Stock Repurchase Program; Treasury Shares

6 Months Ended

Jul. 31, 2011

Stock Repurchase Program; Treasury Shares

Stock Repurchase Program; Treasury Shares

Note 14: Stock Repurchase Program; Treasury Shares

In the first quarter of fiscal year 2009, the Company announced that its Board of Directors authorized the repurchase of up to $50 million of the Company's common stock from time to time through negotiated or open market transactions (the "2008 Program"). The 2008 Program does not have an expiration date. On August 24, 2011 the Company announced a $36 million expansion of the 2008 Program. Refer to Exhibit 99.1 of our current report on Form 8-K filed with the SEC on August 24, 2011 for the complete announcement.

In addition to repurchase activity under the 2008 Program, the Company withholds shares from vested restricted stock to pay employee payroll and income tax withholding liabilities.

Summary of Repurchase and Withholding Activity

	Three Months Ended								Six Months Ended
(in thousands, except share data)	July 31, 2011				August 1, 2010				July 31, 2011				August 1, 2010
	Shares		Value		Shares		Value		Shares		Value		Shares		Value
Repurchases under the 2008 Program		—	$	—		—	$	—		—	$	—		—	$	—
Shares withheld from vested restricted shares		3,583		101		58,709		1,026		22,513		551		82,087		1,402
Total activity		3,583	$	101		58,709	$	1,026		22,513	$	551		82,087	$	1,402

The Company currently intends to hold the repurchased and withheld shares as treasury stock. The Company typically reissues treasury shares to settle stock option exercises and restricted share grants.