Stock-based compensation (Tables)
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12 Months Ended |
Jan. 28, 2023 |
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| Stock-based compensation |
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| Schedule of information related to stock-based compensation |
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Fiscal year ended |
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January 28, |
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January 29, |
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January 30, |
(In thousands) |
|
2023 |
|
2022 |
|
2021 |
Stock options |
|
$ |
7,250 |
|
$ |
11,245 |
|
$ |
10,757 |
Restricted stock units |
|
|
18,483 |
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|
19,286 |
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|
16,608 |
Performance-based restricted stock units |
|
|
17,311 |
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|
16,728 |
|
|
218 |
Total stock-based compensation expense |
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$ |
43,044 |
|
$ |
47,259 |
|
$ |
27,583 |
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Cash received from stock option exercises |
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$ |
46,011 |
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$ |
40,386 |
|
$ |
12,229 |
Income tax benefit |
|
$ |
3,829 |
|
$ |
7,088 |
|
$ |
750 |
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| Schedule of weighted average assumptions to determine grant date fair value of employee stock options |
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Fiscal year ended |
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January 28, |
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January 29, |
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January 30, |
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2023 |
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2022 |
|
2021 |
Volatility rate |
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49.0% |
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46.9% |
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43.0% |
Average risk-free interest rate |
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2.4% |
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0.4% |
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|
0.3% |
Average expected life (in years) |
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3.4 |
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3.9 |
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|
3.4 |
Dividend yield |
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— |
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— |
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|
— |
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| Information related to common stock options plan |
The following table presents information related to common stock options:
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Fiscal year ended |
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January 28, |
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January 29, |
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January 30, |
(In thousands, except weighted-average grant date fair value) |
|
2023 |
|
2022 |
|
2021 |
Weighted-average grant date fair value |
|
$ |
149.14 |
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$ |
109.84 |
|
$ |
54.40 |
Fair value of options vested |
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|
9,525 |
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|
10,417 |
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|
9,741 |
Intrinsic value of options exercised |
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|
42,489 |
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|
39,489 |
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|
11,304 |
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| Summary of stock option activity |
A summary of stock option activity is presented in the following table (shares in thousands):
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Fiscal 2022 |
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Fiscal 2021 |
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Fiscal 2020 |
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Weighted- |
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Weighted- |
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Weighted- |
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Number of |
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average |
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Number of |
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|
average |
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Number of |
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|
average |
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|
options |
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|
exercise price |
|
options |
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|
exercise price |
|
options |
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|
exercise price |
Beginning of year |
|
498 |
|
$ |
232.85 |
|
671 |
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$ |
208.47 |
|
539 |
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$ |
212.58 |
Granted |
|
47 |
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|
395.81 |
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61 |
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306.96 |
|
248 |
|
|
174.45 |
Exercised |
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(207) |
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222.19 |
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(224) |
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|
180.05 |
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(90) |
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|
135.70 |
Forfeited/Expired |
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(14) |
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311.40 |
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(10) |
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|
225.24 |
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(26) |
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|
219.47 |
End of year |
|
324 |
|
$ |
260.34 |
|
498 |
|
$ |
232.85 |
|
671 |
|
$ |
208.47 |
Exercisable at end of year |
|
118 |
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$ |
261.57 |
|
179 |
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$ |
248.11 |
|
236 |
|
$ |
209.03 |
Vested and Expected to vest |
|
309 |
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$ |
260.37 |
|
474 |
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$ |
233.28 |
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639 |
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$ |
208.49 |
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| Schedule of options outstanding and exercisable based on ranges of exercise prices |
The following table presents information related to stock options outstanding and stock options exercisable at January 28, 2023 based on ranges of exercise prices (shares in thousands):
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Options outstanding |
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Options exercisable |
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Weighted- |
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Weighted- |
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average |
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average |
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remaining |
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remaining |
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contractual |
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Weighted- |
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contractual |
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Weighted- |
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Number of |
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life |
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|
average |
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Number of |
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life |
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|
average |
Range of Exercise Prices |
|
options |
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(years) |
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|
exercise price |
|
options |
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(years) |
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|
exercise price |
$74.91 – $153.87 |
|
5 |
|
1 |
|
$ |
103.96 |
|
5 |
|
1 |
|
$ |
103.96 |
$153.88 – $174.45 |
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132 |
|
7 |
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|
174.45 |
|
24 |
|
6 |
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174.45 |
$174.46 – $204.27 |
|
25 |
|
5 |
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203.53 |
|
25 |
|
5 |
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|
203.53 |
$204.28 – $306.59 |
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64 |
|
7 |
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301.49 |
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23 |
|
6 |
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292.48 |
$306.60 – $365.13 |
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51 |
|
4 |
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348.85 |
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39 |
|
3 |
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348.77 |
$365.14 – $395.84 |
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47 |
|
9 |
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|
395.81 |
|
2 |
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— |
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|
395.84 |
$74.91 – $395.84 |
|
324 |
|
7 |
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$ |
260.34 |
|
118 |
|
5 |
|
$ |
261.57 |
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| Summary of restricted stock units activity |
A summary of RSU activity is presented in the following table (shares in thousands):
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Fiscal 2022 |
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Fiscal 2021 |
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Fiscal 2020 |
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Weighted- |
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Weighted- |
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Weighted- |
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Number of |
|
average grant |
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Number of |
|
average grant |
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Number of |
|
average grant |
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|
units |
|
date fair value |
|
units |
|
date fair value |
|
units |
|
date fair value |
Beginning of year |
|
221 |
|
$ |
236.95 |
|
253 |
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$ |
210.46 |
|
159 |
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$ |
259.21 |
Granted |
|
61 |
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|
399.43 |
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61 |
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|
312.42 |
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163 |
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|
179.72 |
Vested |
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(46) |
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|
312.70 |
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(76) |
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|
209.88 |
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(38) |
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|
276.51 |
Forfeited |
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(15) |
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|
262.94 |
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(17) |
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|
233.94 |
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(31) |
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|
218.40 |
End of year |
|
221 |
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$ |
264.08 |
|
221 |
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$ |
236.95 |
|
253 |
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$ |
210.46 |
Expected to vest |
|
205 |
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$ |
264.08 |
|
205 |
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$ |
236.95 |
|
234 |
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$ |
210.46 |
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| Summary of Performance-based restricted stock units activity |
A summary of PBS activity is presented in the following table (shares in thousands):
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Fiscal 2022 |
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Fiscal 2021 |
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Fiscal 2020 |
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Weighted- |
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Weighted- |
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Weighted- |
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Number of |
|
average |
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Number of |
|
average |
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Number of |
|
average |
|
units |
|
grant date |
|
units |
|
grant date |
|
units |
|
grant date |
Beginning of year |
54 |
|
$ |
314.30 |
|
37 |
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$ |
271.88 |
|
62 |
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$ |
267.60 |
Granted |
37 |
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|
395.83 |
|
74 |
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|
326.99 |
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— |
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— |
Change in performance award payout |
(1) |
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|
378.79 |
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(7) |
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|
348.73 |
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(5) |
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|
204.27 |
Vested |
(11) |
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|
345.53 |
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(47) |
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|
295.49 |
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(14) |
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|
281.53 |
Forfeited |
(3) |
|
|
332.94 |
|
(3) |
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|
319.71 |
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(6) |
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|
263.38 |
End of year |
76 |
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$ |
347.89 |
|
54 |
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$ |
314.30 |
|
37 |
|
$ |
271.88 |
Expected to vest |
70 |
|
$ |
347.89 |
|
50 |
|
$ |
314.30 |
|
35 |
|
$ |
271.88 |
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