Shareholders' Equity

3 Months Ended

May 04, 2024

Shareholders' Equity

Shareholders' Equity and Share-based Payments [Text Block]

5.    Shareholders’ Equity: From time to time, we repurchase our common stock mainly through open market repurchase plans. During the First Quarter of Fiscal 2024 and the First Quarter of Fiscal 2023, there were no repurchases. As of May 4, 2024, we have $30 million remaining under our existing Board of Directors’ authorization.

We also repurchase shares from our employees to cover employee tax liabilities related to the vesting of shares of our common stock. During the First Quarter of Fiscal 2024 and the First Quarter of Fiscal 2023, no shares vested that resulted in a repurchase from our employees.

Long-Term Stock Incentive Plan and Equity Compensation Expense

In recent years, we have granted a combination of service-based restricted share awards and awards based on relative total shareholder return ("TSR") to certain select employees.

Service-Based Restricted Share Awards

The table below summarizes the service-based restricted share awards, including both restricted shares and restricted share units, activity for the First Quarter of Fiscal 2024:

	Fiscal 2024
		Weighted-
	Number of	average
	Shares or	grant date
	Units	fair value
Awards outstanding at beginning of year	158,794	$	99
Awards granted	66,188	$	111
Awards vested, including awards repurchased from employees for employees’ tax liability	—	$	—
Awards forfeited	—	$	—
Awards outstanding on May 4, 2024	224,982	$	102

TSR-based Restricted Share Units

The table below summarizes the TSR-based restricted share unit activity at target for the First Quarter of Fiscal 2024:

	Fiscal 2024
		Weighted-
		average
	Number of	grant date
	Share Units	fair value
TSR-based awards outstanding at beginning of year	192,163	$	129
TSR-based awards granted	80,245	$	140
TSR-based restricted shares earned and vested, including restricted share units repurchased from employees for employees’ tax liability	—	$	—
TSR-based awards forfeited	—	$	—
TSR-based awards outstanding on May 4, 2024	272,408	$	132

As disclosed in Note 1 to our consolidated financial statements contained in our Fiscal 2023 Form 10-K, the fair value of TSR-based awards are not tied to the price of our common stock at any fixed point in time; rather, the fair value of TSR-based awards is determined using a Monte Carlo simulation model, which models multiple TSR paths for our common stock as well as the comparator group, as applicable, to evaluate and determine the estimated fair value of the award.