Shareholders' Equity

9 Months Ended

Nov. 01, 2014

Equity [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS’ EQUITY

Earnings per Share

There were no adjustments required to be made to the weighted-average common shares outstanding for purposes of computing basic and diluted earnings per share and there were no securities outstanding at November 1, 2014 or November 2, 2013 which were excluded from the computation of earnings per share other than antidilutive stock options, restricted stock awards, and restricted stock units.  For the third quarter of 2014 and the third quarter of 2013, 0.6 million and 2.4 million, respectively, of the stock options outstanding were antidilutive and excluded from the computation of diluted earnings per share.  For the year-to-date 2014 and the year-to-date 2013, 1.7 million and 2.8 million, respectively, of the stock options outstanding were antidilutive and excluded from the computation of diluted earnings per share. Antidilutive stock options generally consist of outstanding stock options where the exercise price per share is greater than the weighted-average market price per share for our common shares for each period.  Antidilutive stock options, restricted stock awards, and restricted stock units are excluded from the calculation because they decrease the number of diluted shares outstanding under the treasury stock method. The restricted stock awards and restricted stock units that were antidilutive, as determined under the treasury stock method, were immaterial for all periods presented.

Share Repurchase Programs

On March 5, 2014, our Board of Directors authorized a share repurchase program providing for the repurchase of $125 million of our common shares (“March 2014 Repurchase Program”). The March 2014 Repurchase Program was exhausted during the second quarter of 2014.

On August 28, 2014, our Board of Directors authorized a new share repurchase program providing for the repurchase of $125 million of our common shares (“August 2014 Repurchase Program”). Pursuant to the August 2014 Repurchase Program, we may repurchase shares in the open market and/or in privately negotiated transactions at our discretion, subject to market conditions and other factors. Common shares acquired through the August 2014 Repurchase Program will be available to meet obligations under our equity compensation plans and for general corporate purposes.

During the third quarter of 2014, we acquired approximately 2.6 million of our outstanding common shares for $114.8 million. During the year-to-date 2014, we have acquired approximately 5.9 million of our outstanding common shares for $239.8 million, which is comprised of 3.3 million common shares for $125.0 million under the March 2014 Repurchase Program and 2.6 million common shares for $114.8 million under the August 2014 Repurchase Program.

Dividends

In the second quarter of 2014, our Board of Directors commenced a cash dividend program under which we currently expect to pay quarterly dividends on our common shares in the future. The Company declared and paid cash dividends per common share during the periods presented as follows:

	Dividends Per Share		Amount Declared		Amount Paid
2014:			(in thousands)		(in thousands)
Third quarter	$	0.17	$	9,718	$	9,457
Second quarter	0.17		9,585		9,366
Total	$	0.34	$	19,303	$	18,823

The amount of dividends declared may vary from the amount of dividends paid in a period based on certain instruments with restrictions on payment, including restricted stock awards, restricted stock units, and performance share units. Future dividends are subject to declaration by our Board of Directors.