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Note 8 - Stockholders' Equity
 6 Months Ended
Jul. 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 July 29, 2023 and July 30, 2022 (in thousands):

 

  

For the thirteen weeks ended July 29, 2023

  

For the thirteen weeks ended July 30, 2022

 
                                         
  Common          Retained      Common          Retained     
  

stock

  

APIC (1)

  

AOCI (2)

  

earnings

  

Total

  

stock

  

APIC (1)

  

AOCI (2)

  

earnings

  

Total

 

Balance, beginning

 $149  $70,324  $(12,177) $50,676  $108,972  $157  $71,962  $(12,452) $38,872  $98,540 

Issuance of Restricted Stock

                  -                     

Shares issued under employee stock plans

  2   1,572         1,574      272         272 

Stock-based compensation

     369         369      379         379 

Shares withheld in lieu of tax withholdings

  (2)  (3,639)        (3,641)              - 

Share Repurchase

  (4)  (1,853)     (6,244)  (8,101)  (7)  (3,208)     (8,030)  (11,245)

Option Exercises

                  -                     

Cash Dividends

              -               - 

Other

           196   196      4      19   23 

Other comprehensive income

        160      160         67      67 

Net income

           8,338   8,338            5,829   5,829 

Balance, ending

 $145  $66,773  $(12,017) $52,965  $107,866  $150  $69,409  $(12,385) $36,690  $93,864 

 

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

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

 

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

 

  

For the twenty-six weeks ended July 29, 2023

  

For the twenty-six weeks ended July 30, 2022

 
                                         
  

Common

          

Retained

      

Common

          

Retained

     
  

stock

  

APIC (1)

  

AOCI (2)

  

earnings

  

Total

  

stock

  

APIC (1)

  

AOCI (2)

  

earnings/(deficit)

  

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 

Issuance of Restricted Stock

                  -                     

Shares issued under employee stock plans

  4   2,261         2,265   2   810         812 

Stock-based compensation

     758         758      807         807 

Shares withheld in lieu of tax withholdings

  (2)  (3,638)        (3,640)  (1)  (2,178)        (2,179)

Share Repurchase

  (5)  (2,476)     (8,718)  (11,199)  (12)  (5,521)     (13,850)  (19,383)

Options Exercises

                  -                   - 

Other

           196   196            19   19 

Dividend

           (22,049)  (22,049)              - 

Other comprehensive income

        257      257         85      85 

Net income

           22,946   22,946            20,020   20,020 

Balance, ending

 $145  $66,773  $(12,017) $52,965  $107,866  $150  $69,409  $(12,385) $36,690  $93,864 

 

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

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

 

For the thirteen and twenty-six weeks ended July 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 fiscal half of 2023, the Company utilized $8.1 million in cash to repurchase 394,321 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.