Shareholders' Equity

12 Months Ended

Jan. 30, 2021

Equity [Abstract]

SHAREHOLDERS' EQUITY

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, PSUs, and PRSUs. Stock options outstanding that were excluded from the diluted share calculation because their impact was antidilutive at the end of 2019 and 2018 were insignificant. There were no stock options outstanding at the end of 2020.

The restricted stock units, PSUs, and PRSUs that were antidilutive, as determined under the treasury stock method, were immaterial for 2020, 0.3 million for 2019 and immaterial for 2018.

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)	2020	2019	2018
Weighted-average common shares outstanding:
Basic	38,233	39,244	40,809
Dilutive effect of share-based awards	834	107	153
Diluted	39,067	39,351	40,962

Share Repurchases

On August 27, 2020, our Board of Directors authorized the repurchase of up to $500 million of our common shares (“2020 Repurchase Authorization”). Pursuant to the 2020 Repurchase Authorization, we may repurchase shares in the open market and/or in privately negotiated transactions at our discretion, subject to market conditions and other factors. The 2020 Repurchase Authorization has no scheduled termination date. During 2020, we acquired 3.8 million shares for $172.8 million under the 2020 Repurchase Authorization.

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
2019:			(In thousands)		(In thousands)
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
2020:
First quarter	$	0.30	$	11,905	$	12,478
Second quarter	0.30		12,335		11,807
Third quarter	0.30		11,993		11,540
Fourth quarter	0.30		11,749		11,139
Total	$	1.20	$	47,982	$	46,964

The amount of dividends declared may vary from the amount of dividends paid in a period due to the vesting of restricted stock units and performance share units, which accrue dividend equivalent rights that are paid when the award vests. 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.