Stock Repurchase Program

3 Months Ended

Oct. 27, 2012

Stock Repurchase Program [Abstract]

Stock Repurchase Program

7.           Stock Repurchase Program

In November 2009, the Board of Directors (Board) authorized a Stock Repurchase Program (Program) of $250.0 million to repurchase our common stock through February 2, 2013.  The Program replaced our existing plan that was adopted in August 2004.  Stock repurchases may be made in the open market or in negotiated transactions, with the amount and timing of repurchases dependent on market conditions and at the discretion of our management.

We repurchased 206,729 shares at a cost of $11.8 million and 698,880 shares of our common stock at a cost of $25.4 million during the thirteen weeks ended October 27, 2012 and October 29, 2011, respectively.  We repurchased 700,132 shares of our common stock during the thirty-nine weeks ended October 27, 2012 at a cost of $38.8 million, including 68,386 shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements of $3.7 million.  For the thirty-nine weeks ended October 29, 2011, we repurchased 1,671,832 shares of our common stock at a cost of $58.5 million, including 36,352 shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements of $1.1 million.  Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements do not reduce the Program amount remaining for future stock repurchases.  As of October 27, 2012, we had approximately $109.6 million remaining available under the Program for stock repurchases.

Subsequent to October 27, 2012, our Board authorized a stock repurchase program of $250.0 million through January 29, 2016 effective November 15, 2012.  The new program replaces the authorization that was in place at October 27, 2012.  Stock repurchases may be made in the open market or in negotiated transactions with the amount and timing of repurchases dependent on market conditions and at the discretion of our management and Board.