Stock Repurchase Program and Dividend

9 Months Ended

Oct. 31, 2015

Stock Repurchase Program and Dividend

Stock Repurchase Program and Dividend

11. Stock Repurchase Program and Dividend

Repurchases of common stock - On August 18, 2015, the Company’s Board of Directors approved a program that authorized the purchase of up to $15.0 million in shares of the Company’s common stock.  During the thirteen weeks ended October 31, 2015, the Company repurchased 300,283 shares of its common stock at an aggregate cost of $7.3 million.  At October 31, 2015, $7.7 million remained available for purchase under this program.  The program expires when stock repurchases reach $15.0 million in the aggregate.

Dividends - On August 18, 2015, the Company’s Board of Directors declared a quarterly cash dividend of $0.06 per common share, payable on September 15, 2015 to stockholders of record as of September 1, 2015.  Cash dividends paid in the thirteen weeks ended October 31, 2015, totaled $0.9 million and have been charged to retained earnings.  On November 18, 2015, the Company’s Board of Directors declared a dividend of $0.06 per common share with respect to the quarter ended October 31, 2015, payable on December 15, 2015 to stockholders of record as of December 1, 2015.  Any determination to declare and pay cash dividends for future quarters will be made by the Board of Directors.