Stockholders' Equity

12 Months Ended

Jan. 29, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders' Equity

Capital stock is comprised of the following:

Type	Par Value		Shares Authorized
Preferred (5% cumulative)	$	100.00	5,000
Additional preferred	$	0.01	10,000,000
Class A, common	$	0.01	289,000,000
Class B, common	$	0.01	11,000,000

Holders of Class A are empowered as a class to elect one-third of the members of the Board of Directors, and the holders of Class B are empowered as a class to elect two-thirds of the members of the Board of Directors. Shares of Class B are convertible at the option of any holder thereof into shares of Class A at the rate of one share of Class B for one share of Class A.

During fiscal 2021, the Company issued 24,000 shares of Class A Common Stock in exchange for 24,000 shares of Class B Common Stock tendered for conversion pursuant to the Certificate of Incorporation.

Stock Repurchase Programs

All repurchases of the Company's Class A Common Stock were made at the market price at the trade date, and all amounts paid to reacquire these shares were allocated to Treasury Stock.

The Company’s Board of Directors has authorized the Company to repurchase the Company’s Class A Common Stock under open-ended stock repurchase plans.  The following is a summary of share repurchase activity for the periods indicated (in thousands, except per share data):

	Fiscal 2021		Fiscal 2020		Fiscal 2019
Cost of shares repurchased	$	561,102	$	95,556	$	138,251
Number of shares repurchased	3,205		2,231		2,199
Average price per share	$	175.06	$	42.83	$	62.88

On March 1, 2018, the Company announced that the Company's Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $500 million of its Class A Common Stock ("March 2018 Stock Plan"). On May 15, 2021, the Company announced that its Board of Directors approved the Company to repurchase up to $500 million of the Company's Class A Common Stock under an open-ended plan ("May 2021 Stock Plan"). As of January 29, 2022, the Company had completed the authorized purchases under the March 2018 Stock Plan, and $112.0 million of authorization remained under the May 2021 Stock Plan.

On February 24, 2022, the Company announced that the Company's Board of Directors approved a new stock repurchase program authorizing the Company to repurchase up to $500 million of its Class A Common Stock. The repurchase plan has no expiration date.