Shareholders' Equity

6 Months Ended

Aug. 03, 2024

Share-Based Payment Arrangement [Abstract]

Shareholders' Equity

Shareholders’ Equity: From time to time, we repurchase our common stock mainly through open market repurchase plans. During the Second Quarter of Fiscal 2024 and First Half of Fiscal 2024, there were no repurchases. As of August 3, 2024, we have $30 million remaining under our existing Board of Directors’ authorization. During the Second Quarter of Fiscal 2023 and First Half of Fiscal 2023, we repurchased 186,000 shares of our common stock as part of an open market repurchase program at a cost of $19 million.

We also repurchase shares from our employees to cover employee tax liabilities related to the vesting of shares of our common stock. During the First Half of Fiscal 2024 and the First Half of Fiscal 2023, we repurchased $6 million and $10 million of shares, respectively, from our employees to cover employee tax liabilities related to the vesting of shares of our common stock.

Long-Term Stock Incentive Plan and Equity Compensation Expense

In recent years, we have granted a combination of service-based restricted share awards and awards based on relative total shareholder return ("TSR") to certain select employees.

Service-Based Restricted Share Awards

The table below summarizes the service-based restricted share awards, including both restricted shares and restricted share units, activity for the First Half of Fiscal 2024:

	First Half of Fiscal 2024
	Number of Shares or Units	Weighted- average grant date fair value
Awards outstanding at beginning of year	158,794	$	99
Awards granted	66,188	$	111
Awards vested, including awards repurchased from employees for employees’ tax liability	(34,455)	$	84
Awards forfeited	(857)	$	97
Awards outstanding on August 3, 2024	189,670	$	105

TSR-based Restricted Share Units

The table below summarizes the TSR-based restricted share unit activity at target for the First Half of Fiscal 2024:

	First Half of Fiscal 2024
	Number of Share Units	Weighted- average grant date fair value
TSR-based awards outstanding at beginning of year	192,163	$	129
TSR-based awards granted	80,245	$	140
TSR-based restricted shares earned and vested, including restricted share units repurchased from employees for employees’ tax liability	(52,200)	$	117
TSR-based awards forfeited	—	$	—
TSR-based awards outstanding on August 3, 2024	220,208	$	136

As disclosed in Note 1 to our consolidated financial statements contained in our Fiscal 2023 Form 10-K, the fair value of TSR-based awards is not tied to the price of our common stock at any fixed point in time; rather, the fair value of TSR-based awards is determined using a Monte Carlo simulation model, which models multiple TSR paths for our common stock as well as the comparator group, as applicable, to evaluate and determine the estimated fair value of the award.