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Equity
 12 Months Ended
Jan. 31, 2026
Equity [Abstract]  
Equity

Note 10

Equity

Non-Redeemable Preferred Stock

 

 

 

 

Number of Shares

 

Amounts in Thousands

 

 

 

 

As of Fiscal Year End

 

As of Fiscal Year End

 

Class

Shares Authorized

 

2026

 

2025

 

2024

 

2026

 

2025

 

2024

 

Employees’ Subordinated Convertible Preferred

 

5,000,000

 

 

27,830

 

 

27,845

 

 

27,845

 

$

835

 

$

835

 

$

836

 

Stated Value of Issued Shares

 

 

 

 

 

 

 

 

 

835

 

 

835

 

 

836

 

Employees’ Preferred Stock Purchase Accounts

 

 

 

 

 

 

 

 

 

—

 

 

—

 

 

(23

)

Total Non-Redeemable Preferred Stock

 

 

 

 

 

 

 

 

$

835

 

$

835

 

$

813

 

 

Note 10

Equity, Continued

Employees’ Subordinated Convertible Preferred Stock:

Stated and liquidation values are 88 times the average quarterly per share dividend paid on common stock for the previous eight quarters (if any), but in no event less than $30 per share. Each share of this issue of preferred stock is convertible into one share of common stock and has one vote per share.

 

Subordinated Serial Preferred Stock:

Our charter permits the Board of Directors to issue Subordinated Serial Preferred Stock (3,000,000 shares, in aggregate, are authorized) in as many series, each with as many shares and such rights and preferences as the Board may designate. We have shares authorized for $2.30 Series 1, $4.75 Series 3, $4.75 Series 4, Series 6 and $1.50 Subordinated Cumulative Preferred stocks in amounts of 64,368 shares, 40,449 shares, 53,764 shares, 800,000 shares and 5,000,000 shares, respectively. All of these preferred stocks were mandatorily redeemed by us in Fiscal 2014. As a result, there are no outstanding shares for any preferred issues of stock other than Employees' Subordinated Convertible Preferred stock shown in the table above.

Common Stock:

Common stock-$1 par value. Authorized: 80,000,000 shares; issued: January 31, 2026 – 11,277,257 shares; February 1, 2025 – 11,773,352 shares. There were 488,464 shares held in treasury as of January 31, 2026 and February 1, 2025, respectively. Each outstanding share is entitled to one vote. At January 31, 2026, common shares were reserved as follows: 27,830 shares for conversion of preferred stock and 766,794 shares for the 2020 Plan.

For the year ended January 31, 2026, shares of common stock were issued as follows: (i) 143,178 restricted shares as part of the 2020 Plan; (ii) 43,144 shares to directors in exchange for their services; (iii) 64,529 shares withheld for taxes on restricted stock vested in Fiscal 2026; (iv) 13,372 shares of restricted stock forfeited in Fiscal 2026 and (v) 15 shares were issued in miscellaneous conversions of Employees’ Subordinated Convertible Preferred Stock. In addition, the Company repurchased and retired 604,531 shares of common stock at an average weighted market price of $20.79 for a total of $12.6 million.

For the year ended February 1, 2025, shares of common stock were issued as follows: (i) 301,222 restricted shares as part of the 2020 Plan; (ii) 36,320 shares to directors in exchange for their services; (iii) 89,942 shares withheld for taxes on restricted stock vested in Fiscal 2025; and (iv) 35,408 shares of restricted stock forfeited in Fiscal 2025. In addition, we repurchased and retired 399,633 shares of common stock at an average weighted market price of $24.49 for a total of $9.8 million.

For the year ended February 3, 2024, shares of common stock were issued as follows: (i) 257,744 restricted shares as part of the 2020 Plan; (ii) 38,284 shares to directors in exchange for their services; (iii) 86,179 shares withheld for taxes on restricted stock vested in Fiscal 2024; (iv) 76,633 shares of restricted stock forfeited in Fiscal 2024; and (v) 90 shares were issued in miscellaneous conversions of Employees’ Subordinated Convertible Preferred Stock. In addition, we repurchased and retired 1,261,295 shares of common stock at an average weighted market price of $25.39 for a total of $32.0 million.

 

Note 10

Equity, Continued

 

Restrictions on Dividends and Redemptions of Capital Stock:

Our charter provides that no dividends may be paid and no shares of capital stock acquired for value if there are dividend or redemption arrearages on any senior or equally ranked stock. We do not pay dividends and therefore, there are no redemption arrearages. Exchanges of subordinated serial preferred stock for common stock or other stock junior to such exchanged stock are permitted.