Stockholders' Equity

3 Months Ended

Apr. 29, 2023

(9) Stockholders' Equity

Earnings per Share

Basic earnings per share is calculated by dividing net income by the weighted-average number of shares of common stock outstanding, reduced by the number of shares repurchased and held in treasury, during the period. Diluted earnings per share represents basic earnings per share adjusted to include the potentially dilutive effect of outstanding share option awards, nonvested share awards and nonvested share unit awards.

The following table sets forth the computation of basic and diluted earnings per share for the periods presented:


	Thirteen Weeks Ended
	April 29,			April 30,
	2023			2022
Net (loss) income	$	(15,639	)	$	1,998
Weighted average shares of common stock outstanding:
Basic		37,610			43,938
Dilutive effect of common stock equivalents		—			283
Diluted		37,610			44,221
Basic (loss) earnings per share	$	(0.42	)	$	0.05
Diluted (loss) earnings per share	$	(0.42	)	$	0.05
Restricted stock units considered anti-dilutive and excluded in the calculation		238			128

Repurchase Program

On March 24, 2022 the Company announced that its Board of Directors had authorized a share repurchase program (the “Repurchase Program”) to allow for the repurchase of up to $75.0 million of outstanding shares of the Company’s common stock, $0.01 par value per share, commencing on March 31, 2022. On March 15, 2023, the Company's Board of Directors extended the term of the Repurchase Program through March 31, 2024. During the 13 weeks ended April 29, 2023, the Company repurchased approximately 0.1 million shares of its common stock for $0.7 million, utilizing cash on hand and available borrowings under its Revolving Line of Credit. The Company has retired all repurchased stock.