Stockholders' Equity

6 Months Ended

Aug. 03, 2013

Equity [Abstract]

Stockholders' Equity

6.Stockholders' Equity

On April 8, 2013, the Company announced that its Board of Directors (the "Board") approved a 25% increase in the Company's quarterly cash dividend rate to $0.125 cents per share from the previous quarterly rate of $0.10 cents per share.  The quarterly rate of $0.125 cents per share is applicable to dividends declared by the Board beginning May 23, 2013.  In the current year, the Company has paid cash dividends totaling $7.4 million. On August 22, 2013, the Board declared a quarterly cash dividend of $0.125 per share of common stock, payable on September 18, 2013 to shareholders of record at the close of business on September 3, 2013.

On March 7, 2011, the Board approved a Stock Repurchase Program (the "2011 Stock Repurchase Program") which authorized the Company to repurchase up to $200 million of its outstanding common stock. The 2011 Stock Repurchase Program will expire when the Company has repurchased $200 million of its outstanding common stock, unless terminated earlier by the Board. On June 11, 2012, the Company announced that its Board had chosen not to spend additional capital under the 2011 Stock Repurchase Program for the time being. In addition, the Board authorized the Company to repurchase shares of its outstanding common stock using the proceeds and related tax benefits from the exercise of stock options, SARs and other equity grants. Using such proceeds, the Company repurchased 1,044,193 shares of its common stock for approximately $20.1 million between the start of the fiscal third quarter on August 4, 2013 and September 11, 2013. Purchases of shares of the Company's common stock may be made from time to time, either on the open market or through privately negotiated transactions and are financed by the Company's existing cash, cash flow and other liquidity sources, as appropriate.