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Stockholders' Equity
 9 Months Ended
Oct. 27, 2023
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 “2022 Share Repurchase Program”). Under the 2022 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 2022 Share Repurchase Program may be suspended or discontinued at any time. As of October 27, 2023, additional purchases of up to $31.8 million could be made under the 2022 Share Repurchase Program.

The following table summarizes the Company’s share repurchases through October 27, 2023:

 

 

 

13 Weeks Ended

 

 

39 Weeks Ended

 

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

 

October 27, 2023

 

 

October 28, 2022

 

 

October 27, 2023

 

 

October 28, 2022

 

Number of shares repurchased

 

 

346

 

 

 

204

 

 

 

1,179

 

 

 

416

 

Total cost

 

$

2,992

 

 

$

2,873

 

 

$

9,764

 

 

$

5,226

 

Average per share cost

 

$

8.65

 

 

$

14.06

 

 

$

8.28

 

 

$

12.55

 

 

The Company retired all shares that were repurchased through the 2022 Share Repurchase Program during the 39 weeks ended October 27, 2023. 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 (Accumulated deficit) 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 (Accumulated deficit) Retained earnings. Shares purchased at a price less than that of initial issuance is charged only against Additional paid-in capital. In addition, the total cost of the broker commissions is charged directly to (Accumulated deficit) Retained earnings. No amount was charged to (Accumulated deficit) Retained earnings for the shares retired during the 13 and 39 weeks ended October 27, 2023.