STOCKHOLDERS' EQUITY

12 Months Ended

Feb. 02, 2013

STOCKHOLDERS' EQUITY [Abstract]

STOCKHOLDERS' EQUITY

NOTE 10 - STOCKHOLDERS' EQUITY

The Company's deferred compensation plan covering executives and certain officers provides an investment option that allows participants to elect to purchase shares of the Company's common stock (the "Company Stock Investment Option").  The Company established a grantor trust to facilitate the collection of funds and purchase of Company shares on the open market at prevailing market prices.  All shares purchased through the grantor trust are held in the trust until the participants are eligible to receive the benefits under the terms of the plan. At the time of the participant's eligibility, the deferred compensation obligation related to the Company Stock Investment Option is settled by the delivery of the fixed number of shares held by the grantor trust on the participant's behalf.  In 2012, 2011 and 2010, participants in the Company's deferred compensation plan elected to invest approximately $0.1 million, $0.1 million and $0.1 million, respectively, of the total amount of deferred compensation withheld, in the Company Stock Investment Option.  The purchase of shares made by the grantor trust on behalf of the participants is included in treasury stock and the corresponding deferred compensation obligation is included in additional paid-in capital.

On June 11, 2012, the Company announced that its Board of Directors ("the Board") approved an 11% increase in the Company's quarterly cash dividend rate to 10 cents per share from the previous quarterly rate of 9 cents per share.  The new quarterly rate of 10 cents per share is applicable to dividends declared by the Board after June 20, 2012.  Dividend payments totaled $12.0 million, $11.0 million and $9.5 million for 2012, 2011 and 2010, respectively. On February 22, 2013, the Company announced that the Board declared a quarterly cash dividend of 10 cents per share on the Company's common stock, payable on March 20, 2013, to shareholders of record at the close of business on March 5, 2013.

On March 7, 2011, the Company's Board approved a Stock Repurchase Program (the "2011 Stock Repurchase Program") which authorized the Company to repurchase (i) up to $200 million of its outstanding common stock plus (ii) such additional amounts of 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. The 2011 Stock Repurchase Program will expire when the Company has repurchased the $200 million portion, unless terminated earlier by the Company's Board. Purchases of shares of common stock may be made from time to time, either on the open market or through privately negotiated transactions and are financed by either (i) the Company's existing cash, cash flow and other liquidity sources, as appropriate, or (ii) proceeds related to the exercise of equity grants.  On June 11, 2012, the Company announced that its Board has chosen not to spend additional capital under the 2011 Stock Repurchase Program at this time.

Financed by the Company's existing cash, cash flow and other liquidity sources, the Company spent $100.0 million during 2011 to repurchase approximately 6.1 million shares of its common stock and $61.6 thousand during 2012 to repurchase 4,400 shares of its common stock under the 2011 Stock Repurchase Program. 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, the Company spent $10.0 million during 2011 to repurchase approximately 0.7 million shares of its common stock and nil in 2012. As of February 2, 2013, $99.9 million of the $200.0 million portion of the 2011 Stock Repurchase Program remained available and an additional $24.2 million was available from proceeds related to the exercise of equity grants.

During 2012 and 2011, the Company retired 4,400 and 27.3 million shares of its treasury stock at a cost of $61.6 thousand and $429.3 million, respectively.