XML 40 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
Common Stock
6 Months Ended
Aug. 30, 2014
Equity [Abstract]  
Common Stock
Common Stock
On July 21, 2011, the Company’s Board of Directors authorized a share repurchase program (the “2011 Share Repurchase Program”) to repurchase up to 5,000,000 shares of the Company’s common stock outstanding through December 31, 2014. On January 3, 2013, the Company’s Board of Directors amended the 2011 Share Repurchase Program (the “Amended Program”) and authorized the repurchase of an additional 5,000,000 shares of the Company’s common stock, which authorization shall expire on December 31, 2017.
The Company purchased 833,333 shares at an average price of $26.69 per share for an aggregate amount of $22.2 million during the twenty-six weeks ended August 30, 2014. As of August 30, 2014, there were 3,071,170 shares remaining available to repurchase under the Amended Program.
As of August 30, 2014, the Company held as treasury shares 11,962,612 shares of its common stock at an average price of $19.00 per share for an aggregate carrying amount of $227.3 million. The Company’s treasury shares may be issued upon the exercise of employee stock options, under the Employee Stock Purchase Plan, in the form of restricted stock or for other corporate purposes. Further purchases will occur from time to time as market conditions warrant and as the Company deems appropriate when judged against other alternative uses of cash.
On July 17, 2014, the Company announced a quarterly cash dividend of $0.08 per share of the Company’s common stock. The Company declared dividends of $7.7 million during the twenty-six weeks ended August 30, 2014, of which $3.9 million was included in other liabilities and accrued expenses on the Company’s consolidated balance sheet as of August 30, 2014 and was paid on September 15, 2014 to shareholders of record on August 29, 2014. Further declarations of dividends remain at the discretion of the Company’s Board of Directors.