Capital Stock

6 Months Ended

Jul. 30, 2022

Stockholders' Equity Note [Abstract]

Capital Stock

Capital Stock

Repurchases of Common Stock. On March 2, 2022 the Company announced that its Board of Directors had authorized a new $150 million program to repurchase shares of the Company’s outstanding common stock through August 2023 in open market or private transactions. The new authorization replaces the remaining $43.9 million that was available under the prior authorization. During the three months ended July 30, 2022, we repurchased 104,030 shares of its own common stock, at an average price of $96.06, for $10.0 million. As of July 30, 2022, $121.5 million of the authorization was available for repurchases.

Upon cancellation of shares repurchased or withheld for tax withholdings, the excess over par value is recorded as a reduction of additional paid-in capital until the balance is reduced to zero, with any additional excess recorded as a reduction of retained earnings. During the three and six months ended July 30, 2022, $6.7 million and $27.5 million, respectively, was charged to retained earnings related to shares canceled during the period.