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Earnings Per Share

9 Months Ended

Oct. 30, 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:

		October 30,				January 30,
		2022				2022

Restricted shares			135				60
RSUs and PSUs			139				78
			274				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 nine-month period, we purchased and retired 598,000 shares of our common stock (at an average price of $15.63 per share) under the $20 million share repurchase authorization approved by our board of directors in the second 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 third quarter and year-to-date periods shown below.

The following table sets forth the computation of basic and diluted earnings/(loss) per share:

		Thirteen Weeks Ended								Thirty-Nine Weeks Ended
		October 30,				October 31,				October 30,				October 31,
		2022				2021				2022				2021

Net income/(loss)		$	4,841			$	(1,219	)		$	13,566			$	15,691
Less: Unvested participating restricted stock dividends			28				11				74				34
Net earnings allocated to unvested participating restricted stock			58				-				141				84
Earnings/(Loss) available for common shareholders			4,755				(1,230	)			13,351				15,573

Weighted average shares outstanding for basic earnings per share			11,465				11,863				11,736				11,849
Dilutive effect of unvested restricted stock, RSU and PSU awards			60				-				102				168
Weighted average shares outstanding for diluted earnings per share			11,525				11,863				11,838				12,017

Basic earnings/(loss) per share		$	0.42			$	(0.10	)		$	1.16			$	1.32

Diluted earnings/(loss) per share		$	0.42			$	(0.10	)		$	1.14			$	1.30