Treasury Shares and Share Repurchase Program

12 Months Ended

Jan. 29, 2022

Equity [Abstract]

Treasury Shares and Share Repurchase Program

Treasury Shares and Share Repurchase Programs

Treasury Shares Acquired on Restricted Stock Awards

On June 27, 2019, the Company completed an offering of 9,977,024 shares of the Company’s common stock and, in connection with the offering, the Company repurchased 2,500,000 shares of common stock at a price of $25.41 per share. These repurchased shares are being held in treasury.

In addition, 376,758 shares and 212,173 shares were reacquired to satisfy tax withholding obligations upon the vesting of restricted stock awards in fiscal year 2021 and fiscal year 2020, respectively. These reacquired shares were recorded as $16.8 million and $6.5 million of treasury stock in fiscal years 2021 and 2020, respectively.

Share Repurchase Programs

On December 19, 2019, the Company’s board of directors authorized the repurchase of up to $250.0 million of the Company’s outstanding common stock from time to time as market conditions warrant (the "2019 Repurchase Program"). The 2019 Repurchase Program was fully exhausted on November 17, 2021.

On November 16, 2021, the Company’s board of directors approved a new share repurchase program (the "2021 Repurchase Program"), effective immediately, that allows the Company to repurchase up to $500.0 million of its outstanding common stock. The 2021 Repurchase Program expires in January 2025. The Company initiated the 2019 Repurchase Program and the 2021 Repurchase Program to mitigate potentially dilutive effects of stock options and shares of restricted stock granted by the Company, in addition to enhancing shareholder value.

As of January 29, 2022, $471.2 million remained available to purchase under the 2021 Repurchase Program. In fiscal year 2021, the Company repurchased 3,331,956 shares of common stock totaling $179.2 million, including 2,880,614 shares of common stock totaling $150.4 million under the 2019 Repurchase Program.