Stockholders' Equity

9 Months Ended

Oct. 29, 2011

Stockholders' Equity [Abstract]

Stockholders' Equity

5.           Stockholders’ Equity

On June 13, 2011, the Company announced that its Board of Directors (“the Board”) approved a 20% increase in the Company’s quarterly cash dividend rate to 9 cents per share from the previous quarterly rate of 7.5 cents per share.  The new quarterly dividend rate of 9 cents per share is applicable to dividends declared after June 22, 2011.  In the current year, the Company has paid cash dividends totaling $8.3 million.  On November 23, 2011, the Board declared a quarterly cash dividend of 9 cents per share on the Company’s common stock, payable on December 21, 2011 to shareholders of record at the close of business on December 6, 2011.

On March 8, 2011, the Company announced that the Board approved a Stock Repurchase Program which authorizes the Company to repurchase up to $200.0 million of its outstanding common stock (the “2011 Stock Repurchase Program”) from time to time, either on the open market or through privately negotiated transactions.  The 2011 Stock Repurchase Program will be financed by the Company’s existing cash, cash flow and other liquidity sources, as appropriate.  During the current year, the Company repurchased approximately ­­­6.1 million shares for $100.0 million using funds available to the Company under the 2011 Stock Repurchase Program.  The Company has $100.0 million remaining under the 2011 Stock Repurchase Program and intends to complete the 2011 Stock Repurchase Program by the end of 2013. Additionally, the Board has granted the Company the authority to repurchase its outstanding common stock using proceeds from the exercise of stock options as well as the tax benefits that accrue to the Company from the exercise of stock options, SARs and other equity grants. During the current year, the Company repurchased approximately 0.7 million shares for $9.9 million. Approximately $0.2 million was available for repurchases at October 29, 2011.