STOCKHOLDERS' EQUITY

12 Months Ended

Feb. 01, 2020

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Share Repurchase Programs

The Company’s Board of Directors has authorized the following share repurchase programs which were active during Fiscal 2019 and Fiscal 2018: (1) $250 million in March 2017 (the “2017 Share Repurchase Program”); and (2) $250 million in March 2018 (the “2018 Share Repurchase Program”). The 2017 Share Repurchase Program has been completed. At February 1, 2020, there was approximately $108 million remaining on the 2018 Share Repurchase Program. Under these 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 all recipients. The Company’s payment of the withholding taxes in exchange for the surrendered shares constitutes a purchase of its common stock. The Company also acquires shares of its common stock in conjunction with liabilities owed under a deferred compensation plan, which are held in treasury. The following table summarizes the Company’s share repurchases:

	Fiscal Year Ended
	February 1, 2020		February 2, 2019		February 3, 2018
	Shares	Value	Shares	Value	Shares	Value
Share repurchases related to:	(in thousands)
2015 $250 Million Share Repurchase Program program (1)	—	—	—	—	974	112,917
2017 Share Repurchase Programs (2)	—	—	1,995	244,338	37	5,662
2018 Share Repurchase Programs (3)(4)	1,585	131,393	101	9,205	—	—
Shares acquired and held in treasury	4.0	271	2.0	248	4.0	248

(1) Inclusive of 0.3 million shares for approximately $33.1 million withheld to cover taxes in conjunction with the vesting of stock awards during Fiscal 2017.

(2) Inclusive of 0.3 million shares for approximately $43.3 million withheld to cover taxes in conjunction with the vesting of stock awards during Fiscal 2018.

(3) Inclusive of 0.2 million shares for approximately $20.2 million withheld to cover taxes in conjunction with the vesting of stock awards during Fiscal 2019.

(4) Subsequent to February 1, 2020 and through March 17, 2020, the Company repurchased approximately 0.2 million shares for approximately $13.8 million.

In accordance with 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 for Fiscal 2019, Fiscal 2018, and Fiscal 2017, approximately $108.0 million, $113.0 million, and $103.7 million was charged to retained earnings, respectively.

Dividends

Related to Fiscal 2019 dividends, $36.2 million was charged to retained earnings, of which $34.9 million related to cash dividends paid and $1.3 million related to dividend share equivalents on unvested Deferred Awards and Performance Awards. Related to Fiscal 2018 dividends, $34.4 million was charged to retained earnings, of which $33.0 million related to cash dividends paid and $1.4 million related to dividend share equivalents on unvested Deferred Awards and Performance Awards. Future declarations of quarterly dividends, the establishment of future record dates, and the resulting 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.