Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.21.2
Stock-Based Compensation
 6 Months Ended
Jul. 31, 2021
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
For a discussion of our stock-based compensation plans, refer to “Note 11 - Stock-Based Compensation Plans” of our Annual Report on Form 10-K for the year ended January 30, 2021. Stock-based compensation expense was $49.6 million and $55.7 million during the 26 weeks ended July 31, 2021 and August 1, 2020, respectively.
Restricted Stock
We issue service-based RSUs to employees and officers and issue PSUs to certain of our officers. We recognize expense based on the estimated fair value of the RSUs or PSUs granted over the requisite service period, which is generally three years, on a straight-line basis or a shorter period based on the retirement eligibility of the grantee. The fair value of RSUs and PSUs is determined using our closing stock price on the date of grant.
Service-Based RSUs
The following table summarizes the status of service-based RSUs as of July 31, 2021 and changes during the 26 weeks then ended:
Number of Shares Weighted Average
Grant Date
Fair Value
Nonvested at January 30, 2021 1,265,216  $ 83.16 
Granted 627,522  109.00 
Vested (589,005) 87.23 
Forfeited (81,686) 92.00 
Nonvested at July 31, 2021 1,222,047  $ 93.88 
PSUs
The following table summarizes the status of PSUs as of July 31, 2021 and changes during the 26 weeks then ended:
Number of Shares Weighted Average
Grant Date
Fair Value
Nonvested at January 30, 2021 423,272  $ 82.67 
Granted 422,524  95.04 
Vested (183,894) 77.51 
Forfeited (40,300) 94.90 
Nonvested at July 31, 2021 621,602  $ 91.81