Shareholders' Equity

12 Months Ended

Feb. 01, 2014

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders' Equity

Common Stock

We had 60 million shares of $1.00 par value per share common stock authorized for issuance as of February 1, 2014 and February 2, 2013. We had 16.4 million and 16.6 million shares of common stock issued and outstanding as of February 1, 2014 and February 2, 2013, respectively.

Long-Term Stock Incentive Plan

As of February 1, 2014, 1.3 million shares were available for issuance under our Long-Term Stock Incentive Plan (the "Long-Term Stock Incentive Plan"). The Long-Term Stock Incentive Plan allows us to grant stock-based awards to employees and non-employee directors in the form of stock options, stock appreciation rights, restricted shares and/or restricted share units. No additional grants are available under any predecessor plans. Subsequent to December 2003, performance- and service-based restricted shares and restricted share units have been the primary vehicle in our stock-based compensation strategy, although we are not prohibited from granting other types of share-based compensation awards.

Restricted share awards and restricted share unit awards recently granted to officers and other key employees generally vest three or four years from the date of grant if (1) the performance threshold, if any, was met and (2) the employee is still employed by us on the vesting date. At the time that restricted shares are issued, the shareholder may, subject to the terms of the respective agreement, be entitled to the same dividend and voting rights as other holders of our common stock unless the shares are forfeited. At the time that restricted share units are issued, the recipient may, subject to the terms of the respective agreement, earn non-forfeitable dividend equivalents equal to the dividend paid per share to holders of our common stock, but does not obtain voting rights associated with the restricted share units. The employee generally is restricted from transferring or selling any restricted shares or restricted share units, and generally forfeits the awards upon the termination of employment, prior to the end of the vesting period. The specific provisions of the awards, including exercisability and term of the award, are evidenced by agreements with the employee as determined by our compensation committee or Board of Directors, as applicable.

The table below summarizes the restricted share activity for officers and other key employees (in shares) during Fiscal 2013, Fiscal 2012, and Fiscal 2011:

	Fiscal 2013				Fiscal 2012				Fiscal 2011
	Number of Shares		Weighted- average grant date fair value		Number of Shares		Weighted- average grant date fair value		Number of Shares		Weighted- average grant date fair value
Restricted shares outstanding at beginning of fiscal year	487,500		$	12	497,500		$	12	780,500		$	16
Restricted shares granted	—		—		—		—		40,000		$	23
Restricted shares vested, including restricted shares repurchased from employees for employees' tax liability	(487,500	)	$	12	—		—		(273,000	)	$	22
Restricted shares forfeited	—		—		(10,000	)	$	23	(50,000	)	$	17
Restricted shares outstanding at end of fiscal year	—		$	—	487,500		$	12	497,500		$	12

During each of Fiscal 2013 and Fiscal 2012, we granted performance awards to certain officers and other key employees with the opportunity to earn 0.1 million restricted share units, in the aggregate. Each performance award provided the recipient with the opportunity to earn restricted share units contingent upon our achievement of certain performance objectives during the respective Fiscal 2013 and Fiscal 2012 performance periods. During Fiscal 2013, no restricted share units were earned as the performance objectives for Fiscal 2013 were not achieved. During Fiscal 2012, 0.1 million of restricted share units were earned by recipients related to the Fiscal 2012 performance period and were issued in March 2013. The table below summarizes the restricted share unit activity (in shares) for Fiscal 2013:

	Fiscal 2013
	Number of Unvested Share Units		Weighted- average grant date fair value
Restricted share units outstanding at beginning of fiscal year	—		$	—
Restricted share units issued	59,129		$	47
Restricted share units vested, including restricted share units repurchased from employees for employees' tax liability	—		—
Restricted share units forfeited	(2,608	)	$	43
Restricted share units outstanding at end of fiscal year	56,521		$	47

The following table summarizes information about the unvested restricted share units as of February 1, 2014. The unvested restricted share units will be settled in shares of our common stock on the vesting date, subject to the employee still being an employee at that time.

Grant	Number of Unvested Share Units	Average Market Price on Date of Grant		Vesting Date
Fiscal 2012 Restricted Share Unit Awards	56,521	$	47	March 2016

As of February 1, 2014, there was $1.4 million, in the aggregate, of unrecognized compensation expense related to the unvested restricted share units, which have been granted but not yet vested. This expense is expected to be recognized from February 2, 2014 through March 2016.

In addition, we grant restricted share or restricted share unit awards to our non-employee directors for a portion of each non-employee director's compensation. The non-employee directors must complete certain service requirements; otherwise, the restricted shares are subject to forfeiture. On the date of issuance, the non-employee directors are entitled to the same dividend and voting rights as other holders of our common stock. The non-employee directors are restricted from transferring or selling the restricted shares prior to the end of the vesting period. As of February 1, 2014, less than 0.1 million of such awards were outstanding and unvested.

Prior to and including the December 2003 grants under our previous share incentive plans, we typically granted stock options to employees at certain times as determined by our Board of Directors or our compensation committee. These stock options were governed under previous plans and the individual agreements with respect to provisions relating to exercise, termination and forfeiture. Stock options were typically granted with an exercise price equal to the share's fair market value on the date of grant. The previously granted stock options had ten-year terms and vested and became exercisable in increments of 20% on each anniversary from the date of grant. The last stock options granted by us vested in Fiscal 2008 and expired in Fiscal 2013, if not previously exercised, resulting in no remaining stock options outstanding as of February 1, 2014. There was no material stock option activity or financial statement impact related to stock options during Fiscal 2013, Fiscal 2012 or Fiscal 2011.

Employee Stock Purchase Plan

There were 0.5 million shares of our common stock authorized for issuance under our Employee Stock Purchase Plan ("ESPP") as of February 1, 2014. The ESPP allows qualified employees to purchase shares of our common stock on a quarterly basis, based on certain limitations, through payroll deductions. The shares purchased pursuant to the ESPP are not subject to any vesting or other restrictions. On the last day of each calendar quarter, the accumulated payroll deductions are applied toward the purchase of our common stock at a price equal to 85% of the closing market price on that date. Stock compensation expense related to the employee stock purchase plan recognized was $0.1 million in each of Fiscal 2013, Fiscal 2012 and Fiscal 2011.

Preferred Stock

We had 30 million shares of $1.00 par value preferred stock authorized for issuance as of February 1, 2014 and February 2, 2013. No preferred shares were issued or outstanding as of February 1, 2014 or February 2, 2013.

Accumulated Other Comprehensive Income

The following table details the changes in our accumulated other comprehensive loss by component (in thousands), net of related income taxes during Fiscal 2013, Fiscal 2012 and Fiscal 2011.

	Foreign  currency  translation  gain (loss)			Net unrealized  gain (loss) on  cash flow  hedges			Accumulated  other  comprehensive  income (loss)
Balance, January 29, 2011	$	(23,776	)	$	(43	)	$	(23,819	)
Other comprehensive income before reclassifications	(381		)	(30		)	(411		)
Amounts reclassified from accumulated other comprehensive income (loss) for loss realized	—			556			556
Total other comprehensive income, net of taxes	(381		)	526			145
Balance, January 28, 2012	(24,157		)	483			(23,674		)
Other comprehensive income before reclassifications	171			(1,976		)	(1,805		)
Amounts reclassified from accumulated other comprehensive income (loss) for loss realized	—			894			894
Total other comprehensive income, net of taxes	171			(1,082		)	(911		)
Balance, February 2, 2013	(23,986		)	(599		)	(24,585		)
Other comprehensive income before reclassifications	703			357			1,060
Amounts reclassified from accumulated other comprehensive income (loss) for gain realized	—			(93		)	(93		)
Total other comprehensive income, net of taxes	703			264			967
Balance, February 1, 2014	$	(23,283	)	$	(335	)	$	(23,618	)