Shareholders' Equity

12 Months Ended

Feb. 01, 2020

SHAREHOLDERS’ EQUITY

Earnings per Share

There were no adjustments required to be made to weighted-average common shares outstanding for purposes of computing basic and diluted earnings per share and there were no securities outstanding in any year presented, which were excluded from the computation of earnings per share other than antidilutive stock options, restricted stock awards, restricted stock units, and PSUs. Stock options outstanding that were excluded from the diluted share calculation because their impact was antidilutive at the end of 2019, 2018, and 2017 were insignificant.

The restricted stock units and performance share units that were antidilutive, as determined under the treasury stock method, were 0.3 million for 2019 and immaterial for 2018 and 2017.

A reconciliation of the number of weighted-average common shares outstanding used in the basic and diluted earnings per share computations is as follows:



(In thousands)	2019	2018	2017
Weighted-average common shares outstanding:
Basic	39,244	40,809	42,818
Dilutive effect of share-based awards	107	153	482
Diluted	39,351	40,962	43,300

Share Repurchase Programs

On March 6, 2019, our Board of Directors authorized a share repurchase program providing for the repurchase of up to $50 million of our common shares (“2019 Repurchase Program”). The 2019 Repurchase Program was exhausted during the second quarter of 2019. During 2019, we acquired approximately 1.3 million shares under the 2019 Repurchase Program.

Common shares acquired through repurchase programs are held in treasury at cost and are available to meet obligations under equity compensation plans and for general corporate purposes.

Dividends

The Company declared and paid cash dividends per common share during the periods presented as follows:



	Dividends Per Share		Amount Declared		Amount Paid
2018:			(In thousands)		(In thousands)
First quarter	$	0.30	$	12,744	$	14,386
Second quarter	0.30		12,474		12,141
Third quarter	0.30		12,321		12,065
Fourth quarter	0.30		12,346		12,016
Total	$	1.20	$	49,885	$	50,608
2019:
First quarter	$	0.30	$	12,206	$	13,197
Second quarter	0.30		12,196		11,718
Third quarter	0.30		11,954		11,792
Fourth quarter	0.30		11,930		11,714
Total	$	1.20	$	48,286	$	48,421

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 units and PSUs. The payment of future dividends will be at the discretion of our Board of Directors and will depend on our financial condition, results of operations, capital requirements, compliance with applicable laws and agreements and any other factors deemed relevant by our Board of Directors.