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Shareholders' Equity
 3 Months Ended
May 03, 2025
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity:
From time to time, we repurchase our common stock mainly through open market repurchase plans. On December 10, 2024, our Board of Directors authorized us to spend up to $100 million to repurchase shares of our stock. This authorization superseded and replaced all previous authorizations to repurchase shares of our stock. During the First Quarter of Fiscal 2025, we repurchased approximately 842,000 shares of our common stock at an average price of $59.38 for $50 million as part of an open market repurchase program (Rule 10b5-1 plan) under the December 10, 2024 authorization. During the First Quarter of Fiscal 2024, there were no repurchases of our stock.
On March 24, 2025, our Board of Directors authorized us to spend up to $100 million to repurchase shares of our stock. This authorization superseded and replaced all previous authorizations to repurchase shares of our stock and has no automatic expiration. There were no repurchases of our stock pursuant to the March 24, 2025 authorization during the First Quarter of Fiscal 2025 and $100 million remained under the Board of Director's authorization as of May 3, 2025.
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 Quarter of Fiscal 2025 and the First Quarter of Fiscal 2024, no shares vested that resulted in a repurchase from our employees.
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 Quarter of Fiscal 2025:
First Quarter of Fiscal 2025
Number of
Shares or
Units
Weighted-
average
grant date
fair value
Awards outstanding at beginning of year183,784$104
Awards granted127,125$61
Awards vested, including awards repurchased from employees for employees’ tax liability—$—
Awards forfeited(7,562)$103
Awards outstanding on May 3, 2025303,347$86
TSR-based Restricted Share Units
The table below summarizes the TSR-based restricted share unit activity at target for the First Quarter of Fiscal 2025:
First Quarter of Fiscal 2025
Number of
Share Units
Weighted-
average
grant date
fair value
TSR-based awards outstanding at beginning of year217,343$136
TSR-based awards granted113,400$79
TSR-based restricted shares earned and vested, including restricted share units repurchased from employees for employees’ tax liability—$—
TSR-based awards forfeited(6,680)$134
TSR-based awards outstanding on May 3, 2025324,063$116
As disclosed in Note 1 to our consolidated financial statements contained in our Fiscal 2024 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.