Stock-Based Compensation |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation | Stock-Based Compensation The Company recognizes stock-based compensation expense, for its awards of restricted stock units, in an amount equal to the fair market value of the underlying stock on the grant date of the respective award. The Company reserved 9,000,000 shares of common stock for issuance or transfer under the 2020 Equity and Incentive Plan, as amended, which allows for grants of restricted stock units, as well as other equity awards. The Company maintains the 2010 Equity and Incentive Plan for awards granted prior to the effectiveness of the 2020 Equity and Incentive Plan. Executive Short-Term Incentive Plan During the twenty-six weeks ended August 1, 2026, the Company initiated a new executive short-term incentive plan that provides for settlement in both equity and cash based on the achievement of certain performance objectives. Awards earned at or below 100% of target are settled entirely in shares of the Company's common stock. For awards earned in excess of 100% of target, the portion up to 100% of target is settled in shares of the Company's common stock, with any excess amount settled in cash. Shares issued under the plan vest immediately upon grant. The portion of awards that is settled in shares of the Company's common stock results in a variable number of shares based on achievement of Company performance metrics. Accordingly, this portion of the awards is accounted for as liability-classified share-based awards. During the thirteen weeks and twenty-six weeks ended August 1, 2026, $0.3 million and $0.7 million of share-based compensation expense under this plan, respectively, was recognized in selling, general and administrative expenses on the Condensed Consolidated Income Statements and the related liability of $0.7 million included in accrued employment costs on the Condensed Consolidated Balance Sheets. Under the previous executive short-term incentive plan in the prior-year period, all incentive compensation was paid solely in cash. Awards of Restricted Stock Units During the thirteen weeks ended August 1, 2026, the Company granted 209,800 time-based and performance-based restricted stock units with an aggregate fair value of $0.8 million to certain employees and non-employee directors under the 2020 Equity and Incentive Plan, compared to 1,253,694 time-based and performance-based restricted stock units with an aggregate fair value of $2.7 million in the same period of the prior-year. During the twenty-six weeks ended August 1, 2026, the Company granted 1,556,847 time-based and performance-based restricted stock units with an aggregate fair value of $5.4 million to certain employees and non-employee directors under the 2020 Equity and Incentive Plan, compared to 2,757,196 time-based and performance-based restricted stock units with an aggregate fair value of $5.9 million in the same period of the prior-year. Time-based restricted stock units vest and settle in shares of the Company’s common stock, on a one-for-one basis, with most vesting in equal installments on each of the first three anniversaries of the grant date. Restricted stock units issued to non-employee directors vest after a one-year period from the grant date. The Company recognizes the expense relating to these units, net of estimated forfeitures, on a straight-line basis over the vesting period. Performance-based restricted stock units vest upon the completion of a three-year period of time (cliff vesting), subject to the employee’s continuing employment throughout and the Company’s achievement of annual earnings per share targets, or other Company performance targets, during the three-year performance period. The Company recognizes the expense relating to these units, net of estimated forfeitures, based on the probable outcome of achievement of the financial targets, on a straight-line basis over three years. The following table sets forth a summary of restricted stock unit activity for the twenty-six weeks ended August 1, 2026 (units in thousands):
As of August 1, 2026, there was $7.8 million of total unrecognized compensation cost, net of estimated forfeitures, related to nonvested restricted stock units. That cost is expected to be recognized over a weighted-average period of 2.2 years, subject to meeting performance conditions.
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