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Note 8 - Stockholders' Equity
 9 Months Ended
Oct. 28, 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 October 28, 2023 and October 29, 2022 (in thousands):

 

  

For the thirteen weeks ended October 28, 2023

  

For the thirteen weeks ended October 29, 2022

 
                                         
  

Common

          

Retained

      

Common

          

Retained

     
  

stock

  

APIC (1)

  

AOCI (2)

  

earnings

  

Total

  

stock

  

APIC (1)

  

AOCI (2)

  

earnings

  

Total

 

Balance, beginning

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

Issuance of Restricted Stock

                  -                     

Shares issued under employee stock plans

     175         175      194         194 

Stock-based compensation

     363         363      368         368 

Shares withheld in lieu of tax withholdings

              -               - 

Share Repurchase

  (1)  (670)     (3,369)  (4,040)  (3)  (1,553)     (3,233)  (4,789)

Cash Dividends

              -               - 

Other

              -      4      (47)  (43)

Other comprehensive (loss) income

        (302)     (302)        49      49 

Net income

           7,586   7,586            7,455   7,455 

Balance, ending

 $144  $66,641  $(12,319) $57,182  $111,648  $147  $68,422  $(12,336) $40,865  $97,098 

 

(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 thirty-nine weeks ended October 28, 2023 and October 29, 2022 (in thousands):

 

  

For the thirty-nine weeks ended October 28, 2023

  

For the thirty-nine weeks ended October 29, 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 

Issuance of Restricted Stock

                  -                     

Shares issued under employee stock plans

  4   2,436         2,440   2   1,004         1,006 

Stock-based compensation

     1,121         1,121      1,175         1,175 

Shares withheld in lieu of tax withholdings

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

Share Repurchase

  (6)  (3,146)     (12,087)  (15,239)  (16)  (7,073)     (17,083)  (24,172)

Other

           196   196      4      (28)  (24)

Dividend

           (22,049)  (22,049)              - 

Other comprehensive (loss) income

        (45)     (45)        134      134 

Net income

           30,532   30,532            27,475   27,475 

Balance, ending

 $144  $66,641  $(12,319) $57,182  $111,648  $147  $68,422  $(12,336) $40,865  $97,098 

 

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

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

 

For the thirty-nine weeks ended October 28, 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 thirteen and thirty-nine weeks ended October 28, 2023, the Company utilized $4.0 million in cash to repurchase 146,028 shares and utilized $15.2 million in cash to repurchase 672,734 shares, respectively, 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.