Stock Repurchase Program And Shares Withheld From Vested Restricted Shares

12 Months Ended

Jan. 27, 2013

Stock Repurchase Program And Shares Withheld From Vested Restricted Shares

Stock Repurchase Program and Shares Withheld from Vested Restricted Shares

On March 4, 2008, 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. On November 30, 2011, the Company announced an additional $50 million expansion of the 2008 Program.

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

The following table summarizes the stock repurchase activities and shares withheld from vested restricted shares during the periods indicated:



	Fiscal Year Ended
	January 27, 2013			January 29, 2012			January 30, 2011
(in thousands, except number of shares)	Shares	Value		Shares	Value		Shares	Value
Shares repurchased under the 2008 Program	263,443	$	7,500	2,252,099	$	50,000	74,702	$	1,258
Shares withheld from vested restricted shares	9,696	269		27,427	665		89,934	1,561
Total treasury shares acquired	273,139	$	7,769	2,279,526	$	50,665	164,636	$	2,819

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.