STOCKHOLDERS' EQUITY

3 Months Ended

May 02, 2015

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"); (2) $100 million on March 3, 2014 (the "2014 Share Repurchase Program") and (3) $100 million on January 7, 2015 (the "2015 Share Repurchase Program"). The 2012 Share Repurchase Program and the 2014 Share Repurchase Program have been completed. At May 2, 2015, there was approximately $99.6 million remaining on the 2015 Share Repurchase Program. Under the 2015 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 and makes payments to taxing authorities as required by law to satisfy the withholding tax requirements of certain recipients. The Company's payment of the withholding taxes in exchange for the retired 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 2, 2015			May 3, 2014
	Shares	Value		Shares	Value
Shares repurchases related to:
2012 Share Repurchase Program	—	$	—	281.6	$	14,671
2014 Share Repurchase Program	640.4	39,791		239.4	11,810
2015 Share Repurchase Program(1)	7.3	449		—	—
Withholding taxes	15.0	973		22.9	1,100
Shares acquired and held in treasury	1.1	$	66	8.1	$	417

⁽¹⁾  Subsequent to May 2, 2015 and through May 18, 2015, the Company repurchased 0.1 million shares for approximately $8.3 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 2015 and the First Quarter 2014, approximately $34.0 million and $22.0 million, respectively, were charged to retained earnings.

In the First Quarter 2014 the Company's Board of Directors first authorized a quarterly cash dividend. The First Quarter 2015 dividend of $0.15 per share was declared on February 13, 2015 and was payable to shareholders of record on the close of business on April 9, 2015 and was paid on April 30, 2015. Related to the fiscal 2015 dividends, $3.2 million was charged to retained earnings, of which $3.1 million related to cash dividends paid and $0.1 million related to dividend share equivalents on unvested Deferred Awards and Performance Awards. The Company's Board of Directors declared a quarterly cash dividend of $0.15 per share to be paid on July 9, 2015 to shareholders of record on the close of business on June 18, 2015. 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.