Share-Based Compensation |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Compensation |
The Company recognized share-based compensation expense of $2.7 million and $2.0 million during the thirteen weeks ended April 29, 2017 and April 30, 2016, respectively. In addition to share-based compensation expense, the Company recognized cash-based expense related to performance share units and cash awards granted under the performance share plans of $0.1 million and $0.8 million during the thirteen weeks ended April 29, 2017 and April 30, 2016, respectively. The Company issued 254,358 and 186,772 shares of common stock during the thirteen weeks ended April 29, 2017 and April 30, 2016, respectively, for restricted stock grants, stock performance awards issued to employees, stock options exercised and common and restricted stock grants issued to directors, net of forfeitures and shares withheld to satisfy the minimum tax withholding requirement. Restricted Stock The following table summarizes restricted stock activity for the thirteen weeks ended April 29, 2017 and April 30, 2016:
All of the restricted shares granted during the thirteen weeks ended April 29, 2017 and April 30, 2016 have a cliff-vesting term of four years. Share-based compensation expense is recognized on a straight-line basis over the respective vesting periods. Performance Share Awards During the thirteen weeks ended April 29, 2017 and April 30, 2016, the Company granted performance share awards for a targeted 169,500 and 159,000 shares, respectively with a weighted-average grant date fair value of $26.90 and $26.64, respectively. Vesting of performance-based awards is dependent upon the financial performance of the Company and the attainment of certain financial goals during the three-year period following the grant. At the end of the vesting period, the employee will have earned an amount of shares or units between 0% and 200% of the targeted award, depending on the achievement of the specified financial goals for the service period. Compensation expense is recognized based on the fair value of the award and the anticipated number of shares or units to be awarded for each tranche in accordance with the vesting schedule of the units over the three-year service period. The performance share units are settled in cash and their fair value is based on the unadjusted quoted market price for the Company’s common stock on each measurement date. During the thirteen weeks ended April 29, 2017, the Company's remaining performance share awards granted in units vested and were settled in cash at fair value. Stock Options The following table summarizes stock option activity for the thirteen weeks ended April 29, 2017 and April 30, 2016:
Restricted Stock Units for Non-Employee Directors Equity-based grants may be made to non-employee directors in the form of cash-equivalent restricted stock units ("RSUs"). The RSUs earn dividend equivalents at the same rate as dividends on the Company's common stock and are automatically re-invested in additional RSUs. The Company granted 882 and 853 RSUs for dividend equivalents to non-employee directors during the thirteen weeks ended April 29, 2017 and April 30, 2016, respectively, with weighted-average grant date fair values of $26.29 and $28.09, respectively. All RSUs for dividend equivalents vested immediately and compensation expense was fully recognized during the thirteen weeks ended April 29, 2017 and April 30, 2016. |
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