Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 29, 2022 | Dec. 02, 2022 | |
Document Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 29, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-12951 | |
Entity Registrant Name | BUCKLE, INC | |
Entity Incorporation, State or Country Code | NE | |
Entity Tax Identification Number | 47-0366193 | |
Entity Address, Address Line One | 2407 West 24th Street | |
Entity Address, City or Town | Kearney | |
Entity Address, State or Province | NE | |
Entity Address, Postal Zip Code | 68845-4915 | |
City Area Code | 308 | |
Local Phone Number | 236-8491 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | BKE | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 50,091,866 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000885245 | |
Current Fiscal Year End Date | --01-28 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Oct. 29, 2022 | Jan. 29, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 302,180 | $ 253,970 |
Short-term investments | 22,902 | 12,926 |
Receivables | 16,074 | 12,087 |
Inventory | 152,335 | 102,095 |
Prepaid expenses and other assets | 12,370 | 10,128 |
Total current assets | 505,861 | 391,206 |
PROPERTY AND EQUIPMENT | 465,694 | 453,228 |
Less accumulated depreciation and amortization | (356,081) | (352,724) |
PROPERTY AND EQUIPMENT, Net | 109,613 | 100,504 |
OPERATING LEASE RIGHT-OF-USE ASSETS | 236,147 | 258,914 |
LONG-TERM INVESTMENTS | 19,579 | 19,352 |
OTHER ASSETS | 12,947 | 10,908 |
Total assets | 884,147 | 780,884 |
CURRENT LIABILITIES: | ||
Accounts payable | 74,028 | 59,950 |
Accrued employee compensation | 44,183 | 62,055 |
Accrued store operating expenses | 31,262 | 20,264 |
Gift certificates redeemable | 11,782 | 16,470 |
Current portion of operating lease liabilities | 78,850 | 88,273 |
Income taxes payable | 0 | 1,529 |
Total current liabilities | 240,105 | 248,541 |
DEFERRED COMPENSATION | 19,579 | 19,352 |
NON-CURRENT OPERATING LEASE LIABILITIES | 188,856 | 200,067 |
Total liabilities | 448,540 | 467,960 |
COMMITMENTS | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock, authorized 100,000,000 shares of $0.01 par value; 50,091,866 and 49,728,651 shares issued and outstanding at October 29, 2022 and January 29, 2022 respectively | 501 | 497 |
Additional paid-in capital | 175,821 | 167,328 |
Retained earnings | 259,285 | 145,099 |
Total stockholders’ equity | 435,607 | 312,924 |
Total liabilities and stockholders' equity | $ 884,147 | $ 780,884 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Oct. 29, 2022 | Jan. 29, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, authorized (shares) | 100,000,000 | 100,000,000 |
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued (shares) | 50,091,866 | 49,728,651 |
Common stock, shares outstanding (shares) | 50,091,866 | 49,728,651 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 30, 2021 | |
Income Statement [Abstract] | ||||
SALES, Net of returns and allowances | $ 332,341 | $ 319,432 | $ 943,381 | $ 913,677 |
COST OF SALES (Including buying, distribution, and occupancy costs) | 166,940 | 158,366 | 480,451 | 463,039 |
Gross profit | 165,401 | 161,066 | 462,930 | 450,638 |
OPERATING EXPENSES: | ||||
Selling | 74,148 | 67,771 | 209,376 | 190,827 |
General and administrative | 11,830 | 11,080 | 35,359 | 33,912 |
Total selling, general and administrative expenses | 85,978 | 78,851 | 244,735 | 224,739 |
INCOME FROM OPERATIONS | 79,423 | 82,215 | 218,195 | 225,899 |
OTHER INCOME, Net | 1,883 | 192 | 2,711 | 465 |
INCOME BEFORE INCOME TAXES | 81,306 | 82,407 | 220,906 | 226,364 |
INCOME TAX EXPENSE | 19,920 | 20,190 | 54,122 | 55,459 |
NET INCOME | $ 61,386 | $ 62,217 | $ 166,784 | $ 170,905 |
EARNINGS PER SHARE: | ||||
Basic (dollars per share) | $ 1.25 | $ 1.27 | $ 3.39 | $ 3.49 |
Diluted (dollars per share) | $ 1.24 | $ 1.26 | $ 3.37 | $ 3.46 |
Basic weighted average shares | 49,214 | 48,946 | 49,214 | 48,946 |
Diluted weighted average shares | 49,604 | 49,362 | 49,556 | 49,338 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings |
BALANCE (shares) at Jan. 30, 2021 | 49,407,731 | |||
BALANCE at Jan. 30, 2021 | $ 396,629 | $ 494 | $ 158,058 | $ 238,077 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
NET INCOME | 170,905 | 170,905 | ||
Dividends paid on common stock | (49,288) | (49,288) | ||
Issuance of non-vested stock, net of forfeitures (shares) | 375,650 | |||
Issuance of non-vested stock, net of forfeitures | $ 4 | (4) | ||
Amortization of non-vested stock grants, net of forfeitures | 7,558 | 7,558 | ||
BALANCE (shares) at Oct. 30, 2021 | 49,783,381 | |||
BALANCE at Oct. 30, 2021 | 525,804 | $ 498 | 165,612 | 359,694 |
BALANCE (shares) at Jul. 31, 2021 | 49,783,381 | |||
BALANCE at Jul. 31, 2021 | 477,552 | $ 498 | 163,148 | 313,906 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
NET INCOME | 62,217 | 62,217 | ||
Dividends paid on common stock | (16,429) | (16,429) | ||
Issuance of non-vested stock, net of forfeitures (shares) | 0 | |||
Issuance of non-vested stock, net of forfeitures | $ 0 | 0 | ||
Amortization of non-vested stock grants, net of forfeitures | 2,464 | 2,464 | ||
BALANCE (shares) at Oct. 30, 2021 | 49,783,381 | |||
BALANCE at Oct. 30, 2021 | 525,804 | $ 498 | 165,612 | 359,694 |
BALANCE (shares) at Jan. 29, 2022 | 49,728,651 | |||
BALANCE at Jan. 29, 2022 | 312,924 | $ 497 | 167,328 | 145,099 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
NET INCOME | 166,784 | 166,784 | ||
Dividends paid on common stock | (52,598) | (52,598) | ||
Issuance of non-vested stock, net of forfeitures (shares) | 363,215 | |||
Issuance of non-vested stock, net of forfeitures | $ 4 | (4) | ||
Amortization of non-vested stock grants, net of forfeitures | 8,497 | 8,497 | ||
BALANCE (shares) at Oct. 29, 2022 | 50,091,866 | |||
BALANCE at Oct. 29, 2022 | 435,607 | $ 501 | 175,821 | 259,285 |
BALANCE (shares) at Jul. 30, 2022 | 50,094,751 | |||
BALANCE at Jul. 30, 2022 | 388,978 | $ 501 | 173,046 | 215,431 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
NET INCOME | 61,386 | 61,386 | ||
Dividends paid on common stock | (17,532) | (17,532) | ||
Issuance of non-vested stock, net of forfeitures (shares) | (2,885) | |||
Issuance of non-vested stock, net of forfeitures | $ 0 | 0 | ||
Amortization of non-vested stock grants, net of forfeitures | 2,775 | 2,775 | ||
BALANCE (shares) at Oct. 29, 2022 | 50,091,866 | |||
BALANCE at Oct. 29, 2022 | $ 435,607 | $ 501 | $ 175,821 | $ 259,285 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends paid on common stock, per share | $ 0.35 | $ 0.33 | $ 1.05 | $ 0.99 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 29, 2022 | Oct. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
NET INCOME | $ 166,784 | $ 170,905 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Depreciation and amortization | 13,590 | 14,032 |
Amortization of non-vested stock grants, net of forfeitures | 8,497 | 7,558 |
Deferred income taxes | (2,039) | (1,814) |
Other | 367 | 432 |
Changes in operating assets and liabilities: | ||
Receivables | (726) | (1,945) |
Inventory | (50,240) | 470 |
Prepaid expenses and other assets | (2,242) | (581) |
Accounts payable | 13,378 | 18,964 |
Accrued employee compensation | (17,872) | 13,608 |
Accrued store operating expenses | 11,037 | 11,171 |
Gift certificates redeemable | (4,688) | (3,133) |
Income taxes payable | (4,790) | (11,608) |
Other assets and liabilities | 4,039 | 2,998 |
Net cash flows from operating activities | 135,095 | 221,057 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (22,366) | (12,178) |
Purchases of investments | (29,316) | (14,981) |
Proceeds from sales/maturities of investments | 17,395 | 5,334 |
Net cash flows from investing activities | (34,287) | (21,825) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payment of dividends | (52,598) | (49,288) |
Net cash flows from financing activities | (52,598) | (49,288) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 48,210 | 149,944 |
CASH AND CASH EQUIVALENTS, Beginning of period | 253,970 | 318,789 |
CASH AND CASH EQUIVALENTS, End of period | $ 302,180 | $ 468,733 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Oct. 29, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the results of operations for the interim periods have been included. All such adjustments are of a normal recurring nature. Because of the seasonal nature of the business, results for interim periods are not necessarily indicative of a full year's operations. The accounting policies followed by the Company and additional footnotes are reflected in the consolidated financial statements for the fiscal year ended January 29, 2022, included in The Buckle, Inc.'s 2021 Form 10-K. The condensed consolidated balance sheet as of January 29, 2022 is derived from audited financial statements. For purposes of this report, unless the context otherwise requires, all references herein to the “Company”, “Buckle”, “we”, “us”, or similar terms refer to The Buckle, Inc. and its subsidiary. The Company follows generally accepted accounting principles (“GAAP”) established by the Financial Accounting Standards Board (“FASB”). References to GAAP in these notes are to the FASB Accounting Standards Codification |
Revenues
Revenues | 9 Months Ended |
Oct. 29, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues The Company is a retailer of medium to better priced casual apparel, footwear, and accessories for fashion conscious young men and women. The Company operates its business as one reportable segment. The Company sells its merchandise through its retail stores and e-Commerce platform. The Company had 441 stores located in 42 states throughout the United States as of October 29, 2022 and 441 stores in 42 states as of October 30, 2021. During the thirty-nine week period ended October 29, 2022, the Company opened 3 new stores, substantially remodeled 16 stores, and closed 2 stores, which includes 1 new store, 3 substantially remodeled stores, and 1 closed store for the third quarter. During the thirty-nine week period ended October 30, 2021, the Company opened 1 new store, substantially remodeled 10 stores, and closed 3 stores, which includes no new stores, 3 substantially remodeled stores, and 1 closed store for the third quarter. For the thirteen week periods ended October 29, 2022 and October 30, 2021, online revenues accounted for 16.5% and 15.8%, respectively, of the Company's net sales. For the thirty-nine week periods ended October 29, 2022 and October 30, 2021, online revenues accounted for 16.5% and 16.2%, respectively. No sales to an individual customer or country, other than the United States, accounted for more than 10% of net sales. The following is information regarding the Company’s major product lines, stated as a percentage of the Company’s net sales: Thirteen Weeks Ended Thirty-Nine Weeks Ended Merchandise Group October 29, October 30, October 29, October 30, Denims 42.6 % 41.3 % 38.3 % 39.1 % Tops (including sweaters) 30.5 32.1 29.6 29.7 Accessories 9.5 8.5 9.8 9.1 Footwear 7.6 9.5 9.3 9.5 Sportswear/Fashions 2.0 2.1 7.5 8.1 Outerwear 2.7 2.2 1.3 1.1 Casual bottoms 1.2 1.1 1.0 0.9 Youth 3.9 3.2 3.2 2.5 Total 100.0 % 100.0 % 100.0 % 100.0 % Effective July 1, 2022, the Company entered into a new five year agreement (the "Agreement") with Bread Financial and Comenity Bank (collectively the "Bank"), to provide guests with private label credit cards ("PLCC"). Each PLCC bears the Buckle brand logo and can only be used at the Company's retail locations and eCommerce platform. The Bank is the sole owner of the accounts issued under the PLCC program and bears full risk associated with guest non-payment. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Oct. 29, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share data are based on the weighted average outstanding common shares during the period. Diluted earnings per share data are based on the weighted average outstanding common shares and the effect of all dilutive potential common shares. Thirteen Weeks Ended Thirteen Weeks Ended October 29, 2022 October 30, 2021 Net Income Weighted Per Share Net Income Weighted Per Share Basic EPS $ 61,386 49,214 $ 1.25 $ 62,217 48,946 $ 1.27 Effect of Dilutive Securities: Non-vested shares — 390 (0.01) — 416 (0.01) Diluted EPS $ 61,386 49,604 $ 1.24 $ 62,217 49,362 $ 1.26 Thirty-Nine Weeks Ended Thirty-Nine Weeks Ended October 29, 2022 October 30, 2021 Net Income Weighted Per Share Net Income Weighted Per Share Basic EPS $ 166,784 49,214 $ 3.39 $ 170,905 48,946 $ 3.49 Effect of Dilutive Securities: Non-vested shares — 342 (0.02) — 392 (0.03) Diluted EPS $ 166,784 49,556 $ 3.37 $ 170,905 49,338 $ 3.46 (a) Shares in thousands. |
Investments
Investments | 9 Months Ended |
Oct. 29, 2022 | |
Schedule of Investments [Abstract] | |
Investments | Investments The following is a summary of investments as of October 29, 2022: Amortized Gross Gross Other-than- Estimated Held-to-Maturity Securities: State and municipal bonds $ 22,902 $ — $ (104) $ — $ 22,798 Trading Securities: Mutual funds $ 19,877 $ — $ (298) $ — $ 19,579 The following is a summary of investments as of January 29, 2022: Amortized Gross Gross Other-than- Estimated Held-to-Maturity Securities: State and municipal bonds $ 12,926 $ 1 $ (4) $ — $ 12,923 Trading Securities: Mutual funds $ 17,932 $ 1,420 $ — $ — $ 19,352 The amortized cost and fair value of debt securities by contractual maturity as of October 29, 2022 is as follows: Amortized Fair Held-to-Maturity Securities Less than 1 year $ 22,902 $ 22,798 1 - 5 years — — Total $ 22,902 $ 22,798 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 29, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories: • Level 1 – Quoted market prices in active markets for identical assets or liabilities. Short-term and long-term investments with active markets or known redemption values are reported at fair value utilizing Level 1 inputs. • Level 2 – Observable market-based inputs (either directly or indirectly) such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or inputs that are corroborated by market data. • Level 3 – Unobservable inputs that are not corroborated by market data and are projections, estimates, or interpretations that are supported by little or no market activity and are significant to the fair value of the assets. As of October 29, 2022 and January 29, 2022, the Company held certain assets that are required to be measured at fair value on a recurring basis including its investments in trading securities. The Company’s financial assets measured at fair value on a recurring basis are as follows: Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant October 29, 2022 (Level 1) (Level 2) (Level 3) Total Trading securities (including mutual funds) $ 19,579 $ — $ — $ 19,579 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant January 29, 2022 (Level 1) (Level 2) (Level 3) Total Trading securities (including mutual funds) $ 19,352 $ — $ — $ 19,352 Securities included in Level 1 represent securities which have publicly traded quoted prices. The carrying value of cash equivalents approximates fair value due to the low level of risk these assets present and their relatively liquid nature, particularly given their short maturities. The Company also holds certain financial instruments that are not carried at fair value on the condensed consolidated balance sheets, including held-to-maturity securities. Held-to-maturity securities consist primarily of state and municipal bonds. The fair values of these debt securities are based on quoted market prices and yields for the same or similar securities, which the Company determined to be Level 2 inputs. As of October 29, 2022, the fair value of held-to-maturity securities was $22,798 compared to the carrying amount of $22,902. As of January 29, 2022, the fair value of held-to-maturity securities was $12,923 compared to the carrying amount of $12,926. |
Leases
Leases | 9 Months Ended |
Oct. 29, 2022 | |
Leases [Abstract] | |
Leases | Leases The Company's lease portfolio is primarily comprised of leases for retail store locations. The Company also leases certain equipment and corporate office space. Store leases for new stores typically have an initial term of 10 years, with options to renew for an additional 1 to 5 years. The exercise of lease renewal options is at the Company's sole discretion and is included in the lease term for calculations of its right-of-use assets and liabilities when it is reasonably certain that the Company plans to renew these leases. Certain store lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. Lease agreements do not contain any residual value guarantees, material restrictive covenants, or options to purchase the leased property. The Company records its lease liabilities at the present value of the lease payments not yet paid, discounted at the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term. As the Company's leases do not provide an implicit interest rate, the Company obtains an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company has elected to apply the practical expedient to account for lease components (e.g. fixed payments for rent, insurance, and real estate taxes) and non-lease components (e.g. fixed payments for common area maintenance) together as a single component for all underlying asset classes. Additionally, the Company elected as an accounting policy to exclude short-term leases from the recognition requirements. Lease expense is included in cost of sales in the condensed consolidated statements of income. The components of total lease cost are as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended October 29, October 30, October 29, October 30, Operating lease cost $ 23,649 $ 23,614 $ 70,287 $ 70,941 Variable lease cost (a) 5,288 5,552 16,249 14,560 Total lease cost $ 28,937 $ 29,166 $ 86,536 $ 85,501 (a) Includes variable payments related to both lease and non-lease components, such as contingent rent payments based on performance and payments related to taxes, insurance, and maintenance costs. Also includes payments related to short-term leases with periods of less than twelve months. Supplemental cash flow information related to leases is as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended October 29, October 30, October 29, October 30, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 24,580 $ 26,166 $ 73,011 $ 75,390 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ 29,335 $ 25,436 $ 56,592 $ 62,178 The Company uses its incremental borrowing rate as the discount rate to determine the present value of lease payments. As of October 29, 2022, the weighted-average remaining lease term was 5.0 years and the weighted-average discount rate was 4.2%. The table below reconciles undiscounted future lease payments (e.g. fixed payments for rent, insurance, real estate taxes, and common area maintenance) for each of the next five fiscal years and the total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of October 29, 2022: Fiscal Year Operating Leases (a) 2022 (remaining) $ 24,786 2023 84,694 2024 62,107 2025 39,812 2026 28,725 Thereafter 60,237 Total lease payments 300,361 Less: Imputed interest 32,655 Total operating lease liability $ 267,706 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Oct. 29, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The Company had non-cash investing activities during the thirty-nine week periods ended October 29, 2022 and October 30, 2021 of ($700) and ($1,155), respectively. The non-cash investing activity relates to the change in the balance of unpaid purchases of property, plant, and equipment included in accounts payable as of the end of the period. The liability for unpaid purchases of property, plant, and equipment included in accounts payable was $2,056 and $1,356 as of October 29, 2022 and January 29, 2022, respectively. Amounts reported as unpaid purchases are recorded as cash outflows from investing activities for purchases of property, plant, and equipment in the condensed consolidated statement of cash flows in the period they are paid. Additional cash flow information for the Company includes cash paid for income taxes during the thirty-nine week periods ended October 29, 2022 and October 30, 2021 of $60,951 and $68,882, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Oct. 29, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company has several stock option plans which allow for granting of stock options to employees, executives, and directors. The Company has not granted any stock options since fiscal 2008 and there are currently no stock options outstanding. The Company also has a restricted stock plan that allows for the granting of non-vested shares of common stock to employees and executives and a restricted stock plan that allows for the granting of non-vested shares of common stock to non-employee directors. As of October 29, 2022, 647,668 shares were available for grant under the Company’s various restricted stock plans, of which 584,107 shares were available for grant to executive officers. Compensation expense was recognized during fiscal 2022 and fiscal 2021 for equity-based grants, based on the grant date fair value of the awards. The fair value of grants of non-vested common stock awards is the stock price on the date of grant. Information regarding the impact of compensation expense related to grants of non-vested shares of common stock is as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended October 29, October 30, October 29, October 30, Stock-based compensation expense, before tax $ 2,775 $ 2,464 $ 8,497 $ 7,558 Stock-based compensation expense, after tax $ 2,095 $ 1,860 $ 6,415 $ 5,706 Non-vested shares of common stock granted during the thirty-nine week periods ended October 29, 2022 and October 30, 2021 were granted pursuant to the Company’s 2005 Restricted Stock Plan and the Company’s 2008 Director Restricted Stock Plan. Shares granted under the 2005 Plan are typically "performance based" and vest over a period of four years, only upon certification by the Compensation Committee of the Board of Directors that the Company has achieved its pre-established performance targets for the fiscal year. Certain shares granted under the 2005 Plan, however, are "non-performance based" and vest over a period of four years without being subject to the achievement of performance targets. Shares granted under the 2008 Director Plan vest 25% on the date of grant and then in equal portions on each of the first three A summary of the Company’s stock-based compensation activity related to grants of non-vested shares of common stock for the thirty-nine week period ended October 29, 2022 is as follows: Shares Weighted Average Non-Vested - beginning of year 590,462 $ 32.20 Granted 366,300 36.52 Forfeited (3,085) 31.08 Vested (75,458) 36.95 Non-Vested - end of quarter 878,219 $ 33.60 |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Oct. 29, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting PronouncementsThe Company has considered all recent accounting pronouncements and concluded that there are no recent accounting pronouncements that may have a material impact on the Company's consolidated financial statements, based on current information. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Oct. 29, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the results of operations for the interim periods have been included. All such adjustments are of a normal recurring nature. Because of the seasonal nature of the business, results for interim periods are not necessarily indicative of a full year's operations. The accounting policies followed by the Company and additional footnotes are reflected in the consolidated financial statements for the fiscal year ended January 29, 2022, included in The Buckle, Inc.'s 2021 Form 10-K. The condensed consolidated balance sheet as of January 29, 2022 is derived from audited financial statements. For purposes of this report, unless the context otherwise requires, all references herein to the “Company”, “Buckle”, “we”, “us”, or similar terms refer to The Buckle, Inc. and its subsidiary. The Company follows generally accepted accounting principles (“GAAP”) established by the Financial Accounting Standards Board (“FASB”). References to GAAP in these notes are to the FASB Accounting Standards Codification |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Oct. 29, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Product Information | The following is information regarding the Company’s major product lines, stated as a percentage of the Company’s net sales: Thirteen Weeks Ended Thirty-Nine Weeks Ended Merchandise Group October 29, October 30, October 29, October 30, Denims 42.6 % 41.3 % 38.3 % 39.1 % Tops (including sweaters) 30.5 32.1 29.6 29.7 Accessories 9.5 8.5 9.8 9.1 Footwear 7.6 9.5 9.3 9.5 Sportswear/Fashions 2.0 2.1 7.5 8.1 Outerwear 2.7 2.2 1.3 1.1 Casual bottoms 1.2 1.1 1.0 0.9 Youth 3.9 3.2 3.2 2.5 Total 100.0 % 100.0 % 100.0 % 100.0 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Oct. 29, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Basic earnings per share data are based on the weighted average outstanding common shares during the period. Diluted earnings per share data are based on the weighted average outstanding common shares and the effect of all dilutive potential common shares. Thirteen Weeks Ended Thirteen Weeks Ended October 29, 2022 October 30, 2021 Net Income Weighted Per Share Net Income Weighted Per Share Basic EPS $ 61,386 49,214 $ 1.25 $ 62,217 48,946 $ 1.27 Effect of Dilutive Securities: Non-vested shares — 390 (0.01) — 416 (0.01) Diluted EPS $ 61,386 49,604 $ 1.24 $ 62,217 49,362 $ 1.26 Thirty-Nine Weeks Ended Thirty-Nine Weeks Ended October 29, 2022 October 30, 2021 Net Income Weighted Per Share Net Income Weighted Per Share Basic EPS $ 166,784 49,214 $ 3.39 $ 170,905 48,946 $ 3.49 Effect of Dilutive Securities: Non-vested shares — 342 (0.02) — 392 (0.03) Diluted EPS $ 166,784 49,556 $ 3.37 $ 170,905 49,338 $ 3.46 (a) Shares in thousands. |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Oct. 29, 2022 | |
Schedule of Investments [Abstract] | |
Schedule of investments, cost and fair value | The following is a summary of investments as of October 29, 2022: Amortized Gross Gross Other-than- Estimated Held-to-Maturity Securities: State and municipal bonds $ 22,902 $ — $ (104) $ — $ 22,798 Trading Securities: Mutual funds $ 19,877 $ — $ (298) $ — $ 19,579 The following is a summary of investments as of January 29, 2022: Amortized Gross Gross Other-than- Estimated Held-to-Maturity Securities: State and municipal bonds $ 12,926 $ 1 $ (4) $ — $ 12,923 Trading Securities: Mutual funds $ 17,932 $ 1,420 $ — $ — $ 19,352 |
Schedule of amortized cost and fair value of debt securities by contractual maturity | The amortized cost and fair value of debt securities by contractual maturity as of October 29, 2022 is as follows: Amortized Fair Held-to-Maturity Securities Less than 1 year $ 22,902 $ 22,798 1 - 5 years — — Total $ 22,902 $ 22,798 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 29, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial assets measured at fair value on a recurring basis | The Company’s financial assets measured at fair value on a recurring basis are as follows: Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant October 29, 2022 (Level 1) (Level 2) (Level 3) Total Trading securities (including mutual funds) $ 19,579 $ — $ — $ 19,579 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant January 29, 2022 (Level 1) (Level 2) (Level 3) Total Trading securities (including mutual funds) $ 19,352 $ — $ — $ 19,352 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Oct. 29, 2022 | |
Leases [Abstract] | |
Components of total lease cost | Lease expense is included in cost of sales in the condensed consolidated statements of income. The components of total lease cost are as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended October 29, October 30, October 29, October 30, Operating lease cost $ 23,649 $ 23,614 $ 70,287 $ 70,941 Variable lease cost (a) 5,288 5,552 16,249 14,560 Total lease cost $ 28,937 $ 29,166 $ 86,536 $ 85,501 (a) Includes variable payments related to both lease and non-lease components, such as contingent rent payments based on performance and payments related to taxes, insurance, and maintenance costs. Also includes payments related to short-term leases with periods of less than twelve months. |
Supplemental cash flow information related to leases | Supplemental cash flow information related to leases is as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended October 29, October 30, October 29, October 30, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 24,580 $ 26,166 $ 73,011 $ 75,390 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ 29,335 $ 25,436 $ 56,592 $ 62,178 |
Undiscounted future lease payment liabilities | The table below reconciles undiscounted future lease payments (e.g. fixed payments for rent, insurance, real estate taxes, and common area maintenance) for each of the next five fiscal years and the total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of October 29, 2022: Fiscal Year Operating Leases (a) 2022 (remaining) $ 24,786 2023 84,694 2024 62,107 2025 39,812 2026 28,725 Thereafter 60,237 Total lease payments 300,361 Less: Imputed interest 32,655 Total operating lease liability $ 267,706 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Oct. 29, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based compensation expense | Information regarding the impact of compensation expense related to grants of non-vested shares of common stock is as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended October 29, October 30, October 29, October 30, Stock-based compensation expense, before tax $ 2,775 $ 2,464 $ 8,497 $ 7,558 Stock-based compensation expense, after tax $ 2,095 $ 1,860 $ 6,415 $ 5,706 |
Summary of stock-based compensation activity related to grants of non-vested shares of common stock | A summary of the Company’s stock-based compensation activity related to grants of non-vested shares of common stock for the thirty-nine week period ended October 29, 2022 is as follows: Shares Weighted Average Non-Vested - beginning of year 590,462 $ 32.20 Granted 366,300 36.52 Forfeited (3,085) 31.08 Vested (75,458) 36.95 Non-Vested - end of quarter 878,219 $ 33.60 |
Revenues (Narrative) (Details)
Revenues (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2022 store state | Oct. 30, 2021 store state | Oct. 29, 2022 state store segment | Oct. 30, 2021 store state | |
Product Information [Line Items] | ||||
Number of stores (store) | 441 | 441 | 441 | 441 |
Number of reportable segments (segment) | segment | 1 | |||
Number of states in which stores are located (state) | state | 42 | 42 | 42 | 42 |
New stores opened during the period (store) | 1 | 0 | 3 | 1 |
Stores substantially remodeled during the period (store) | 3 | 3 | 16 | 10 |
Stores closed during the period (store) | 1 | 1 | 2 | 3 |
Revenue [Member] | Risk [Member] | Online revenues [Member] | ||||
Product Information [Line Items] | ||||
Revenue segment greater than 10 percent | 16.50% | 15.80% | 16.50% | 16.20% |
Revenues (Information Regarding
Revenues (Information Regarding Major Product Lines) (Details) | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 30, 2021 | |
Product Information [Line Items] | ||||
Percentage of net sales | 100% | 100% | 100% | 100% |
Denims [Member] | ||||
Product Information [Line Items] | ||||
Percentage of net sales | 42.60% | 41.30% | 38.30% | 39.10% |
Tops (including sweaters) [Member] | ||||
Product Information [Line Items] | ||||
Percentage of net sales | 30.50% | 32.10% | 29.60% | 29.70% |
Accessories [Member] | ||||
Product Information [Line Items] | ||||
Percentage of net sales | 9.50% | 8.50% | 9.80% | 9.10% |
Footwear [Member] | ||||
Product Information [Line Items] | ||||
Percentage of net sales | 7.60% | 9.50% | 9.30% | 9.50% |
Sportswear / Fashions [Member] | ||||
Product Information [Line Items] | ||||
Percentage of net sales | 2% | 2.10% | 7.50% | 8.10% |
Outerwear [Member] | ||||
Product Information [Line Items] | ||||
Percentage of net sales | 2.70% | 2.20% | 1.30% | 1.10% |
Casual Bottoms [Member] | ||||
Product Information [Line Items] | ||||
Percentage of net sales | 1.20% | 1.10% | 1% | 0.90% |
Youth [Member] | ||||
Product Information [Line Items] | ||||
Percentage of net sales | 3.90% | 3.20% | 3.20% | 2.50% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 30, 2021 | |
Income | ||||
Basic EPS, Income | $ 61,386 | $ 62,217 | $ 166,784 | $ 170,905 |
Effect of dilutive non-vested shares, Income | 0 | 0 | 0 | 0 |
Diluted EPS, Income | $ 61,386 | $ 62,217 | $ 166,784 | $ 170,905 |
Weighted Average Shares | ||||
Basic EPS, Weighted Average Shares (shares) | 49,214 | 48,946 | 49,214 | 48,946 |
Effect of dilutive non-vested shares, Weighted Average Shares (shares) | 390 | 416 | 342 | 392 |
Diluted EPS, Weighted Average Shares (shares) | 49,604 | 49,362 | 49,556 | 49,338 |
Per Share Amount | ||||
Basic EPS, Per Share Amount (dollars per share) | $ 1.25 | $ 1.27 | $ 3.39 | $ 3.49 |
Effect of dilutive non-vested shares, Per Share Amount (dollars per share) | (0.01) | (0.01) | (0.02) | (0.03) |
Diluted EPS, Per Share Amount (dollars per share) | $ 1.24 | $ 1.26 | $ 3.37 | $ 3.46 |
Investments (Schedule of Invest
Investments (Schedule of Investments) (Details) - USD ($) $ in Thousands | Oct. 29, 2022 | Jan. 29, 2022 |
Held-to-maturity Securities [Abstract] | ||
Held-to-Maturity Securities, Amortized Cost or Par Value | $ 22,902 | $ 12,926 |
Held-to-Maturity Securities, Estimated Fair Value | 22,798 | 12,923 |
State and municipal bonds [Member] | ||
Held-to-maturity Securities [Abstract] | ||
Held-to-Maturity Securities, Amortized Cost or Par Value | 22,902 | 12,926 |
Held-to-Maturity Securities, Gross Unrealized Gains | 0 | 1 |
Held-to-Maturity Securities, Gross Unrealized Losses | (104) | (4) |
Held-to-Maturity Securities, Other-than-Temporary Impairment | 0 | 0 |
Held-to-Maturity Securities, Estimated Fair Value | 22,798 | 12,923 |
Mutual funds [Member] | ||
Trading Securities [Abstract] | ||
Trading Securities, Amortized Cost or Par Value | 19,877 | 17,932 |
Trading Securities, Gross Unrealized Gains | 0 | 1,420 |
Trading Securities, Gross Unrealized Losses | (298) | 0 |
Trading Securities, Other-than-Temporary Impairment | 0 | 0 |
Trading Securities, Estimated Fair Value | $ 19,579 | $ 19,352 |
Investments (Held-To-Maturity S
Investments (Held-To-Maturity Securities) (Details) - USD ($) $ in Thousands | Oct. 29, 2022 | Jan. 29, 2022 |
Contractual maturities of held-to-maturity securities, at amortized cost: | ||
Less than 1 year, Amortized Cost | $ 22,902 | |
1 - 5 years, Amortized Cost | 0 | |
Held-to-Maturity Securities, Amortized Cost | 22,902 | |
Contractual maturities of held-to-maturity securities, at fair values: | ||
Less than 1 year, Fair Value | 22,798 | |
1 - 5 years, Fair Value | 0 | |
Held-to-Maturity Securities, Estimated Fair Value | $ 22,798 | $ 12,923 |
Fair Value Measurements (Recurr
Fair Value Measurements (Recurring Basis) (Details) - Mutual funds [Member] - USD ($) $ in Thousands | Oct. 29, 2022 | Jan. 29, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities (including mutual funds) | $ 19,579 | $ 19,352 |
Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities (including mutual funds) | 19,579 | 19,352 |
Fair Value Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities (including mutual funds) | 19,579 | 19,352 |
Fair Value Measurements, Recurring [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities (including mutual funds) | 0 | 0 |
Fair Value Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities (including mutual funds) | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | Oct. 29, 2022 | Jan. 29, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity securities, fair value | $ 22,798 | $ 12,923 |
Held-to-maturity securities, carrying value | $ 22,902 | $ 12,926 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | Oct. 29, 2022 |
Lessee, Lease, Description [Line Items] | |
Store lease, typical initial term | 10 years |
Operating lease, weighted average remaining lease term | 5 years |
Operating lease, weighted average discount rate | 4.20% |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Store lease, typical renewal term | 1 year |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Store lease, typical renewal term | 5 years |
Leases (Components of total lea
Leases (Components of total lease cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 30, 2021 | |
Leases [Abstract] | ||||
Operating lease cost | $ 23,649 | $ 23,614 | $ 70,287 | $ 70,941 |
Variable lease cost | 5,288 | 5,552 | 16,249 | 14,560 |
Total lease cost | $ 28,937 | $ 29,166 | $ 86,536 | $ 85,501 |
Leases (Supplemental cash flow
Leases (Supplemental cash flow information related to leases) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 30, 2021 | |
Leases [Abstract] | ||||
Operating cash flows from operating leases | $ 24,580 | $ 26,166 | $ 73,011 | $ 75,390 |
Right-of-use assets obtained in exchange for operating lease liability | $ 29,335 | $ 25,436 | $ 56,592 | $ 62,178 |
Leases (Undiscounted future lea
Leases (Undiscounted future lease payment liabilities) (Details) $ in Thousands | Oct. 29, 2022 USD ($) |
Lessee, Operating Lease, Liability, to be Paid [Abstract] | |
Payments due remainder of fiscal year | $ 24,786 |
Payments due year one | 84,694 |
Payments due year two | 62,107 |
Payments due year three | 39,812 |
Payments due year four | 28,725 |
Payments due after year four | 60,237 |
Total lease payments | 300,361 |
Less: Imputed interest | 32,655 |
Total operating lease liability | 267,706 |
Total lease payments, leases signed not commenced | $ 16,027 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Oct. 29, 2022 | Oct. 30, 2021 | Jan. 29, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |||
Non-cash investing activities - change in unpaid purchases of property, plant and equipment | $ (700) | $ (1,155) | |
Current liability for unpaid purchases of property, plant and equipment | 2,056 | $ 1,356 | |
Cash paid for income taxes | $ 60,951 | $ 68,882 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - Restricted Stock [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 29, 2022 | Oct. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available for grant (shares) | 647,668 | |
Unrecognized compensation expense | $ 12,928 | |
Expected weighted average period of unrecognized compensation expense recognition (years) | 2 years | |
Total fair value of shares vested | $ 2,810 | $ 3,098 |
Director Restricted Stock Plan 2008 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares vested description | Shares granted under the 2008 Director Plan vest 25% on the date of grant and then in equal portions on each of the first three anniversaries of the date of grant. | |
Vesting period (years) | 3 years | |
Percentage of shares vesting annually (percent) | 25% | |
Executive Officers [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available for grant (shares) | 584,107 | |
Performance Based Grant [Member] | Restricted Stock Plan 2005 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares vested description | Shares granted under the 2005 Plan are typically "performance based" and vest over a period of four years, only upon certification by the Compensation Committee of the Board of Directors that the Company has achieved its pre-established performance targets for the fiscal year. | |
Vesting period (years) | 4 years | |
Non-Performance Based Grant [Member] | Restricted Stock Plan 2005 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares vested description | Certain shares granted under the 2005 Plan, however, are "non-performance based" and vest over a period of four years without being subject to the achievement of performance targets. | |
Vesting period (years) | 4 years |
Stock-Based Compensation (Compe
Stock-Based Compensation (Compensation Expenses) (Details) - Restricted Stock [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, before tax | $ 2,775 | $ 2,464 | $ 8,497 | $ 7,558 |
Stock-based compensation expense, after tax | $ 2,095 | $ 1,860 | $ 6,415 | $ 5,706 |
Stock-Based Compensation (Non-v
Stock-Based Compensation (Non-vested Shares) (Details) - Restricted Stock [Member] | 9 Months Ended |
Oct. 29, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Non-Vested - beginning of year (shares) | shares | 590,462 |
Granted (shares) | shares | 366,300 |
Forfeited (shares) | shares | (3,085) |
Vested (shares) | shares | (75,458) |
Non-Vested - end of quarter (shares) | shares | 878,219 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Non-Vested - beginning of year, Weighted Average Grant Date Fair Value (dollars per share) | $ / shares | $ 32.20 |
Granted, Weighted Average Grant Date Fair Value (dollars per share) | $ / shares | 36.52 |
Forfeited, Weighted Average Grant Date Fair Value (dollars per share) | $ / shares | 31.08 |
Vested, Weighted Average Grant Date Fair Value (dollars per share) | $ / shares | 36.95 |
Non-Vested - end of quarter, Weighted Average Grant Date Fair Value (dollars per share) | $ / shares | $ 33.60 |