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Note 8 - Stockholders' Equity
 3 Months Ended
Apr. 29, 2023
Notes to Financial Statements  
Equity [Text Block]

8. Stockholders’ Equity

 

The following table sets forth the changes in stockholders’ equity (in thousands) for the thirteen weeks ended April 29, 2023 and April 30, 2022 (in thousands):

 

  

For the thirteen weeks ended April 29, 2023

  

For the thirteen weeks ended April 30, 2022

 
                                         
  Common          Retained      Common          Retained     
  

stock

  

APIC (1)

  

AOCI (2)

  

earnings

  

Total

  

stock

  

APIC (1)

  

AOCI (2)

  

earnings

  

Total

 

Balance, beginning

 $148  $69,868  $(12,274) $61,375  $119,117  $162  $75,490  $(12,470) $30,501  $93,683 

Adoption of new accounting standard

          $(785)                  

Subtotal

 $148  $69,868  $(12,274) $60,590  $118,332  $162  $75,490  $(12,470) $30,501  $93,683 

Shares issued under employee stock plans

  2   691   -   -   693   2   538   -   -   540 

Stock-based compensation

  -   389   -   -   389   -   429   -   -   429 

Shares withheld in lieu of tax withholdings

  -   -   -   -   -   (1)  (2,178)  -   -   (2,179)

Share Repurchase

  (1)  (624)  -   (2,474)  (3,099)  (6)  (2,313)  -   (5,819)  (8,138)

Cash Dividends

  -   -   -   (22,048)  (22,048)  -   -   -   -   - 

Other

  -   -   -   -   -   -   (4)  -   -   (4)

Other comprehensive income

  -   -   97   -   97   -   -   18   -   18 

Net income

  -   -   -   14,608   14,608   -   -   -   14,190   14,190 

Balance, ending

 $149  $70,324  $(12,177) $50,676  $108,972  $157  $71,962  $(12,452) $38,872  $98,539 

 

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

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

 

For the thirteen weeks ended  April 29, 2023, the Company recorded credit impairment charges of $0.8 million on trade receivables into retained earnings as a result of the adoption of ASC 326 - Credit Impairment.

 

During the first quarter of fiscal 2023, the Company utilized $3.1 million in cash to repurchase 132,385 shares under its $50.0 million program that was authorized by its Board of Directors on August 31, 2022. The Company's Board of Directors also authorized a special cash dividend of $1.50 per share that was paid on April 6, 2023, to all stockholders of record as of March 23, 2023, following a $1.25 per share special cash dividend declared on November 30, 2021.