Stock Repurchase Program And Shares Withheld From Vested Restricted Shares

6 Months Ended

Jul. 28, 2013

Stock Repurchase Program And Shares Withheld From Vested Restricted Shares

Stock Repurchase Program and Shares Withheld from Vested Restricted Shares

The Company has conducted stock repurchasing programs with authorized purchasing amounts going back to March 2008. All stock repurchasing activity has been conducted under authorization from the Board of Directors. The most recent authorization was approved by the Board of Directors in November 2011, under which the Company was authorized to repurchase up to $50.0 million of the Company’s common stock from time to time through negotiated or open market transactions (the “2011 Program”). On August 21, 2013, the Company announced an additional $50.0 million expansion of the 2011 Program.

In addition to repurchase activity under the 2011 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:



	Three Months Ended						Six Months Ended
	July 28, 2013			July 29, 2012			July 28, 2013			July 29, 2012
(in thousands, except number of shares)	Shares	Value		Shares	Value		Shares	Value		Shares	Value
Shares repurchased under the 2008 Program	—	$	—	—	$	—	—	$	—	—	$	—
Shares withheld from vested restricted shares	—	—		3,513	87		—	—		9,696	269
Total treasury shares activities	—	$	—	3,513	$	87	—	$	—	9,696	$	269

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.