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Stockholders’ Equity
 6 Months Ended
Jul. 29, 2022
Stockholders Equity Note [Abstract]  
Stockholders' Equity

NOTE 7. STOCKHOLDERS’ EQUITY

 

Share Repurchase Program

 

On June 28, 2022, the Company announced that its Board of Directors authorized the Company to repurchase up to $50.0 million of the Company’s common stock through February 2, 2024 (the “Share Repurchase Program”). Under the Share Repurchase Program, the Company may repurchase its common stock through open market purchases, in privately negotiated transactions, or by other means in accordance with federal securities laws, including Rule 10b-18 of the Exchange Act. The amount and timing of purchases will be determined by the Company’s management depending upon market conditions and other factors and may be made pursuant to a Rule 10b5-1 trading plan. The Share Repurchase Program may be suspended or discontinued at any time. As of July 29, 2022, additional purchases of up to $47.6 million could be made under the Share Repurchase Program.

 

The following table summarizes the Company’s share repurchases through July 29, 2022:

 

 

 

13 Weeks Ended

 

 

26 Weeks Ended

 

(Shares and $ in thousands except average per share cost)

 

July 29, 2022

 

 

July 30, 2021

 

 

July 29, 2022

 

 

July 30, 2021

 

Number of shares repurchased

 

 

212

 

 

 

—

 

 

 

212

 

 

 

—

 

Total cost

 

$

2,353

 

 

 

—

 

 

$

2,353

 

 

 

—

 

Average per share cost

 

$

11.10

 

 

 

—

 

 

$

11.10

 

 

 

—

 

 

The Company retired all shares that were repurchased through the Share Repurchase Program during Second Quarter 2022.  In accordance with the FASB ASC 505—Equity, the par value of the shares retired was charged against Common stock and the remaining purchase price was allocated between Additional paid-in capital and Retained earnings. The portion charged against Additional paid-in capital is determined based on the Additional paid-in capital per share amount recorded in the initial issuance of the shares with the remaining to Retained earnings. The total cost of the broker commissions is charged directly to Retained earnings. For all shares retired in the Second Quarter 2022, $0.1 million was charged to Retained earnings.