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Note 8 - Stockholders' Equity
 9 Months Ended
Oct. 29, 2022
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]

8. Stockholders’ Equity

 

The following table sets forth the changes in stockholders’ equity (in thousands) for the thirteen weeks ended October 29, 2022 and October 30, 2021 (in thousands):

 

  

For the thirteen weeks ended October 29, 2022

  

For the thirteen weeks ended October 30, 2021

 
                                         
  Common          Retained      Common          Retained     
  

stock

  

APIC (1)

  

AOCI (2)

  

earnings

  

Total

  

stock

  

APIC (1)

  

AOCI (2)

  

earnings

  

Total

 

Balance, beginning

 $150  $69,409  $(12,385) $36,690  $93,864  $160  $73,397  $(12,579) $24,157  $85,135 

Shares issued under employee stock plans

     194         194   3   2,265         2,268 

Stock-based compensation

     368         368      372         372 

Shares withheld in lieu of tax withholdings

              -   (1)  (718)        (719)

Share Repurchase

  (3)  (1,553)     (3,233)  (4,789)              - 

Other

     4      (47)  (43)  1            1 

Other comprehensive income

        49      49         84      84 

Net income

           7,455   7,455            5,923   5,923 

Balance, ending

 $147  $68,422  $(12,336) $40,865  $97,098  $163  $75,316  $(12,495) $30,080  $93,064 

 

(1) - Additional paid-in capital (“APIC”)

(2) - Accumulated other comprehensive income (loss) (“AOCI”)

 

The following table sets forth the changes in stockholders’ equity (in thousands) for the thirty-nine weeks ended October 29, 2022 and October 30, 2021 (in thousands):

 

  

For the thirty-nine weeks ended October 29, 2022

  

For the thirty-nine weeks ended October 30, 2021

 
                                         
  

Common

          

Retained

      

Common

          

Retained

     
  

stock

  

APIC (1)

  

AOCI (2)

  

earnings

  

Total

  

stock

  

APIC (1)

  

AOCI (2)

  

earnings/(deficit)

  

Total

 

Balance, beginning

 $162  $75,490  $(12,470) $30,501  $93,683  $159  $72,822  $(12,615) $6,942  $67,308 

Shares issued under employee stock plans

  2   1,004         1,006   8   2,838         2,846 

Stock-based compensation

     1,175         1,175      1,293         1,293 

Shares withheld in lieu of tax withholdings

  (1)  (2,178)        (2,179)  (2)  (1,640)        (1,642)

Share Repurchase

  (16)  (7,073)     (17,083)  (24,172)              - 

Other

     4      (28)  (24)  (2)  3         1 

Other comprehensive income

        134      134         120      120 

Net income

           27,475   27,475            23,138   23,138 

Balance, ending

 $147  $68,422  $(12,336) $40,865  $97,098  $163  $75,316  $(12,495) $30,080  $93,064 

 

(1) - Additional paid-in capital (“APIC”)

(2) - Accumulated other comprehensive income (loss) (“AOCI”)

 

During the third quarter of fiscal 2022, the Company utilized $1.3 million in cash to repurchase 80,558 shares under its $25.0 million program that was authorized by its Board of Directors on November 30, 2021, which resulted in the completion of that $25.0 million stock buyback program. 

 

On August 31, 2022, the Company announced that its Board of Directors authorized a share repurchase program of up to $50.0 million. The primary source of funding for the share repurchase program is expected to be cash on hand. The timing and amount of share repurchases, if any, will depend on price, market conditions, applicable regulatory requirements, and other factors. The program, which authorizes the Company to repurchase shares through August 31, 2025, does not require the Company to repurchase any specific number of shares, and may be modified, suspended or terminated at any time without prior notice. Shares repurchased under the program will be subsequently retired. As of October 29, 2022, the Company has utilized $3.5 million in cash to repurchase 256,377 shares under this new share repurchase program.