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Common Stock
6 Months Ended
Aug. 27, 2016
Equity [Abstract]  
Common Stock
Common Stock
On July 21, 2011, the Company’s Board of Directors authorized a share repurchase program to repurchase shares of the Company’s common stock with subsequent amendments on March 26, 2015 and July 13, 2016 authorizing further share repurchases through December 31, 2019 (the “Share Repurchase Program”).
The Company purchased 2.0 million shares of its common stock at an average price of $21.28 per share for an aggregate amount of $42.6 million during the twenty-six weeks ended August 27, 2016. As of August 27, 2016, there were 5,291,936 shares remaining available to repurchase under the Share Repurchase Program.
As of August 27, 2016, the Company held 19,196,721 shares of its common stock as treasury shares at an average price of $20.32 per share for an aggregate carrying amount of $390.1 million. The Company’s treasury shares may be issued upon the exercise of employee stock options, under the Employee Stock Purchase Plan (“ESPP”), in the form of restricted stock, or for other corporate purposes. The number of shares of common stock reserved to be issued upon the exercise of options, restricted stock, or other awards is limited as defined in the 2002 Stock Incentive Plan of The Finish Line, Inc. (the “2002 Incentive Plan”) and The Finish Line, Inc. 2009 Incentive Plan Amended and Restated as of April 16, 2014, and further amended as of June 27 and July 14, 2016 (the “Amended and Restated 2009 Incentive Plan”). 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 14, 2016, the Company announced a quarterly cash dividend of $0.10 per share of the Company’s common stock. The Company declared dividends of $8.4 million during the twenty-six weeks ended August 27, 2016, of which $4.1 million was included in other liabilities and accrued expenses on the Company’s consolidated balance sheet as of August 27, 2016. Further declarations of dividends remain at the discretion of the Company’s Board of Directors.