STOCKHOLDERS' EQUITY

3 Months Ended

May 03, 2014

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

The Company's Board of Directors has authorized the following share repurchase programs: (1) $100 million on November 26, 2012 (the "2012 Share Repurchase Program") and (2) $100 million on March 4, 2014 (the "2014 Share Repurchase Program").  The 2012 Share Repurchase Program was completed during the First Quarter 2014. At May 3, 2014, there was approximately $88.2 million remaining on the 2014 Share Repurchase Program. Under the 2014 Share Repurchase Program, the Company may repurchase shares in the open market at current market prices at the time of purchase or in privately negotiated transactions. The timing and actual number of shares repurchased under the program will depend on a variety of factors including price, corporate and regulatory requirements, and other market and business conditions. The Company may suspend or discontinue the program at any time, and may thereafter reinstitute purchases, all without prior announcement.

Pursuant to restrictions imposed by the Company's insider trading policy during black-out periods, the Company withholds and retires shares of vesting stock awards in exchange for payments to satisfy the withholding tax requirements of certain recipients. The Company's payment of the withholding taxes in exchange for the shares constitutes a purchase of its common stock. The Company also acquires shares of its common stock in conjunction with liabilities owed under the Company's Deferred Compensation Plan, which are held in treasury.

The following table summarizes the Company's share repurchases (in thousands):

	Thirteen Weeks Ended
	May 3, 2014			May 4, 2013
	Shares	Value		Shares	Value
Shares repurchases related to:
2012 Share Repurchase Program	281.6	$	14,671	512.3	$	24,196
2014 Share Repurchase Program(1)	239.4	11,810		—	—
Withholding taxes	22.9	1,100		1.0	46
Shares acquired and held in treasury	8.1	$	417	5.2	$	269

(1) Subsequent to May 3, 2014 and through May 30, 2014, the Company repurchased 0.1 million shares for approximately $5.9 million.

In accordance with the “Equity” topic of the FASB ASC, the par value of the shares retired is charged against common stock and the remaining purchase price is allocated between additional paid-in capital and retained earnings.  The portion charged against additional paid-in capital is done using a pro rata allocation based on total shares outstanding.  Related to all shares retired during the First Quarter 2014 and the First Quarter 2013, approximately $22.0 million and $19.3 million, respectively, were charged to retained earnings.

In the First Quarter 2014 the Company's Board of Directors authorized a quarterly cash dividend. The First Quarter 2014 dividend of $0.1325 per share was declared on March 4, 2014 and was payable to shareholders of record on the close of business on March 27, 2014 and was paid on April 17, 2014. Related to this dividend $3.0 million was charged to retained earnings, of which $2.9 million related to cash dividends paid and $0.1 million related to dividend share equivalents on unvested shares. The Company's Board of Directors declared a quarterly cash dividend of $0.1325 per share to be paid on July 17, 2014 to shareholders of record on the close of business on June 27, 2014. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Company’s Board of Directors based on a number of factors, including business and market conditions, the Company’s future financial performance and other investment priorities.