STOCKHOLDERS' EQUITY

12 Months Ended

Jan. 30, 2016

Equity [Abstract]

STOCKHOLDERS' EQUITY

NOTE 9 - STOCKHOLDERS' EQUITY

Our deferred compensation plan covering executives and certain officers provides an investment option that allows participants to elect to purchase shares of our common stock ("Company Stock Investment Option"). We established a grantor trust to facilitate the collection of funds and purchase our shares on the open market at prevailing market prices. All shares purchased through the grantor trust are held in the trust until the participants are eligible to receive the benefits under the terms of the plan. At the time of the participant's eligibility, the deferred compensation obligation related to the Company Stock Investment Option is settled by the delivery of the fixed number of shares held by the grantor trust on the participant's behalf. In 2015, 2014 and 2013, participants in our deferred compensation plan elected to invest approximately $0.9 million, $0.4 million and $0.3 million, respectively, of the total amount of deferred compensation withheld, in the Company Stock Investment Option. The purchase of shares made by the grantor trust on behalf of the participants is included in treasury stock and the corresponding deferred compensation obligation is included in additional paid-in capital.

On June 16, 2015, we announced that our Board approved a 7% increase in our quarterly cash dividend rate to $0.15 per common share from the previous quarterly rate of $0.14 per common share. The quarterly rate of $0.15 per common share was first paid on September 16, 2015 to shareholders of record on September 1, 2015. On February 18, 2016, our Board declared a quarterly cash dividend of $0.15 per share on our common stock, payable on March 16, 2016, to shareholders of record at the close of business on March 1, 2016.

On March 7, 2011, our Board approved a stock repurchase program ("2011 Stock Repurchase Program") which authorized us to repurchase up to $200.0 million of our outstanding common stock. After investing $100.1 million to acquire our common stock under the 2011 Stock Repurchase Program, on June 11, 2012, we announced that our Board suspended the program. On November 19, 2015, we announced that our Board approved the resumption of the 2011 Stock Repurchase Program. After investing an additional $41.6 million to acquire our common stock under the 2011 Stock Repurchase Program during the fourth quarter 2015, we had $58.4 million available under the program as of January 30, 2016. The 2011 Stock Repurchase Program will expire when we have repurchased $200.0 million of our outstanding common stock, unless terminated earlier by our Board. Also in March 2011, our Board authorized us to repurchase shares of our outstanding common stock equal to the amount of the proceeds and related tax benefits from the exercise of stock options, SARs and other equity grants. During 2015 and 2014, we repurchased 5,175,072 and 172,214 shares of our common stock for approximately $41.6 million and $2.8 million, respectively. Purchases of shares of our common stock may be made from time to time, either on the open market or through privately negotiated transactions and are financed by our existing cash, cash flow and other liquidity sources, as appropriate.