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Note 8 - Stockholders' Equity
 3 Months Ended
May 04, 2024
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 May 4, 2024 and April 29, 2023 (in thousands):

 

  

For the thirteen weeks ended May 4, 2024

  

For the thirteen weeks ended April 29, 2023

 
                                         
  

Common

          

Retained

      

Common

          

Retained

     
  

stock

  

APIC (1)

  

AOCI (2)

  

earnings

  

Total

  

stock

  

APIC (1)

  

AOCI (2)

  

earnings

  

Total

 

Balance, beginning

 $142  $66,330  $(12,082) $75,272  $129,662  $148  $69,868  $(12,274) $61,375  $119,117 

Adoption of new accounting standard

                          (785)  (785)

Subtotal

 $142  $66,330  $(12,082) $75,272  $129,662  $148  $69,868  $(12,274) $60,590  $118,332 

Shares issued under employee stock plans

  1   1,094          1,095   2   691   -   -   693 

Stock-based compensation

     334         334   -   389   -   -   389 

Shares withheld in lieu of tax withholdings

     (2,089)        (2,089)  -   -   -   -   - 

Share Repurchase

  (4)  (1,604)     (7,591)  (9,199)  (1)  (624)  -   (2,474)  (3,099)

Cash Dividends

           (2,810)  (2,810)  -   -   -   (22,048)  (22,048)

Other

           (40)  (40)  -   -   -   -   - 

Other comprehensive (loss) income

        (71)     (71)  -   -   97   -   97 

Net income

           11,459   11,459   -   -   -   14,608   14,608 

Balance, ending

 $139  $64,065  $(12,153) $76,290  $128,341  $149  $70,324  $(12,177) $50,676  $108,972 

 

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

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

 

During the thirteen weeks ended May 4, 2024, the Company utilized $9.2 million in cash to repurchase 343,406 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 quarterly cash dividend of $0.20 per share that was paid on April 11, 2024, to all stockholders of record as of March 28, 2024.

 

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 thirteen weeks ended April 29, 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.