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Stockholders' Equity
 9 Months Ended
Oct. 28, 2023
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 share for the periods presented:

 

 

Thirteen Weeks Ended

 

 

Thirty-Nine Weeks Ended

 

 

October 28,

 

 

October 29,

 

 

October 28,

 

 

October 29,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net (loss) income

 

$

(1,331

)

 

$

12,877

 

 

$

(20,258

)

 

$

29,489

 

Weighted average shares of common stock outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

37,393

 

 

 

38,414

 

 

 

37,500

 

 

 

41,438

 

Dilutive effect of common stock equivalents

 

 

—

 

 

 

267

 

 

 

—

 

 

 

234

 

Diluted

 

 

37,393

 

 

 

38,681

 

 

 

37,500

 

 

 

41,672

 

Basic (loss) earnings per share

 

$

(0.04

)

 

$

0.34

 

 

$

(0.54

)

 

$

0.71

 

Diluted (loss) earnings per share

 

$

(0.04

)

 

$

0.33

 

 

$

(0.54

)

 

$

0.71

 

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

 

 

483

 

 

 

136

 

 

 

354

 

 

 

171

 

 

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. On March 15, 2023, the Company's Board of Directors extended the term of the Repurchase Program through March 31, 2024. During the 13 weeks ended October 28, 2023, the Company did not repurchase any shares of its common stock. During the 39 weeks ended October 28, 2023, the Company repurchased approximately 0.5 million shares of its common stock for $2.7 million, utilizing cash on hand and available borrowings under its Revolving Line of Credit. The Company has retired all repurchased stock.