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EARNINGS PER SHARE

12 Months Ended

Jan. 28, 2024

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 16 – EARNINGS PER SHARE

We refer you to the Earnings Per Share disclosure in Note 2-Summary of Significant Accounting Policies, above, for more detailed 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:

		January 28,				January 29,				January 30,
		2024				2023				2022

Restricted shares			181,785				132,304				59,500
RSUs and PSUs			139,666				100,969				77,841
			321,451				233,273				137,341

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

During fiscal 2024, we purchased and retired 620,634 shares of our common stock (at an average price of $18.79 per share) under the $20 million share repurchase authorization approved by our board of directors in fiscal 2023 and the additional $5 million share repurchase authorization approved by our board of directors in the second quarter of this year. These repurchases reduced our total outstanding shares and, consequently, reduced the weighted outstanding shares used in our calculation of earnings per share for fiscal 2024 shown below. The share repurchase program was completed during the fiscal 2024 third quarter.

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

		Fifty-Two Weeks Ended
		January 28,				January 29,				January 30,
		2024				2023				2022

Net income/(loss)		$	9,865			$	(4,312	)		$	11,718
Less: Dividends on unvested restricted shares			153				103				46
Net earnings allocated to unvested restricted stock			156				-				61
Earnings available for common shareholders		$	9,556			$	(4,415	)		$	11,611

Weighted average shares outstanding for basic earnings per share			10,684				11,593				11,852
Dilutive effect of unvested restricted stock awards			154			*					118
Weighted average shares outstanding for diluted earnings per share			10,838				11,593				11,970

Basic earnings/(loss) per share		$	0.91			$	(0.37	)		$	0.99

Diluted earnings/(loss) per share		$	0.91			$	(0.37	)		$	0.97

*Due to net loss in fiscal 2023, approximately 117,000 shares would have been antidilutive and are therefore excluded from the calculation of earnings per share, respectively.