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STOCK-BASED COMPENSATION PLAN
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9 Months Ended |
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Nov. 02, 2013
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| STOCK-BASED COMPENSATION PLAN [Abstract] | |
| STOCK-BASED COMPENSATION PLAN |
STOCK-BASED COMPENSATION
The Company's stock-based compensation expense primarily includes the fair value of restricted stock units (RSUs) and employees' purchase rights under the Company's Employee Stock Purchase Plan. Stock-based compensation expense was $6.8 million and $29.6 million during the 13 and 39 weeks ended November 2, 2013, respectively. Stock based compensation expense was $7.0 million and $28.1 million during the 13 and 39 weeks ended October 27, 2012, respectively.
The Company granted approximately 0.5 million service-based RSUs from the Omnibus Incentive Plan (Omnibus Plan) to employees and officers in the 39 weeks ended November 2, 2013. The estimated $24.6 million fair value of these RSUs is being expensed ratably over the three-year vesting periods, or a shorter period based on the retirement eligibility of certain grantees. The fair value was determined using the Company's closing stock price on the date of grant. The Company recognized $1.8 million and $8.6 million of expense related to these RSUs during the 13 and 39 weeks ended November 2, 2013, respectively.
In the 39 weeks ended November 2, 2013 the Company granted 0.2 million RSUs with a fair value of $9.9 million from the Omnibus Plan to certain officers of the Company, contingent on the Company meeting certain performance targets in fiscal 2013. If the Company meets these performance targets in fiscal 2013, the RSUs will vest ratably over three years. The estimated fair value of these RSUs is being expensed ratably over the three-year vesting periods, or a shorter period based on the retirement eligibility of certain grantees. The Company recognized $0.4 million and $6.0 million of expense related to these RSUs in the 13 and 39 weeks ended November 2, 2013, respectively.
In the 39 weeks ended November 2, 2013 the Company granted RSUs with a fair value of $1.7 million from the Omnibus Plan to certain officers of the Company, contingent on the Company meeting certain performance targets for the period beginning on February 3, 2013 and ending on January 30, 2016. Provided the vesting conditions are satisfied, the awards will vest at the end of the performance period. The estimated fair value of these RSUs is being expensed ratably over the three-year vesting period, or a shorter period based on the retirement eligibility of certain grantees. The Company recognized $0.1 million and $0.8 million of expense related to these RSUs in the 13 and 39 weeks ended November 2, 2013, respectively.
The Company recognized $4.0 million and $13.1 million of expense, respectively, related to RSUs granted prior to fiscal 2013 in the 13 and 39 weeks ended November 2, 2013. For the 13 and 39 weeks ended October 27, 2012, the Company recognized $3.8 million and $12.5 million of expense, respectively, related to these RSUs.
In the 39 weeks ended November 2, 2013, approximately 1.0 million RSUs vested and approximately 0.6 million shares, net of taxes, were issued. During the 39 weeks ended October 27, 2012, approximately 1.3 million RSUs vested and approximately 0.8 million shares, net of taxes, were issued. Less than 0.1 million RSUs vested in the 13 weeks ended November 2, 2013 and October 27, 2012.
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