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Share-Based Compensation (Tables)
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9 Months Ended |
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Nov. 02, 2013
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| Share-based Compensation [Abstract] |
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| Schedule of Shared-based Compensation Expense |
The following summarizes our share-based compensation expense: | | | | | | | | | | | | | | | | | | Thirteen Weeks Ended | | Thirty-Nine Weeks Ended | | November 2, 2013 | | October 27, 2012 | | November 2, 2013 | | October 27, 2012 | | (in thousands) | Restricted stock units and restricted stock | $ | 3,044 |
| | $ | 1,318 |
| | $ | 9,353 |
| | $ | 6,104 |
| Stock options | 2,135 |
| | 2,032 |
| | 6,662 |
| | 6,089 |
| Restricted shares (equity issued pre-IPO) | — |
| | 1 |
| | 1 |
| | 14 |
| Total share-based compensation | $ | 5,179 |
| | $ | 3,351 |
| | $ | 16,016 |
| | $ | 12,207 |
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| Schedule of Share-based Compensation, Activity |
The Company's activity with respect to stock options during the thirty-nine weeks ended November 2, 2013 was as follows: | | | | | | | | | | | | | | | Number of Shares | | Grant Date Weighted Average Exercise Price Per Share | | Weighted-Average Remaining Contractual Life (in years) | | Aggregate Intrinsic Value | | (in thousands, except per share amounts and years) | Outstanding, February 2, 2013 | 3,092 |
| | $ | 18.99 |
| | | | | Granted | 670 |
| | $ | 17.89 |
| | | | | Exercised | (253 | ) | | $ | 17.35 |
| | | | | Forfeited or expired | (198 | ) | | $ | 19.35 |
| | | | | Outstanding, November 2, 2013 | 3,311 |
| | $ | 18.87 |
| | 7.7 | | $ | 15,306 |
| Expected to vest at November 2, 2013 | 1,757 |
| | $ | 19.23 |
| | 8.2 | | $ | 7,649 |
| Exercisable at November 2, 2013 | 1,502 |
| | $ | 18.44 |
| | 7.1 | | $ | 7,437 |
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| Supplemental Options Data |
The following provides additional information regarding the Company's stock options: | | | | | | | | | | Thirty-Nine Weeks Ended | | November 2, 2013 |
| October 27, 2012 | | (in thousands, except per share amounts) | Weighted average grant date fair value of options granted (per share) | $ | 9.49 |
| | $ | 12.79 |
| Total intrinsic value of options exercised | $ | 904 |
| | $ | 267 |
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The following assumptions were used in estimating the fair value of the stock options on the date of the grant:
| | | | | | | | Thirty-Nine Weeks Ended | | November 2, 2013 | | October 27, 2012 | Risk-free interest rate (1) | 1.13 | % | | 1.12 | % | Price Volatility (2) | 55.9 | % | | 55.9 | % | Expected term (years) (3) | 6.20 |
| | 6.17 |
| Dividend yield (4) | — |
| | — |
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| | (1) | Represents the yield on U.S. Treasury securities with a term consistent with the expected term of the stock options. |
| | (2) | For the first two years following the Company's IPO, this was based on the historical volatility of selected comparable companies over a period consistent with the expected term of the stock options because the Company had a limited history of being publicly traded. Comparable companies were selected primarily based on industry, stage of life cycle, and size. Beginning with the second anniversary of the IPO in May 2012, the Company began using its own volatility as an additional input in the determination of expected volatility. |
| | (3) | Calculated utilizing the “simplified” methodology prescribed by Staff Accounting Bulletin No. 107 due to the lack of historical exercise data necessary to provide a reasonable basis upon which to estimate the term. |
| | (4) | The Company does not currently plan on paying regular dividends. |
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| Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity |
The Company's activity with respect to RSUs and restricted stock for the thirty-nine weeks ended November 2, 2013 was as follows: | | | | | | | | Number of Shares | Grant Date Weighted Average Fair Value Per Share | | (in thousands, except per share amounts) | Unvested, February 2, 2013 | 1,218 |
| $ | 20.65 |
| Granted | 950 |
| $ | 17.96 |
| Vested | (417 | ) | $ | 20.15 |
| Forfeited | (152 | ) | $ | 20.24 |
| Unvested, November 2, 2013 | 1,599 |
| $ | 19.25 |
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