Stock Repurchase Program

12 Months Ended

Jan. 31, 2021

The Company maintains a stock repurchase program that was initially approved by its Board of Directors in March 2008. The stock repurchase program does not have an expiration date and the Company’s Board of Directors has authorized expansion of the program over the years. The following table summarizes activity under the program for the fiscal years listed below:


	Fiscal Year Ended
	January 31, 2021			January 26, 2020			January 27, 2019
(in thousands, except number of shares)	Shares	Price Paid		Shares	Price Paid		Shares	Price Paid
Shares repurchased under the stock repurchase program	1,597,104	$	71,433	1,471,703	$	70,219	2,448,133	$	116,210

As of January 31, 2021, the Company had repurchased $409.2 million in shares of its common stock under the program since its inception and the remaining authorization under the program was $39.2 million. On March 11, 2021, the Company's Board of Directors approved the expansion of the stock repurchase program by $350.0 million, which resulted in a remaining authorization under the program of $389.2 million as of such authorization date. Under the program, the Company may repurchase its common stock at any time or from time to time, without prior notice, subject to market conditions and other considerations. The Company’s repurchases may be made through Rule 10b5-1 and/or Rule 10b-18 or other trading plans, open market purchases, privately negotiated transactions, block purchases or other transactions. The Company intends to fund repurchases under the program from cash on hand. The Company has no obligation to repurchase any shares under the program and may suspend or discontinue it at any time.