Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Policies)

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Summary of Significant Accounting Policies (Policies)
3 Months Ended
Apr. 28, 2012
Summary of Significant Accounting Policies [Abstract]  
Fiscal quarter

Fiscal quarter

The Company’s quarterly periods are the 13 weeks ending on the Saturday closest to April 30, July 31, October 31, and January 31. The Company’s first quarters in fiscal 2012 and 2011 ended on April 28, 2012 and April 30, 2011, respectively.

Share-based compensation

Share-based compensation

The Company measures share-based compensation cost on the grant date, based on the fair value of the award, and recognizes the expense over the requisite service period for awards expected to vest. The Company estimated the grant date fair value of stock options using a Black-Scholes valuation model using the following assumptions for the periods indicated:

 

                 
    13 Weeks Ended  
    April 28, 2012     April 30, 2011  

Volatility rate

    54.0     54.4

Average risk-free interest rate

    1.6     2.8

Average expected life (in years)

    6.3       6.3  

Dividend yield

    None       None  

The Company granted 35 and 45 stock options during the 13 weeks ended April 28, 2012 and April 30, 2011, respectively. The weighted-average grant date fair value of these options was $46.78 and $26.11, respectively.

The Company recorded stock compensation expense of $2,893 and $2,808 for the 13 weeks ended April 28, 2012 and April 30, 2011, respectively. At April 28, 2012, there was approximately $30,532 of unrecognized compensation expense related to unvested options and restricted stock.