Stock-based compensation includes share-settled awards issued pursuant to the Shoe Carnival, Inc. Amended and Restated 2017 Equity Incentive Plan in the form of restricted stock units, performance stock units, and restricted and other stock awards. Additionally, we recognize stock-based compensation expense for the discount on shares sold to employees through our Employee Stock Purchase Plan and for cash-settled stock appreciation rights. For the thirteen weeks ended May 3, 2025 and May 4, 2024, stock-based compensation expense was comprised of the following:


(In thousands)	Thirteen Weeks Ended May 3, 2025			Thirteen Weeks Ended May 4, 2024
Share-settled equity awards	$	1,537		$	1,529
Stock appreciation rights		0			221
Employee Stock Purchase Plan		9			7
Total stock-based compensation expense	$	1,546		$	1,757
Income tax effect at statutory rates	$	(376	)	$	(427	)
Additional income tax expense (benefit) on vesting of share-settled awards	$	455		$	(109	)

As of May 3, 2025, approximately $14.6 million of unrecognized compensation expense remained related to our share-settled equity awards. The cost is expected to be recognized over a weighted average period of approximately 2.1 years.

The following table summarizes transactions for our restricted stock units and performance stock units:


	Number of Shares			Weighted- Average Grant Date Fair Value
Outstanding at February 1, 2025		695,259		$	29.71
Granted		416,031			21.64
Vested		(258,225	)		28.83
Forfeited		(59,113	)		29.47
Outstanding at May 3, 2025		793,952		$	25.79

The total fair value at grant date of restricted stock units and performance stock units that vested during the thirteen weeks ended May 3, 2025 and May 4, 2024 was $7.4 million and $1.4 million, respectively. The weighted-average grant date fair value of restricted stock units and performance stock units granted during the thirteen weeks ended May 4, 2024 was $31.99.