Annual report pursuant to Section 13 and 15(d)

SHARE REPURCHASES, TREASURY STOCK AND NON-CONTROLLING INTEREST

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SHARE REPURCHASES, TREASURY STOCK AND NON-CONTROLLING INTEREST
12 Months Ended
Jan. 28, 2017
SHARE REPURCHASES, TREASURY STOCK AND NON-CONTROLLING INTEREST  
SHARE REPURCHASES, TREASURY STOCK AND NON-CONTROLLING INTEREST

12.  SHARE REPURCHASES, TREASURY STOCK AND NON-CONTROLLING INTEREST

Share Repurchases 

In March 2013, the Board approved a share repurchase program for our common stock.  At January 28, 2017, the remaining balance available under the authorization was $48.0 million.  During fiscal 2016, 2015, and 2014, no shares were repurchased in open market transactions under the Board’s authorization.

During fiscal 2015 and 2014, 5,799 and 5,349 shares, respectively, were repurchased in private transactions to satisfy minimum tax withholding obligations arising upon the vesting of certain restricted stock.

Treasury Stock

The following table shows the change in our treasury shares during fiscal 2016 and 2015:

 

 

 

 

 

 

Treasury

 

 

    

Shares

 

Balance, January 31, 2015

 

129,095

 

Reissuance of common stock

 

(8,804)

 

Balance, January 30, 2016

 

120,291

 

Retirement of common stock

 

(120,291)

 

Balance, January 28, 2017

 

 —

 

The total cost of the 120,291 shares of treasury stock held at January 30, 2016 was $3.0 million or an average price of $24.73 per share. During 2016, as part of the Reorganization, all treasury shares were canceled.

Non-Controlling Interest

In September 2014, we exercised our option and completed the purchase of the remaining 14% interest in our UK operations from the minority interest holders.  As a result, we eliminated the non-controlling interest balance and recorded an increase in capital in excess of par of $7.2 million less the $6.7 million in cash consideration paid to the former minority interest holders.