Note 8 - Stockholders' Equity

9 Months Ended

Nov. 02, 2024

8. Stockholders’ Equity

The following table sets forth the changes in stockholders’ equity (in thousands) for the thirteen weeks ended November 2, 2024 and October 28, 2023 (in thousands):

	*For the thirteen weeks ended November 2, 2024*															*For the thirteen weeks ended October 28, 2023*

	*Common*									*Retained*						*Common*									*Retained*
	*stock*			APIC ⁽¹⁾			AOCI ⁽²⁾			*earnings*			*Total*			*stock*			APIC ⁽¹⁾			AOCI ⁽²⁾			*earnings*			*Total*
Balance, beginning	$	136		$	62,831		$	(11,913	)	$	74,737		$	125,791		$	145		$	66,773		$	(12,017	)	$	52,965		$	107,866
Shares issued under employee stock plans														-						175									175
Stock-based compensation					346									346						363									363
Shares withheld in lieu of tax withholdings														-															-
Share Repurchase		(1	)		(666	)					(4,166	)		(4,833	)		(1	)		(670	)					(3,369	)		(4,040	)
Cash Dividends											(2,704	)		(2,704	)														-
Other														-															-
Other comprehensive income (loss)								102						102									(302	)					(302	)
Net income											9,871			9,871												7,586			7,586
Balance, ending	$	135		$	62,511		$	(11,811	)	$	77,738		$	128,573		$	144		$	66,641		$	(12,319	)	$	57,182		$	111,648

(1) Additional paid-in capital (“APIC”)

(2) Accumulated other comprehensive loss (“AOCI”)

The following table sets forth the changes in stockholders’ equity (in thousands) for the thirty-nine weeks ended November 2, 2024 and October 28, 2023 (in thousands):

	*For the thirty-nine weeks ended November 2, 2024*															*For the thirty-nine weeks ended October 28, 2023*

	*Common*									*Retained*						*Common*									*Retained*
	*stock*			APIC⁽¹⁾			AOCI ⁽²⁾			*earnings*			*Total*			*stock*			APIC⁽¹⁾			AOCI ⁽²⁾			*earnings*			*Total*
Balance, beginning	$	142		$	66,330		$	(12,082	)	$	75,272		$	129,662		$	148		$	69,868		$	(12,274	)	$	61,375		$	119,117
Adoption of new accounting standard																										(785	)		(785	)
Subtotal	$	142		$	66,330		$	(12,082	)	$	75,272		$	129,662		$	148		$	69,868		$	(12,274	)	$	60,590		$	118,332
Issuance of Restricted Stock														-
Shares issued under employee stock plans		2			1,094									1,096			4			2,436									2,440
Stock-based compensation					1,016									1,016						1,121									1,121
Shares withheld in lieu of tax withholdings		(1	)		(2,089	)								(2,090	)		(2	)		(3,638	)								(3,640	)
Share Repurchase		(8	)		(3,840	)					(19,333	)		(23,181	)		(6	)		(3,146	)					(12,087	)		(15,239	)
Other											(39	)		(39	)											196			196
Dividend											(8,269	)		(8,269	)											(22,049	)		(22,049	)
Other comprehensive income (loss)								271						271									(45	)					(45	)
Net income											30,107			30,107												30,532			30,532
Balance, ending	$	135		$	62,511		$	(11,811	)	$	77,738		$	128,573		$	144		$	66,641		$	(12,319	)	$	57,182		$	111,648

(1) Additional paid-in capital (“APIC”)

(2) Accumulated other comprehensive loss (“AOCI”)

During the thirteen and thirty-nine weeks ended November 2, 2024, the Company utilized $4.8 million in cash to repurchase 147,917 shares and utilized $23.0 million in cash to repurchase 832,944 shares, respectively. During the quarter, the Company repurchased shares under two separate stock repurchase programs. For the thirteen weeks ending November 2, 2024, the company repurchased 73,274 shares utilizing $2.0 million in cash under the Company's $50.0 million stock repurchase program that was authorized by its Board of Directors on August 31, 2022 (the "August 2022 Stock Repurchase Program"). On September 11, 2024, the Company announced that its Board of Directors terminated the August 2022 Stock Repurchase Program and authorized a new share repurchase program of up to $100 million (the “September 2024 Stock Repurchase Program”). During the thirteen weeks ended November 2, 2024, the Company utilized $2.8 million in cash to repurchase 74,643 shares under the September 2024 Stock Repurchase Program. Since the end of the third fiscal quarter, the Company utilized $0.2 million in cash to repurchase 5,288 shares leaving $97.0 millionavailable under the September 2024 Stock Repurchase Program. For the thirteen and thirty-nine weeks ended November 2, 2024, the Company's Board of Directors authorized cash dividends to shareholders of $2.7 million and $8.3 million, respectively. Additionally, on November 12, 2024, the Board of Directors declared a quarterly cash dividend of $0.20 per share on the issued and outstanding common stock of the company. The dividend will be paid on January 9, 2025, to all stockholders of record as of November 27, 2024.

For the thirty-nine weeks ended October 28, 2023, the Company recorded credit impairment charges of $0.8 million on trade receivables into retained earnings as a result of the adoption of ASC 326 - Credit Impairment.

During the thirteen and thirty-nine weeks ended October 28, 2023, the Company utilized $4.0 million in cash to repurchase 146,028 shares and the Company utilized $15.2 million in cash to repurchase 672,734 shares under the August 2022 Stock Repurchase Program. The Company's Board of Directors also authorized a special cash dividend of $1.50 per share that was paid on April 6, 2023, to all stockholders of record as of March 23, 2023.

- Definition

The entire disclosure for equity.

+ References

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+ Details

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