Shareholders' Equity |
6. Shareholders’ Equity: From time to time, we repurchase our common stock mainly through open market repurchase plans. During the Third Quarter of Fiscal 2023 and First Nine Months of 2023, we repurchased 10,000 and 196,000 shares of our common stock, respectively, as part of an open market repurchase program at a cost of $1 million and $20 million, respectively. The 10,000 shares repurchased during the Third Quarter of Fiscal 2023 completed the open market repurchase program. During the Third Quarter of Fiscal 2022 and First Nine Months of Fiscal 2022, we repurchased 146,000 and 976,000 shares of our common stock, respectively, at a cost of $14 million and $87 million, respectively. The excise taxes included in the cost of shares repurchased during Fiscal 2023 was not material. We also repurchase shares from our employees to cover employee tax liabilities related to the vesting of shares of our common stock. During the First Nine Months of Fiscal 2023 and the First Nine Months of Fiscal 2022, we repurchased $10 million and $3 million of shares, respectively, from our employees to cover employee tax liabilities related to the vesting of shares of our common stock. The following tables detail the changes (in thousands) in our common stock, additional paid-in capital ("APIC"), retained earnings and accumulated other comprehensive (loss) income ("AOCI"), for each period presented. | | | | | | | | | | | | | | | | | | Fiscal 2022 | | | Common Stock | | APIC | | Retained Earnings | | AOCI | | Total | January 29, 2022 | | $ | 16,805 | | $ | 163,156 | | $ | 331,175 | | $ | (3,472) | | $ | 507,664 | Comprehensive income | | | — | | | — | | | 57,408 | | | 477 | | | 57,885 | Shares issued under equity plans | | | 5 | | | 387 | | | — | | | — | | | 392 | Compensation expense for equity awards | | | — | | | 2,725 | | | — | | | — | | | 2,725 | Repurchase of shares | | | (526) | | | (3,131) | | | (42,375) | | | — | | | (46,032) | Dividends declared | | | — | | | — | | | (9,214) | | | — | | | (9,214) | April 30, 2022 | | $ | 16,284 | | $ | 163,137 | | $ | 336,994 | | $ | (2,995) | | $ | 513,420 | Comprehensive income | | | — | | | — | | | 56,612 | | | (125) | | | 56,487 | Shares issued under equity plans | | | 15 | | | 475 | | | — | | | — | | | 490 | Compensation expense for equity awards | | | — | | | 2,527 | | | — | | | — | | | 2,527 | Repurchase of shares | | | (339) | | | — | | | (29,475) | | | — | | | (29,814) | Dividends declared | | | — | | | — | | | (9,094) | | | — | | | (9,094) | July 30, 2022 | | $ | 15,960 | | $ | 166,139 | | $ | 355,037 | | $ | (3,120) | | $ | 534,016 | Comprehensive income | | | — | | | — | | | 19,666 | | | (450) | | | 19,216 | Shares issued under equity plans | | | 1 | | | 379 | | | — | | | — | | | 380 | Compensation expense for equity awards | | | — | | | 2,545 | | | — | | | — | | | 2,545 | Repurchase of shares | | | (146) | | | — | | | (13,977) | | | — | | | (14,123) | Dividends declared | | | — | | | — | | | (8,995) | | | — | | | (8,995) | October 29, 2022 | | $ | 15,815 | | $ | 169,063 | | $ | 351,731 | | $ | (3,570) | | $ | 533,039 | Comprehensive income | | | — | | | — | | | 32,049 | | | 1,746 | | | 33,795 | Shares issued under equity plans | | | 5 | | | 332 | | | — | | | — | | | 337 | Compensation expense for equity awards | | | — | | | 2,780 | | | — | | | — | | | 2,780 | Repurchase of shares | | | (46) | | | — | | | (4,824) | | | — | | | (4,870) | Dividends declared | | | — | | | — | | | (8,811) | | | — | | | (8,811) | January 28, 2023 | | $ | 15,774 | | $ | 172,175 | | $ | 370,145 | | $ | (1,824) | | $ | 556,270 |
| | | | | | | | | | | | | | | | | | First Nine Months Fiscal 2023 | | | Common Stock | | APIC | | Retained Earnings | | AOCI | | Total | January 28, 2023 | | $ | 15,774 | | $ | 172,175 | | $ | 370,145 | | $ | (1,824) | | $ | 556,270 | Comprehensive income | | | — | | | — | | | 58,538 | | | (604) | | | 57,934 | Shares issued under equity plans | | | 6 | | | 596 | | | — | | | — | | | 602 | Compensation expense for equity awards | | | — | | | 3,259 | | | — | | | — | | | 3,259 | Repurchase of shares | | | — | | | — | | | — | | | — | | | — | Dividends declared | | | — | | | — | | | (10,640) | | | — | | | (10,640) | April 29, 2023 | | $ | 15,780 | | $ | 176,030 | | $ | 418,043 | | $ | (2,428) | | $ | 607,425 | Comprehensive income | | | — | | | — | | | 51,453 | | | 319 | | | 51,772 | Shares issued under equity plans | | | 130 | | | 358 | | | — | | | — | | | 488 | Compensation expense for equity awards | | | — | | | 4,249 | | | — | | | — | | | 4,249 | Repurchase of shares | | | (280) | | | (9,848) | | | (18,800) | | | — | | | (28,928) | Dividends declared | | | — | | | — | | | (10,377) | | | — | | | (10,377) | July 29, 2023 | | $ | 15,630 | | $ | 170,789 | | $ | 440,319 | | $ | (2,109) | | $ | 624,629 | Comprehensive income | | | — | | | — | | | 10,782 | | | (888) | | | 9,894 | Shares issued under equity plans | | | 5 | | | 415 | | | — | | | — | | | 420 | Compensation expense for equity awards | | | — | | | 3,526 | | | — | | | — | | | 3,526 | Repurchase of shares | | | (10) | | | — | | | (1,056) | | | — | | | (1,066) | Dividends declared | | | — | | | — | | | (10,290) | | | — | | | (10,290) | October 28, 2023 | | $ | 15,625 | | $ | 174,730 | | $ | 439,755 | | $ | (2,997) | | $ | 627,113 |
Long-Term Stock Incentive Plan and Equity Compensation Expense In recent years, we have granted a combination of service-based restricted share awards and awards based on relative total shareholder return ("TSR") to certain select employees. Service-Based Restricted Share Awards The table below summarizes the service-based restricted share awards, including both restricted shares and restricted share units, activity for the First Nine Months of Fiscal 2023: | | | | | | | | | First Nine Months of Fiscal 2023 | | | | | | Weighted- | | | | Number of | | average | | | | Shares or | | grant date | | | | Units | | fair value | | Awards outstanding at beginning of year | | 212,945 | | $ | 64 | | Awards granted | | 60,105 | | $ | 115 | | Awards vested, including awards repurchased from employees for employees’ tax liability | | (111,095) | | $ | 41 | | Awards forfeited | | (2,670) | | $ | 80 | | Awards outstanding on October 28, 2023 | | 159,285 | | $ | 99 | |
TSR-based Restricted Share Units The table below summarizes the TSR-based restricted share unit activity at target for the First Nine Months of Fiscal 2023: | | | | | | | | | First Nine Months of Fiscal 2023 | | | | | | Weighted- | | | | | | average | | | | Number of | | grant date | | | | Share Units | | fair value | | TSR-based awards outstanding at beginning of year | | 196,040 | | $ | 89 | | TSR-based awards granted | | 74,605 | | $ | 153 | | TSR-based restricted shares earned and vested, including restricted share units repurchased from employees for employees’ tax liability | | (76,340) | | $ | 50 | | TSR-based awards forfeited | | (550) | | $ | 113 | | TSR-based awards outstanding on October 28, 2023 | | 193,755 | | $ | 129 | |
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