Share Repurchases Under Equity Plans

12 Months Ended

Jan. 28, 2017

NOTE 15—SHARE REPURCHASES UNDER EQUITY PLANS

Certain options and awards granted under the Company’s equity plans contain a repurchase right, which may be exercised at the Company’s discretion in the event of the termination of an employee’s employment with the Company. The repurchases are settled with the issuance of promissory notes that bear interest, which is paid annually. The Company did not repurchase any shares or issue any promissory notes in fiscal 2016. The Company’s repurchase and promissory note issuance activity for fiscal 2015 and fiscal 2014 is as follows:

	Year Ended
		January 30,			January 31,
		2016			2015
Shares repurchased			2,625			251,910
Fair value at purchase price (in thousands)		$	238		$	16,575
Weighted-average interest rate			3	%		5	%
Weighted-average term		7 years			8 years

As of January 28, 2017 and January 30, 2016, the aggregate unpaid principal amount of the notes payable for share repurchases of $19.4 million and $19.5 million, respectively, is included in other non-current obligations on the consolidated balance sheets. In fiscal 2016, fiscal 2015 and fiscal 2014, the Company recorded interest expense on the outstanding notes of $1.0 million, $1.0 million and $0.9 million, respectively.