v3.24.1
Share-Based Compensation (Tables)
 12 Months Ended
Jan. 28, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Summary of allocation of stock-based compensation
Pre-tax share-based compensation, excluding the acceleration of Sierra Wireless equity awards, was included in the Statements of Operations for fiscal years 2024, 2023 and 2022 as follows: 
Fiscal Year Ended
(in thousands)January 28, 2024January 29, 2023January 30, 2022
Cost of sales$1,995 $2,645 $2,901 
Selling, general and administrative25,331 21,493 32,578 
Product development and engineering12,844 15,110 15,710 
Share-based compensation$40,170 $39,248 $51,189 
Summary of the activity for stock option awards
The following table summarizes the activity for stock options for fiscal year 2024:
(in thousands, except per share data)Number
of
Shares		Weighted-
Average
Exercise
Price
(per share)
Aggregate
Intrinsic
Value (1)
Number of
Shares
Exercisable		Weighted-Average
Contractual
Term (years)
Vested and expected to vest at January 29, 2023608 $30.96 $2,151 685.4
Exercised— — — 
Forfeited(107)31.14 
Vested and expected to vest at January 28, 2024501 $30.92 $8 2014.5
Vested and exercisable at January 28, 2024201 $33.35 $8 4.0
(1) The aggregate intrinsic value of stock options vested and exercisable and vested and expected to vest as of January 28, 2024 is calculated based on the difference between the exercise price and the $20.59 closing price of the Company's common stock as of January 28, 2024.
Summary of unvested stock option awards
The following table summarizes information regarding nonvested stock option awards at January 28, 2024:
(in thousands, except per share data)Number
of
Shares		Weighted-Average
Exercise Price
(per share)		Weighted-Average
Grant Date
Fair Value
(per share)
Nonvested at January 29, 2023540 $29.30 $12.77 
Vested(155)29.30 12.77 
Forfeited(85)29.30 12.77 
Nonvested at January 28, 2024300 $29.30 $12.77 
Summary of activity for market performance units
The following table summarizes the activity for restricted stock units awarded to employees for fiscal year 2024:
(in thousands, except per share data)
Total
Units		Units Subject to
Share Settlement		Units Subject to
Cash Settlement		Weighted-Average
Grant Date Fair Value
(per share)
Nonvested at January 29, 20231,639 1,639 — $52.91 
Granted2,183 2,174 9 21.41 
Vested(763)(763)— 49.67 
Forfeited(460)(459)(1)40.32 
Nonvested at January 28, 20242,599 2,591 8 $29.64 
The following table summarizes the activity for restricted stock units awarded to non-employee directors for fiscal year 2024:
(in thousands, except per share data)Total
Units		Units Subject to
Share Settlement		Units Subject to
Cash Settlement		Weighted-Average
Grant Date Fair Value
(per share)
Nonvested at January 29, 202332 16 16 $51.97 
Granted80 40 40 24.21 
Vested(36)(18)(18)22.09 
Nonvested at January 28, 202476 38 38 $24.76 
The following table summarizes the activity for the Metric-based Awards for fiscal year 2024:
(in thousands, except per share data)Total
Units		Weighted-Average
Grant Date Fair Value
(per share)
Nonvested at January 29, 2023— $— 
Granted190 26.12 
Vested— — 
Cancelled/Forfeited (1)
(74)30.21 
Nonvested at January 28, 2024116 $23.53 
Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option
The following table summarizes the activity for the TSR Awards for fiscal year 2024:
(in thousands, except per share data)Total
Units		Weighted-Average
Grant Date Fair Value
(per share)
Nonvested at January 29, 202388 $75.18 
Granted203 38.70 
Vested— — 
Cancelled/Forfeited (1)
(186)52.10 
Nonvested at January 28, 2024105 $45.66 
(1) Primarily represents cancellations due to awards not meeting the performance target, as well as forfeitures due to the terminations of certain officers.