Stockholders' Equity

12 Months Ended

Jan. 28, 2012

Stockholders' Equity Note [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Our authorized shares consist of: 

• 1,000,000 shares of Series Participating Preferred Stock, $1.00 par value, of which 500,000 shares of Participating Series A Junior Preferred Stock, $1.00 par value, have been authorized;

• 300,000,000 shares of common stock, $0.10 par value.

In November 2007 our Board of Directors authorized a $200,000,000 share repurchase program.  We may make share purchases from time to time in the open market or through privately-negotiated transactions and expect to fund the repurchases primarily from operating cash flow.  The timing of such repurchases and the number of shares repurchased will depend on market conditions and we intend to hold shares repurchased as treasury shares.  This repurchase program has no expiration date.  As of January 28, 2012, $197,365,000 was available for future repurchases under this program.

As of January 28, 2012 we held an aggregate total of 38,617,180 treasury shares with an aggregate cost of $348,400,000.  Our amended and restated loan and security agreement (the “Amended Agreement”) allows the repurchase of our common stock subject to maintaining a minimum level of “Excess Availability” (as defined in the Amended Agreement) for the six months preceding the date of such repurchase, as of the date of such repurchase, and on a projected pro forma basis for the 12 consecutive fiscal months thereafter. The Amended Agreement allows common stock repurchases at lower levels of "Excess Availability" subject to maintaining a minimum "Fixed Charge Coverage Ratio" (as defined in the Amended Agreement) on a pro forma basis for the 12 months immediately preceding such repurchase.