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 2, 2026 and May 3, 2025, stock-based compensation expense was comprised of the following:


(In thousands)	Thirteen Weeks Ended May 2, 2026			Thirteen Weeks Ended May 3, 2025
Share-settled equity awards	$	3,364		$	1,537
Employee Stock Purchase Plan		9			9
Total stock-based compensation expense	$	3,373		$	1,546
Income tax benefit at statutory rates	$	820		$	376
Additional income tax (shortfall) on vesting of share-settled awards	$	(541	)	$	(455	)

As of May 2, 2026, approximately $14.4 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 1.9 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 January 31, 2026		796,409		$	25.67
Granted		531,796			20.16
Vested		(283,448	)		27.86
Forfeited		(77,944	)		21.52
Outstanding at May 2, 2026		966,813		$	22.33

The total fair value at grant date of restricted stock units and performance stock units that vested during the thirteen weeks ended May 2, 2026 and May 3, 2025 was $7.9 million and $7.4 million, respectively. The weighted-average grant date fair value of restricted stock units and performance stock units granted during the thirteen weeks ended May 3, 2025 was $21.64.