee’s eligible retirement eligible date, if earlier. A summary of the Company’s stock option activity for the 13 weeks ended May 1, 2021 follows:

				Weighted- Average		Weighted- Average Remaining Contractual		Aggregate
	Options			Exercise Price		Term		Intrinsic Value
	(In thousands)					(In years)		(In thousands)
Outstanding - January 30, 2021		3,940		$	14.87
Granted		449		$	32.58
Exercised (1)		(713	)	$	16.39
Outstanding - May 1, 2021		3,676		$	16.74		5.2	$	65,533
Vested and expected to vest - May 1, 2021		2,706		$	16.67		3.6	$	34,033
Exercisable - May 1, 2021 (2)		1,578		$	16.88		1.7	$	27,902

Cash received from the exercise of stock options was $12.1 million for the 13 weeks ended May 1, 2021. The actual tax benefit realized from stock option exercises totaled $2.4 million for the 13 weeks ended May 1, 2021. There were no stock options exercised during the 13 weeks ended May 2, 2020.

As of May 1, 2021, there was $9.8 million of unrecognized compensation expense for stock option awards that is expected to be recognized over a weighted average period of 2.4 years.

The fair value of stock options was estimated at the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions:

	13 Weeks Ended			13 Weeks Ended
	May 1,			May 2,
Black-Scholes Option Valuation Assumptions	2021			2020
Risk-free interest rate (1)		0.9	%		0.6	%
Dividend yield		1.6	%		6.0	%
Volatility factor (2)		50.7	%		43.1	%
Weighted-average expected term (3)	4.5 years			4.4 years

Time-based restricted stock awards are comprised of time-based restricted stock units. These awards vest over three years. Time-based restricted stock units receive dividend equivalents in the form of additional time-based restricted stock units, which are subject to the same restrictions and forfeiture provisions as the original award.

Performance-based restricted stock awards include performance-based restricted stock units. These awards cliff vest at the end of a three-year period based upon the Company’s achievement of pre-established goals throughout the term of the award. Performance-based restricted stock units receive dividend equivalents in the form of additional performance-based restricted stock units, which are subject to the same restrictions and forfeiture provisions as the original award.

The grant date fair value of time-based restricted stock awards is based on the closing market price of the Company’s common stock on the date of grant. A Monte-Carlo simulation was utilized for performance-based restricted stock awards.

A summary of the Company’s restricted stock activity is presented in the following tables:

	Time-Based Restricted Stock Units					Performance-Based Restricted Stock Units
	May 1, 2021					May 1, 2021
(Shares in thousands)	Shares			Weighted- Average Grant Date Fair Value		Shares			Weighted- Average Grant Date Fair Value
Nonvested - January 30, 2021		3,698		$	12.42		1,868		$	17.44
Granted		619		$	32.58		307		$	39.85
Vested		(739	)	$	8.83		(275	)	$	19.48
Cancelled		(76	)	$	11.82		(301	)	$	19.09
Nonvested - May 1, 2021		3,502		$	16.65		1,599		$	21.08

As of May 1, 2021, there was $41.8 million of unrecognized compensation expense related to non-vested, time-based restricted stock unit awards that is expected to be recognized over a weighted-average period of 2.3 years. Based on current probable performance, there is $12.0 million of unrecognized compensation expense related to performance-based restricted stock unit awards which will be recognized as achievement of performance goals is probable over a one- to three- year period.

As of May 1, 2021, the Company had 7.6 million shares available for all equity grants.