Stock Repurchase Program

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 first quarters of the fiscal years listed below:



	Three Months Ended
	April 30, 2017			May 1, 2016
(in thousands, except number of shares)	Shares	Value		Shares	Value
Shares repurchased under the stock repurchase program	300,000	$	9,961	734,645	$	20,000
Total treasury shares required	300,000	$	9,961	734,645	$	20,000

As of April 30, 2017, the Company had repurchased $146.6 million in shares of its common stock under the program since inception and the remaining authorization under the program was $51.8 million. 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.