Annual report pursuant to section 13 and 15(d)

Treasury Stock

v2.4.0.6
Treasury Stock
12 Months Ended
Jan. 28, 2012
Treasury Stock [Abstract]  
TREASURY STOCK
8.

TREASURY STOCK

In January 2011, the Board of Directors approved a $150.0 million share repurchase program for our common stock, which amended and increased the Company’s then existing $100.0 million share repurchase program authorized in August 2007.

No shares were repurchased under the Board authorizations during fiscal 2009 or 2010. During fiscal 2011, 2,322,340 shares at a cost of $63.8 million were repurchased at an average price per share of $27.47 under the Board authorization. At January 28, 2012, the remaining balance available under the Board authorization was $86.2 million. Subsequent to January 28, 2012 and through March 20, 2012, we have purchased 861,484 shares for $33.6 million at an average price per share of $39.01 under the Board authorization.

 

During fiscal 2011, 2010 and 2009, 7,132 shares, 7,134 shares and 7,292 shares, respectively, at a cost of $0.2 million, $0.1 million and $0.1 million, respectively, were repurchased at an average price per share of $27.77, $20.24 and $12.29, respectively, in private transactions to satisfy tax withholding obligations arising upon the vesting of certain restricted stock.

The following table summarizes our total treasury share repurchases during fiscal 2011, 2010 and 2009 (in thousands, except share data and average price per share):

 

                         
    Shares     Cost     Average Price
Per Share
 

Total shares repurchased during fiscal 2011

    2,329,472     $ 63,988     $ 27.47  

Total shares repurchased during fiscal 2010

    7,134     $ 144     $ 20.24  

Total shares repurchased during fiscal 2009

    7,292     $ 90     $ 12.29  

The following table shows the change in our treasury shares during fiscal 2011 and 2010:

 

         
    Treasury
Shares
 

Balance, January 30, 2010

    18,111,602  

Treasury stock issued to profit sharing plan

    (386

Purchases of treasury stock

    7,134  
   

 

 

 

Balance, January 29, 2011

    18,118,350  

Purchases of treasury stock

    2,329,472  
   

 

 

 

Balance, January 28, 2012

    20,447,822  
   

 

 

 

The total cost of the 20,447,822 shares of treasury stock held at January 28, 2012 was $476.7 million or an average price of $23.32 per share. The total cost of the 18,118,350 shares of treasury stock held at January 29, 2011 was $412.8 million or an average price of $22.78 per share.