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Note 8 - Stockholders' Equity
 9 Months Ended
Nov. 02, 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 November 2, 2024 and October 28, 2023 (in thousands):

 

  

For the thirteen weeks ended November 2, 2024

  

For the thirteen weeks ended October 28, 2023

 
                                         
  

Common

          

Retained

      

Common

          

Retained

     
  

stock

  

APIC (1)

  

AOCI (2)

  

earnings

  

Total

  

stock

  

APIC (1)

  

AOCI (2)

  

earnings

  

Total

 

Balance, beginning

 $136  $62,831  $(11,913) $74,737  $125,791  $145  $66,773  $(12,017) $52,965  $107,866 

Shares issued under employee stock plans

                  -       175           175 

Stock-based compensation

      346           346       363           363 

Shares withheld in lieu of tax withholdings

                  -                   - 

Share Repurchase

  (1)  (666)      (4,166)  (4,833)  (1)  (670)      (3,369)  (4,040)

Cash Dividends

           (2,704)  (2,704)                  - 

Other

                  -                   - 

Other comprehensive income (loss)

          102       102           (302)      (302)

Net income

           9,871   9,871            7,586   7,586 

Balance, ending

 $135  $62,511  $(11,811) $77,738  $128,573  $144  $66,641  $(12,319) $57,182  $111,648 

 

(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 November 2, 2024 and October 28, 2023 (in thousands):

 

  

For the thirty-nine weeks ended November 2, 2024

  

For the thirty-nine weeks ended October 28, 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 

Issuance of Restricted Stock

                  -                     

Shares issued under employee stock plans

  2   1,094           1,096   4   2,436           2,440 

Stock-based compensation

      1,016           1,016       1,121           1,121 

Shares withheld in lieu of tax withholdings

  (1)  (2,089)          (2,090)  (2)  (3,638)          (3,640)

Share Repurchase

  (8)  (3,840)      (19,333)  (23,181)  (6)  (3,146)      (12,087)  (15,239)

Other

              (39)  (39)              196   196 

Dividend

              (8,269)  (8,269)              (22,049)  (22,049)

Other comprehensive income (loss)

          271       271           (45)      (45)

Net income

              30,107   30,107               30,532   30,532 

Balance, ending

 $135  $62,511  $(11,811) $77,738  $128,573  $144  $66,641  $(12,319) $57,182  $111,648 

 

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

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

 

During the thirteen and thirty-nine weeks ended November 2, 2024, the Company utilized $4.8 million in cash to repurchase 147,917 shares and utilized $23.0 million in cash to repurchase 832,944 shares, respectively.  During the quarter, the Company repurchased shares under two separate stock repurchase programs.  For the thirteen weeks ending November 2, 2024, the company repurchased 73,274 shares utilizing $2.0 million in cash under the Company's $50.0 million stock repurchase program that was authorized by its Board of Directors on August 31, 2022 (the "August 2022 Stock Repurchase Program").  On September 11, 2024, the Company announced that its Board of Directors terminated the August 2022 Stock Repurchase Program and authorized a new share repurchase program of up to $100 million (the “September 2024 Stock Repurchase Program”).  During the thirteen weeks ended November 2, 2024,  the Company utilized $2.8 million in cash to repurchase 74,643 shares under the September 2024 Stock Repurchase Program.  Since the end of the third fiscal quarter, the Company utilized $0.2 million in cash to repurchase 5,288 shares leaving $97.0 millionavailable under the September 2024 Stock Repurchase Program.  For the thirteen and thirty-nine weeks ended November 2, 2024, the Company's Board of Directors authorized cash dividends to shareholders of $2.7 million and $8.3 million, respectively.  Additionally, on November 12, 2024, the Board of Directors declared a quarterly cash dividend of $0.20 per share on the issued and outstanding common stock of the company. The dividend will be paid on January 9, 2025, to all stockholders of record as of November 27, 2024.

 

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 the Company utilized $15.2 million in cash to repurchase 672,734 shares under the August 2022 Stock Repurchase Program. 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.