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Common Stock
9 Months Ended
Nov. 30, 2013
Equity [Abstract]  
Common Stock
Common Stock
On July 21, 2011, the Company’s Board of Directors authorized a stock repurchase program (the “2011 stock 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 stock 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 815,877 shares at an average price of $21.43 per share for an aggregate amount of $17.5 million during the thirty-nine weeks ended November 30, 2013. As of November 30, 2013, there were 4,104,464 shares remaining available to repurchase under the Amended Program.
The Company’s treasury shares may be issued upon the exercise of employee stock options, issuance of shares for the Employee Stock Purchase Plan, issuance 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 October 16, 2013, the Company announced a quarterly cash dividend of $0.07 per share of the Company’s common stock. The Company declared dividends of $3.4 million during the thirteen weeks ended November 30, 2013. The cash dividends of $3.4 million were paid on December 13, 2013 to shareholders of record on November 29, 2013 and were included as of November 30, 2013 in “Other liabilities and accrued expenses” on the Company’s consolidated balance sheet. Further declarations of dividends remain at the discretion of the Company’s Board of Directors.