XML 29 R20.htm IDEA: XBRL DOCUMENT

Earnings Per Share

6 Months Ended

Jul. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

12. Earnings Per Share

We refer you to the discussion of Earnings Per Share in Note 2. Summary of Significant Accounting Policies, in the financial statements included in our 2022 Annual Report, for additional information concerning the calculation of earnings per share.

All stock awards are designed to encourage retention and to provide an incentive for increasing shareholder value. We have issued restricted stock awards to non-employee members of the board of directors since 2006 and to certain non-executive employees since 2014. We have issued restricted stock units (“RSUs”) to certain senior executives since fiscal 2012 under the Company’s Stock Incentive Plan. Each RSU entitles an executive to receive one share of the Company’s common stock if the executive remains continuously employed with the Company through the end of a three-year service period. The RSUs may be paid in shares of our common stock, cash or both at the discretion of the Compensation Committee of our board of directors. We have issued Performance-based Restricted Stock Units (“PSUs”) to certain senior executives since fiscal 2019 under the Company’s Stock Incentive Plan. Each PSU entitles the executive officer to receive one share of our common stock based on the achievement of two specified performance conditions if the executive officer remains continuously employed through the end of the three-year performance period. One target is based on our annual average growth in our EPS over the performance period and the other target is based on EPS growth over the performance period compared to our peers. The payout or settlement of the PSUs will be made in shares of our common stock.

We expect to continue to grant these types of awards annually in the future. The following table sets forth the number of outstanding restricted stock awards and RSUs and PSUs, net of forfeitures and vested shares, as of the fiscal period-end dates indicated:

		July 31,				January 30,
		2022				2022

Restricted shares			143				60
RSUs and PSUs			139				78
			282				138

All restricted shares, RSUs and PSUs awarded that have not yet vested are considered when computing diluted earnings per share.

During the fiscal 2023 second quarter, we purchased and retired 68,400 shares of our common stock (at an average price of $16.59 per share) under the $20 million share repurchase authorization approved by our board of directors earlier this quarter. These repurchases reduced our total outstanding shares and, consequently, reduced the weighted outstanding shares used in our calculation of earnings per share for the fiscal 2023 second quarter and year-to-date periods shown below. Through September 7, 2022, we have purchased a total of 362,000 shares at a total cost of $5.9 million.

The following table sets forth the computation of basic and diluted earnings per share:

		Thirteen Weeks Ended								Twenty-Six Weeks Ended
		July 31,				August 1,				July 31,				August 1,
		2022				2021				2022				2021

Net income		$	5,543			$	7,467			$	8,726			$	16,910
Less: Unvested participating restricted stock dividends			27				12				46				23
Net earnings allocated to unvested participating restricted stock			63				43				85				92
Earnings available for common shareholders			5,453				7,412				8,595				16,795

Weighted average shares outstanding for basic earnings per share			11,876				11,850				11,871				11,842
Dilutive effect of unvested restricted stock, RSU and PSU awards			59				143				89				143
Weighted average shares outstanding for diluted earnings per share			11,935				11,993				11,960				11,985

Basic earnings per share		$	0.47			$	0.63			$	0.74			$	1.42

Diluted earnings per share		$	0.46			$	0.62			$	0.73			$	1.40