Stockholders' Equity

12 Months Ended

Jan. 27, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

NOTE 6. STOCKHOLDERS’ EQUITY

Share Repurchase Program

On June 28, 2022, the Company announced that its Board of Directors authorized the Company to repurchase up to $50.0 million of the Company’s common stock through February 2, 2024 (the “Share Repurchase Program”). Under the Share Repurchase Program, the Company may repurchase its common stock through open market purchases, in privately negotiated transactions, or by other means in accordance with federal securities laws, including Rule 10b-18 of the Exchange Act. The amount and timing of purchases will be determined by the Company’s management depending upon market conditions and other factors and may be made pursuant to a Rule 10b5-1 trading plan. The Share Repurchase Program may be suspended or discontinued at any time. As of January 27, 2023, additional purchases of up to $41.6 million could be made under the Share Repurchase Program.

The following table summarizes the Company’s share repurchases through January 27, 2023:

(Shares and $ in thousands except average per share cost)	January 27, 2023		January 28, 2022
Number of shares repurchased		796		—
Total cost	$	8,447	$	—
Average per share cost	$	10.61	$	—

The Company retired all shares that were repurchased through the Share Repurchase Program through January 27, 2023. In accordance with the FASB ASC 505—Equity, the par value of the shares retired was charged against Common stock and the remaining purchase price was allocated between Additional paid-in capital and Retained earnings. The portion charged against Additional paid-in capital is determined based on the Additional paid-in capital per share amount recorded in the initial issuance of the shares with the remaining to Retained earnings. Shares repurchased at a price less than that of initial issuance is charged only against Additional paid-in capital. In addition, the total cost of the broker commissions is charged directly to Retained earnings. For all shares retired during the 52 weeks ended January 27, 2023, $7.7 million was charged to Retained earnings.