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EARNINGS PER SHARE | 12 Months Ended
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Feb. 02, 2025
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 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 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. For the PSUs issued under the Company’s 2024 Plan in fiscal 2025, one target is the Company’s annual EPS growth over the performance period and the other target is the Company’s total shareholder return during the performance period compared to the Company’s peer group. 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:
|  | February 2, |  |  | January 28, |  |  | January 29, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Restricted shares |  |  | 151,417 |  |  |  | 181,785 |  |  |  | 132,304 |
RSUs and PSUs |  |  | 114,700 |  |  |  | 139,666 |  |  |  | 100,969 |
|  |  | 266,117 |  |  |  | 321,451 |  |  |  | 233,273 |
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 fiscal 2024. 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:
|  | 53 Weeks Ended |  |  | 52 Weeks Ended |  |  | 52 Weeks Ended |
|  | February 2, |  |  | January 28, |  |  | January 29, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Net (loss) / income |  | $ | (12,507 | ) |  | $ | 9,865 |  |  | $ | (4,312 | )
Less: Dividends on unvested restricted shares |  |  | 159 |  |  |  | 153 |  |  |  | 103 |
Net earnings allocated to unvested restricted stock |  |  | - |  |  |  | 156 |  |  |  | - |
Earnings available for common shareholders |  | $ | (12,666 | ) |  | $ | 9,556 |  |  | $ | (4,415 | )
Weighted average shares outstanding for basic earnings per share |  |  | 10,525 |  |  |  | 10,684 |  |  |  | 11,593 |
Dilutive effect of unvested restricted stock awards |  |  | * |  |  |  | 154 |  |  |  | * |
Weighted average shares outstanding for diluted earnings per share |  |  | 10,525 |  |  |  | 10,838 |  |  |  | 11,593 |
Basic (loss) / earnings per share |  | $ | (1.19 | ) |  | $ | 0.91 |  |  | $ | (0.37 | )
Diluted (loss) / earnings per share |  | $ | (1.19 | ) |  | $ | 0.91 |  |  | $ | (0.37 | )
| * | Due to net loss in fiscal 2025 and 2023, approximately 186,000 and 117,000 shares, respectively, would have been antidilutive and are therefore excluded from the calculation of earnings per share.

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