Stock Repurchase Program

12 Months Ended

Feb. 03, 2024

STOCK REPURCHASE PROGRAM

Our Board of Directors (the "Board") has authorized a stock repurchase program (the "Repurchase Program") since August 2004; replacing, amending, renewing and extending the Repurchase Program periodically. In the most recent amendment in May 2021, the Board authorized an expansion and extension of the Repurchase Program by $500.0 million to a total of $800.0 million to repurchase our common stock in the periods of November 2015 through February 1, 2025.

The Repurchase Program authorizes repurchases of our common stock in open market or negotiated transactions, with the amount and timing of repurchases dependent on market conditions and at the discretion of our management. In addition to the Repurchase Program, we also acquire shares of our common stock from holders of restricted stock unit awards to satisfy withholding tax requirements due at vesting. Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements do not reduce the authorized amounts of repurchases under the Repurchase Program.

The number of shares repurchased under the Repurchase Program and acquired from holders of restricted stock unit awards to satisfy tax withholding requirements were as follows (dollars in thousands):


	Fiscal Year Ended
	February 3, 2024 (53-weeks)		January 28, 2023 (52-weeks)		January 29, 2022 (52-weeks)
Common stock repurchased under the Repurchase Program	1,162,130		797,033		3,370,751
Aggregate cost of repurchases under the Repurchase Program	$	53,211	$	38,458	$	267,826
Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements	47,550		51,558		46,095
Tax withholding requirements from holders of restricted stock unit awards	$	2,849	$	2,446	$	3,257
Excise tax on stock repurchases	$	411	$	—	$	—

Historically, under all stock repurchase authorizations and including shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements, we have repurchased a total of 28.4 million shares of our common stock at an approximate cost of $1.03 billion as of February 3, 2024 and had approximately $276.9 million remaining under the Repurchase Program authorization.