STOCKHOLDERS' EQUITY

3 Months Ended

Apr. 29, 2017

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Share Repurchase Programs

The Company's Board of Directors has authorized the following share repurchase programs active during the First Quarter 2017 and the First Quarter 2016: (1) $100 million in January 2015 (the "2015 Share Repurchase Program"); (2) $250 million in December 2015 (the "2015 $250 Million Share Repurchase Program"); and (3) $250 million in March 2017 (the "2017 Share Repurchase Program"). The 2015 Share Repurchase Program has been completed. At April 29, 2017, there was approximately $343.8 million in the aggregate remaining on the 2015 $250 Million and 2017 Share Repurchase Programs. Under the 2015 $250 Million and 2017 Share Repurchase Programs, 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 surrenders 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:

	Thirteen Weeks Ended
	April 29, 2017			April 30, 2016
	Shares	Value		Shares	Value
	(In thousands)
Shares repurchases related to:
2015 Share Repurchase Program	—	—		310	20,726
2015 $250 Million Share Repurchase Program	237	25,648		285	22,929
Withholding taxes and other	60	7,162		30	2,495
Shares acquired and held in treasury	0.6	$	62	1	$	62

In accordance with the FASB ASC 505--Equity, 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 2017 and the First Quarter 2016, approximately $28.7 million and $38.5 million, respectively, were charged to retained earnings.

Dividends

The First Quarter 2017 dividend of $0.40 per share was paid on May 1, 2017 to shareholders of record on the close of business on April 10, 2017. Related to dividends paid during the First Quarter 2017, $7.6 million was charged to retained earnings, of which $7.0 million related to cash dividends paid and $0.6 million related to dividend share equivalents on unvested Deferred Awards and Performance Awards. Related to dividends paid during the First Quarter 2016, $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.

The Company's Board of Directors declared a quarterly cash dividend of $0.40 per share to be paid on July 10, 2017 to shareholders of record on the close of business on June 19, 2017. 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.