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Stockholders' Equity
 9 Months Ended
Oct. 29, 2022
Earnings Per Share [Abstract]  
Stockholders' Equity

(9) Stockholders' Equity

Earnings per Share

Basic earnings per share is calculated by dividing net income by the weighted-average number of shares of common stock outstanding, reduced by the number of shares repurchased and held in treasury, during the period. Diluted earnings per share represents basic earnings per share adjusted to include the potentially dilutive effect of outstanding share option awards, nonvested share awards and nonvested share unit awards.

 

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

 

 

 

Thirteen Weeks Ended

 

 

Thirty-Nine Weeks Ended

 

 

 

October 29,

 

 

October 30,

 

 

October 29,

 

 

October 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income

 

$

12,877

 

 

$

21,863

 

 

$

29,489

 

 

$

50,036

 

Weighted-average shares of common stock outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

38,414

 

 

 

43,878

 

 

 

41,438

 

 

 

43,809

 

Dilutive effect of common stock equivalents

 

 

267

 

 

 

704

 

 

 

234

 

 

 

662

 

Diluted

 

 

38,681

 

 

 

44,582

 

 

 

41,672

 

 

 

44,471

 

Basic earnings per share

 

$

0.34

 

 

$

0.50

 

 

$

0.71

 

 

$

1.14

 

Diluted earnings per share

 

$

0.33

 

 

$

0.49

 

 

$

0.71

 

 

$

1.13

 

Restricted stock units considered anti-dilutive and excluded in the calculation

 

 

136

 

 

 

8

 

 

 

171

 

 

 

26

 

 

Repurchase Program

 

On March 24, 2022 the Company announced that its Board of Directors had authorized a share repurchase program (the “Repurchase Program”) to allow for the repurchase of up to $75.0 million of outstanding shares of the Company’s common stock, $0.01 par value per share commencing on March 31, 2022 (the “Commencement Date”). The Repurchase Program will terminate on the first anniversary of the Commencement Date. During the 13 weeks ended October 29, 2022, the Company repurchased approximately 1.2 million shares of its common stock for $10.4 million, utilizing cash on hand and available borrowings under our revolving credit facility. During the 39 weeks ended October 29, 2022 the Company repurchased approximately 6.5 million shares of its common stock for $62.4 million, utilizing cash on hand and available borrowings under our revolving credit facility. During the 13 weeks ended October 29, 2022 the Company has retired all repurchased stock.