Shareholders' Equity

9 Months Ended

May 02, 2014

Shareholders' Equity [Abstract]

Shareholders' Equity

6. Shareholders’ Equity

During the nine months ended May 2, 2014, the Company issued 145,173 shares of its common stock resulting from the vesting of share-based compensation awards and stock option exercises.  Related tax withholding payments on certain share-based compensation awards exceeded proceeds received from the exercise of stock options which resulted in a net reduction to shareholders’ equity of $8,430.  During the nine months ended May 2, 2014, the Company repurchased 120,000 shares of its common stock in the open market at an aggregate cost of $12,473.

During the nine months ended May 2, 2014, total share-based compensation expense was $6,132.  The excess tax benefit realized upon exercise of share-based compensation awards was $612.

During the nine months ended May 2, 2014, the Company paid dividends of $2.25 per share of its common stock.  During the third quarter of 2014, the Company declared a regular dividend of $0.75 per share of its common stock that was paid on May 5, 2014 to shareholders of record on April 18, 2014. Additionally, during the third quarter of 2014, the Company declared a regular dividend of $1.00 per share of its common stock payable on August 5, 2014 to shareholders of record on July 18, 2014.

The following table summarizes the changes in AOCL, net of tax, related to the Company’s interest rate swaps for the nine months ended May 2, 2014 (see Notes 2 and 5):

	Changes in AOCL
AOCL balance at August 2, 2013	$	(6,612	)
Other comprehensive income before reclassifications		5,772
Amounts reclassified from AOCL		(3,707	)
Other comprehensive income, net of tax		2,065
AOCL balance at May 2, 2014	$	(4,547	)

The following table summarizes the amounts reclassified out of AOCL related to the Company’s interest rate swaps for the quarter and nine-month period ended May 2, 2014:

	Amount Reclassified from AOCL						Affected Line Item in the
	Quarter Ended			Nine Months Ended			Condensed Consolidated
Details about AOCL	May 2, 2014			May 2, 2014			Statement of Income
Loss on cash flow hedges:
Interest rate swaps	$	(2,007	)	$	(6,033	)	Interest expense
Tax benefit		774			2,326		Provision for income taxes
	$	(1,233	)	$	(3,707	)	Net of tax