STOCKHOLDERS' EQUITY

12 Months Ended

Jan. 30, 2021

Stockholders' Equity Note [Abstract]

STOCKHOLDERS’ EQUITY

Share Repurchase Programs

In March 2018, the Board of Directors authorized a $250 million share repurchase program (the “2018 Share Repurchase Program”). At January 30, 2021, there was approximately $92.8 million remaining on the 2018 Share Repurchase Program. Under this program, the Company may repurchase shares on 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 the program at any time and may thereafter reinstitute purchases, all without prior announcement. In March 2020, the Company temporarily suspended share repurchases due to the COVID-19 pandemic.

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
	January 30, 2021		February 1, 2020		February 2, 2019
	Shares	Value	Shares	Value	Shares	Value
Share repurchases related to:	(in thousands)






2017 Share Repurchase Program	—	—	—	—	1,995	244,338
2018 Share Repurchase Program	294	15,490	1,585	131,393	101	9,205
Shares acquired and held in treasury	6.4	209	4.0	271	2.0	248

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 2020, Fiscal 2019, and Fiscal 2018, approximately $10.6 million, $108.0 million, and $113.0 million was charged to retained earnings, respectively.

Dividends

In March 2020, the Company announced it had temporarily suspended its dividend payments due to the COVID-19 pandemic. 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.

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.