Stockholders' Equity

12 Months Ended

Feb. 01, 2020

Stockholders' Equity Note [Abstract]

Common Stock, Class B Common Stock and Preferred Stock

The Company’s Amended and Restated Certificate of Incorporation authorizes the issuance of 200,000,000 shares of common stock, par value $0.01 per share, and the issuance of 40,000,000 shares of Class B common stock, par value $0.01 per share. In addition, the Company’s Amended and Restated Certificate of Incorporation authorizes the issuance of up to 5,000,000 shares of preferred stock.

Holders of common stock generally have rights identical to holders of Class B common stock, except that holders of common stock are entitled to one vote per share and holders of Class B common stock are entitled to ten votes per share. A related party, relatives of the related party and their trusts hold all outstanding Class B common stock, which can only be held by members of this group. Class B common shares are not publicly tradable. Each share of Class B common stock can be converted at any time into one share of common stock at the holder’s option.

Dividends per Common Share

The Company declared and paid aggregate cash dividends of $1.10, $0.90 and $0.68 per share of common stock and Class B common stock during fiscal 2019, 2018 and 2017, respectively.

Treasury Stock

The Company’s Board of Directors authorized a five-year $1 billion share repurchase program on March 16, 2016 (the “2016 program”). The Company repurchased shares under the 2016 program as follows for the fiscal years presented (in thousands):


	Fiscal Year
	2019		2018		2017
Shares of common stock repurchased	11,052		9,572		8,122
Cash paid for treasury stock	$	402,240	$	323,352	$	284,583

As of February 1, 2020, the Company had $31.2 million remaining under the 2016 program.

On June 12, 2019, the Company’s Board of Directors authorized an additional five-year share repurchase program of up to $1.0 billion of its common stock. The Company has not repurchased any shares under this program to date.