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STOCKHOLDERS' EQUITY | 6 Months Ended
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Jul. 29, 2023
Stockholders' Equity Note [Abstract] |
STOCKHOLDERS’ EQUITY | STOCKHOLDERS’ EQUITY Share Repurchase Program In November 2021, the Board of Directors authorized a $250.0 million share repurchase program (the “Share Repurchase Program”). Under this program, the Company may repurchase shares on the open market at current market prices at the time of purchase or in privately negotiated transactions. The timing and actual number of shares repurchased under the program will depend on a variety of factors, including price, corporate and regulatory requirements, and other market and business conditions. The Company may suspend or discontinue the program at any time and may thereafter reinstitute purchases, all without prior announcement. As of July 29, 2023, there was $157.4 million remaining availability under the Share Repurchase Program. Pursuant to the Company’s practice, including due to restrictions imposed by the Company’s insider trading policy during black-out periods, the Company withholds and repurchases shares of vesting stock awards and makes payments to taxing authorities as required by law to satisfy the withholding tax requirements of all equity award recipients. The Company’s payment of the withholding taxes in exchange for the surrendered shares constitutes a repurchase of its common stock. The Company also acquires shares of its common stock in conjunction with liabilities owed under the Company’s deferred compensation plan, which are held in treasury. The following table summarizes the Company’s share repurchases:
|  | Twenty-six Weeks Ended
|  | July 29, 2023 |  | July 30, 2022
|  | Shares |  | Amount |  | Shares |  | Amount
|  | (in thousands)
Share repurchases related to: |  |  |  |  |  |  |  |
Share repurchase program |  | 203 |  |  | $ | 6,964 |  |  | 1,147 |  |  | $ | 61,230 |
Shares acquired and held in treasury |  | 4 |  |  | $ | 148 |  |  | 3 |  |  | $ | 144 |
In accordance with the FASB ASC 505—Equity, the par value of the shares retired is charged against Common stock and the remaining purchase price is allocated between Additional paid-in capital and Retained earnings (deficit). The portion charged against Additional paid-in capital is determined using a pro-rata allocation based on total shares outstanding. For all shares retired in Year-To-Date 2023 and Year-To-Date 2022, $2.8 million and $38.9 million was charged to Retained earnings (deficit), respectively. Dividends Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Company’s Board of Directors based on a number of factors, including business and market conditions, the Company’s financial performance, and other investment priorities.

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