STOCKHOLDERS' EQUITY

3 Months Ended

Apr. 30, 2016

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

The Company's Board of Directors has authorized the following share repurchase programs active during the First Quarter 2016 and the First Quarter 2015: (1) $100 million on March 3, 2014 (the "2014 Share Repurchase Program"); (2) $100 million on January 7, 2015 (the "2015 Share Repurchase Program"); and (3) $250 million on December 8, 2015 (the "2015 $250 Million Share Repurchase Program"). The 2014 Share Repurchase Program and the 2015 Share Repurchase Program have been completed. At April 30, 2016, there was approximately $227.1 million remaining on the 2015 $250 Million Share Repurchase Program. Under the 2015 $250 Million 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 a 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 a program at any time, and may thereafter reinstitute purchases, all without prior announcement.

Pursuant to the Company's practice, including due 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
	April 30, 2016			May 2, 2015
	Shares	Value		Shares	Value
Shares repurchases related to:
2014 Share Repurchase Program	—	—		640	39,791
2015 Share Repurchase Program	310	20,726		7	449
2015 $250 Million Share Repurchase Program(1)	285	22,929		—	—
Withholding taxes and other	30	2,495		15	973
Shares acquired and held in treasury	1	$	62	1	$	66

⁽¹⁾  Subsequent to April 30, 2016 and through May 23, 2016, the Company repurchased 0.1 million shares for approximately $6.4 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 2016 and the First Quarter 2015, approximately $38.5 million and $34.0 million, respectively, were charged to retained earnings.

In the first quarter of fiscal 2014 the Company's Board of Directors first authorized a quarterly cash dividend. The First Quarter 2016 dividend of $0.20 per share was paid on April 28, 2016 to shareholders of record on the close of business on April 7, 2016. Related to the First Quarter 2016 dividend, $4.0 million was charged to retained earnings, of which $3.8 million related to cash dividends paid and $0.2 million related to dividend share equivalents on unvested Deferred Awards and Performance Awards. Related to the First Quarter 2015 dividend, $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 $0.20 per share to be paid on July 7, 2016 to shareholders of record on the close of business on June 16, 2016. 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.