STOCK-BASED COMPENSATIONThe Company has several stock option plans which allow for granting of stock options to employees, executives, and directors. The Company has not granted any stock options since fiscal 2008 and there are currently no stock options outstanding. The Company also has restricted stock plans that allow for the granting of non-vested shares of common stock to employees and executives and restricted stock plans that allow for the granting of non-vested shares of common stock to non-employee directors. As of February 1, 2025, 2,958,900 shares were available for grant under the Company’s various restricted stock plans, of which 2,658,900 shares were available for grant to executive officers. Included in the total shares available for grant are 300,000 shares available for grant to non-employee directors under the Company's 2024 Director Restricted Stock Plan. This plan was approved by stockholders at the Company's 2024 annual meeting to replace the Company's 2008 Director Restricted Stock Plan. The Company has not yet granted any shares under the new plan.
Compensation expense was recognized during fiscal 2024, 2023, and 2022 for equity-based grants, based on the grant date fair value of the awards. The fair value of grants of non-vested common stock awards is the stock price on the date of grant.
Information regarding the impact of compensation expense related to grants of non-vested shares of common stock is as follows:
| | | | | | | | | | | | | | | | | |
| | Fiscal Years Ended |
| | February 1,
2025 | | February 3,
2024 | | January 28,
2023 |
| | | | | |
| Stock-based compensation expense, before tax | $ | 13,135 | | | $ | 13,725 | | | $ | 11,640 | |
| | | | | |
| Stock-based compensation expense, after tax | $ | 9,956 | | | $ | 10,431 | | | $ | 8,846 | |
Non-vested shares of common stock granted during fiscal 2024 were granted pursuant to the Company's 2023 Employee Restricted Stock Plan and the Company's 2008 Director Restricted Stock Plan. Non-vested shares of common stock granted during fiscal 2023 and fiscal 2022 were granted pursuant to the Company's 2005 Restricted Stock Plan and the Company's 2008 Director Restricted Stock Plan. The 2023 Employee Restricted Stock Plan was approved by stockholders at the Company's 2023 annual meeting to replace the 2005 Restricted Stock Plan. Shares granted under the 2023 Employee Restricted Stock Plan and 2005 Restricted Stock Plan are typically "performance based" and vest over a period of four years, only upon certification by the Compensation Committee of the Board of Directors that the Company has achieved its pre-established performance targets for the fiscal year. Certain shares granted under both plans, however, are "non-performance based" and vest over a period of four years without being subject to the achievement of performance targets. Shares granted under the 2008 Director Plan vest 25% on the date of grant and then in equal portions on each of the first three anniversaries of the date of grant.
A summary of the Company’s stock-based compensation activity related to grants of non-vested shares of common stock for the fiscal year ended February 1, 2025 is as follows:
| | | | | | | | | | | |
| Shares | | Weighted Average
Grant Date
Fair Value |
| | | |
| Non-Vested - beginning of year | 654,256 | | | $ | 40.60 | |
| Granted | 366,250 | | | 37.98 | |
| Forfeited | (37,880) | | | 40.20 | |
| Vested | (334,668) | | | 39.98 | |
| Non-Vested - end of year | 647,958 | | | $ | 39.46 | |
As of February 1, 2025, there was $11,030 of unrecognized compensation expense related to grants of non-vested shares. It is expected that this expense will be recognized over a weighted average period of approximately 1.9 years. The total fair value of shares vested during fiscal 2024, 2023, and 2022 was $15,337, $13,446, and $12,411 respectively.