Stockholders Equity

12 Months Ended

Feb. 02, 2013

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

On February 1, 2013, the Company announced that its Board of Directors authorized a $25.0 million share repurchase program, to be executed through open market or privately negotiated transactions. The timing and number of shares repurchased will be determined by the Company’s management based on its evaluation of market conditions and other factors. The repurchase program may be suspended or discontinued at any time. Based on the Company’s closing share price on February 1, 2013, the $25.0 million under the share repurchase program represented approximately 10% of the Company’s total market capitalization. The repurchase program will be funded using existing cash and cash equivalents on hand.

During fiscal 2011, the Company repurchased 12,093,482 shares of its Class A common stock at an average market price of $4.43 per share, for a total cost, including commissions, of approximately $53.7 million, bringing the total repurchased under this program to 12,975,782 shares of its Class A common stock at a total cost of $56.7 million, completing the stock repurchase program in fiscal 2011.

During fiscal 2012, employees of the Company tendered 208,548 shares of the Company’s Class A common stock upon restricted stock vesting to satisfy employee withholding tax obligations for a total cost of approximately $0.6 million.

During August 2011 and August 2012, the Company retired 24,242,219 and 1,245,680, respectively, shares of its Class A common stock held in treasury. In accordance with Delaware law and the terms of the Company’s certificate of incorporation, upon retirement, such treasury shares resumed the status of authorized and unissued shares of Company common stock.

As of February 2, 2013, 141,301 repurchased shares, at a cost of $0.4 million, as well as 669,467 shares reacquired by the Company, at no cost, upon employee and director forfeitures of stock-based compensation, were not yet retired.