Stockholders' Equity

6 Months Ended

Jul. 28, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

NOTE 7. 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 “2022 Share Repurchase Program”). Under the 2022 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 2022 Share Repurchase Program may be suspended or discontinued at any time. As of July 28, 2023, additional purchases of up to $34.8 million could be made under the 2022 Share Repurchase Program.

The following table summarizes the Company’s share repurchases through July 28, 2023:

	13 Weeks Ended				26 Weeks Ended
(Shares and $ in thousands except average per share cost)	July 28, 2023		July 29, 2022		July 28, 2023		July 29, 2022
Number of shares repurchased		403		212		833		212
Total cost	$	3,000	$	2,353	$	6,772		2,353
Average per share cost	$	7.45	$	11.10	$	8.13		11.10

The Company retired all shares that were repurchased through the 2022 Share Repurchase Program during the 26 weeks ended July 28, 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 purchased 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. No amount was charged to Retained earnings for the shares retired during the 13 and 26 weeks ended July 28, 2023.