Equity

12 Months Ended

Feb. 01, 2025

Equity [Abstract]

Equity

Note 10

Equity

Non-Redeemable Preferred Stock

			Number of Shares						Amounts in Thousands
			As of Fiscal Year End						As of Fiscal Year End
Class	Shares Authorized		2025		2024		2023		2025		2024			2023
Employees’ Subordinated Convertible Preferred		5,000,000		27,845		27,845		27,935	$	835	$	836		$	838
Stated Value of Issued Shares										835		836			838
Employees’ Preferred Stock Purchase Accounts										—		(23	)		(23	)
Total Non-Redeemable Preferred Stock									$	835	$	813		$	815

Note 10

Equity, Continued

Employees’ Subordinated Convertible Preferred Stock:

Stated and liquidation values are 88 times the average quarterly per share dividend paid on common stock for the previous eight quarters (if any), but in no event less than $30 per share. Each share of this issue of preferred stock is convertible into one share of common stock and has one vote per share.

Subordinated Serial Preferred Stock:

Our charter permits the Board of Directors to issue Subordinated Serial Preferred Stock (3,000,000 shares, in aggregate, are authorized) in as many series, each with as many shares and such rights and preferences as the Board may designate. We have shares authorized for $2.30 Series 1, $4.75 Series 3, $4.75 Series 4, Series 6 and $1.50 Subordinated Cumulative Preferred stocks in amounts of 64,368 shares, 40,449 shares, 53,764 shares, 800,000 shares and 5,000,000 shares, respectively. All of these preferred stocks were mandatorily redeemed by us in Fiscal 2014. As a result, there are no outstanding shares for any preferred issues of stock other than Employees' Subordinated Convertible Preferred stock shown in the table above.

Common Stock:

Common stock-$1 par value. Authorized: 80,000,000 shares; issued: February 1, 2025 – 11,773,352 shares; February 3, 2024 – 11,960,793 shares. There were 488,464 shares held in treasury at February 1, 2025 and February 3, 2024. Each outstanding share is entitled to one vote. At February 1, 2025, common shares were reserved as follows: 27,845 shares for conversion of preferred stock and 852,828 shares for the 2020 Plan.

For the year ended February 1, 2025, shares of common stock were issued as follows: 301,222 restricted shares as part of the 2020 Plan; 36,320 shares to directors in exchange for their services; 89,942 shares withheld for taxes on restricted stock vested in Fiscal 2025; and 35,408 shares of restricted stock forfeited in Fiscal 2025. In addition, the Company repurchased and retired 399,633 shares of common stock at an average weighted market price of $24.49 for a total of $9.8 million.

For the year ended February 3, 2024, shares of common stock were issued as follows: 257,744 restricted shares as part of the 2020 Plan; 38,284 shares to directors in exchange for their services; 86,179 shares withheld for taxes on restricted stock vested in Fiscal 2024; 76,633 shares of restricted stock forfeited in Fiscal 2024; and 90 shares were issued in miscellaneous conversions of Employees’ Subordinated Convertible Preferred Stock. In addition, we repurchased and retired 1,261,295 shares of common stock at an average weighted market price of $25.39 for a total of $32.0 million.

For the year ended January 28, 2023, shares of common stock were issued as follows: 299,914 restricted shares as part of the 2020 Plan; 16,536 shares to directors in exchange for their services; 73,137 shares withheld for taxes on restricted stock vested in Fiscal 2023; 31,057 shares of restricted stock forfeited in Fiscal 2023; and 390 shares were issued in miscellaneous conversions of Employees’ Subordinated Convertible Preferred Stock. In addition, we repurchased and retired 1,380,272 shares of common stock at an average weighted market price of $52.66 for a total of $72.7 million.

Note 10

Equity, Continued

Restrictions on Dividends and Redemptions of Capital Stock:

Our charter provides that no dividends may be paid and no shares of capital stock acquired for value if there are dividend or redemption arrearages on any senior or equally ranked stock. We do not pay dividends and therefore, there are no redemption arrearages. Exchanges of subordinated serial preferred stock for common stock or other stock junior to such exchanged stock are permitted.