Shareholders' Equity

3 Months Ended

Apr. 29, 2023

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 for all periods presented. At April 29, 2023, performance share units that vest based on relative total shareholder return (“TSR PSUs” - see Note 5 for a more detailed description of these awards) and shareholder value creation awards (“SVCA PSUs” - see Note 5 for a more detailed description of these awards) were excluded from our computation of earnings (loss) per share because the minimum applicable performance conditions had not been attained. At April 30, 2022, TSR PSUs were excluded from our computation of earnings (loss) per share because the minimum applicable performance conditions had not been attained. Antidilutive restricted stock units (“RSUs”), performance share units (“PSUs”), TSR PSUs, and SVCA PSUs are excluded from the calculation because they decrease the number of diluted shares outstanding under the treasury stock method. The RSUs, PSUs, TSR PSUs, and SVCA PSUs that were antidilutive, as determined under the treasury stock method, were 0.9 million for the first quarter of 2023 and 0.4 million for the first quarter of 2022. Due to the net loss in both the first quarter of 2022 and the first quarter of 2023, any potentially dilutive shares were excluded from the denominator in computing diluted earnings (loss) per common share for the first quarter of 2023 and the first quarter of 2022.

Share Repurchase Programs

On December 1, 2021, our Board of Directors authorized the repurchase of up to $250 million of our common shares (“2021 Repurchase Authorization”). Pursuant to the 2021 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 2021 Repurchase Authorization has no scheduled termination date. In the first quarter of 2023, no shares were repurchased under the 2021 Repurchase Authorization. As of April 29, 2023, we had $159.4 million available for future repurchases under the 2021 Repurchase Authorization.

Purchases of common shares reported in the consolidated statements of shareholders’ equity are comprised of shares acquired to satisfy income tax withholdings associated with the vesting of share-based awards.

Dividends

We declared and paid cash dividends per common share during the first quarter of 2023 as follows:

	Dividends Per Share		Amount Declared		Amount Paid
2023:			(In thousands)		(In thousands)
First quarter	$	0.30	$	9,116	$	9,587
Total	$	0.30	$	9,116	$	9,587

The amount of dividends declared may vary from the amount of dividends paid in a period due to the vesting of share-based awards. On May 23, 2023, our Board of Directors suspended the Company’s quarterly cash dividend. The payment of any 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.