Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 29, 2016 | Nov. 22, 2016 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 29, 2016 | |
Entity Registrant Name | SHOE CARNIVAL INC | |
Entity Central Index Key | 895,447 | |
Current Fiscal Year End Date | --01-28 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 18,422,425 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 |
Current Assets: | |||
Cash and cash equivalents | $ 33,509 | $ 68,814 | $ 49,035 |
Accounts receivable | 3,540 | 2,131 | 2,665 |
Merchandise inventories | 314,925 | 292,878 | 318,878 |
Deferred income taxes | 0 | 1,061 | 1,236 |
Other | 5,630 | 5,193 | 5,611 |
Total Current Assets | 357,604 | 370,077 | 377,425 |
Property and equipment - net | 102,932 | 103,386 | 106,374 |
Deferred income taxes | 8,163 | 7,158 | 5,655 |
Other noncurrent assets | 970 | 472 | 348 |
Total Assets | 469,669 | 481,093 | 489,802 |
Current Liabilities: | |||
Accounts payable | 69,986 | 72,086 | 75,006 |
Accrued and other liabilities | 18,936 | 15,848 | 18,129 |
Total Current Liabilities | 88,922 | 87,934 | 93,135 |
Deferred lease incentives | 30,320 | 31,971 | 30,595 |
Accrued rent | 11,465 | 11,224 | 11,221 |
Deferred compensation | 10,171 | 9,612 | 9,892 |
Other | 767 | 550 | 424 |
Total Liabilities | 141,645 | 141,291 | 145,267 |
Shareholders' Equity: | |||
Common stock, $.01 par value, 50,000,000 shares authorized, 20,569,198 shares, 20,604,178 shares and 20,604,178 shares issued, respectively | 206 | 206 | 206 |
Additional paid-in capital | 64,957 | 66,805 | 65,807 |
Retained earnings | 314,851 | 294,308 | 291,419 |
Treasury stock, at cost, 2,146,622 shares, 955,612 shares and 576,724 shares, respectively | (51,990) | (21,517) | (12,897) |
Total Shareholders' Equity | 328,024 | 339,802 | 344,535 |
Total Liabilities and Shareholders' Equity | $ 469,669 | $ 481,093 | $ 489,802 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 |
Statement of Financial Position [Abstract] | |||
Common stock, par value per share | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 |
Common stock, shares issued | 20,569,198 | 20,604,178 | 20,604,178 |
Treasury shares, shares | 2,146,622 | 955,612 | 576,724 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Income Statement [Abstract] | ||||
Net sales | $ 274,524 | $ 269,713 | $ 766,901 | $ 750,302 |
Cost of sales (including buying, distribution and occupancy costs) | 192,514 | 188,396 | 542,105 | 528,022 |
Gross profit | 82,010 | 81,317 | 224,796 | 222,280 |
Selling, general and administrative expenses | 66,558 | 66,144 | 185,399 | 182,200 |
Operating income | 15,452 | 15,173 | 39,397 | 40,080 |
Interest income | (1) | (2) | (6) | (36) |
Interest expense | 43 | 42 | 127 | 126 |
Income before income taxes | 15,410 | 15,133 | 39,276 | 39,990 |
Income tax expense | 5,738 | 5,747 | 14,839 | 15,391 |
Net income | $ 9,672 | $ 9,386 | $ 24,437 | $ 24,599 |
Net income per share: | ||||
Basic | $ 0.54 | $ 0.47 | $ 1.31 | $ 1.23 |
Diluted | $ 0.54 | $ 0.47 | $ 1.31 | $ 1.23 |
Weighted average shares: | ||||
Basic | 17,609 | 19,444 | 18,220 | 19,542 |
Diluted | 17,614 | 19,452 | 18,225 | 19,553 |
Cash dividends declared per share | $ 0.07 | $ 0.065 | $ 0.205 | $ 0.19 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - 9 months ended Oct. 29, 2016 - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance at Jan. 30, 2016 | $ 206 | $ 66,805 | $ 294,308 | $ (21,517) | $ 339,802 |
Balance, shares at Jan. 30, 2016 | 20,604 | (956) | |||
Dividends declared ($0.205 per share) | (3,894) | (3,894) | |||
Stock-based compensation income tax benefit | 2 | 2 | |||
Employee stock purchase plan purchases | (8) | $ 194 | 186 | ||
Employee stock purchase plan purchases, shares | 8 | ||||
Restricted stock awards | (5,072) | $ 5,072 | 0 | ||
Restricted stock awards, shares | (35) | 225 | |||
Shares surrendered by employees to pay taxes on restricted stock | $ (311) | (311) | |||
Shares surrendered by employees to pay taxes on restricted stock, shares | (11) | ||||
Purchase of common stock for treasury | $ (35,428) | (35,428) | |||
Purchase of common stock for treasury, shares | (1,413) | ||||
Stock-based compensation expense | 3,230 | 3,230 | |||
Net income | 24,437 | 24,437 | |||
Balance at Oct. 29, 2016 | $ 206 | $ 64,957 | $ 314,851 | $ (51,990) | $ 328,024 |
Balance, shares at Oct. 29, 2016 | 20,569 | (2,147) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends declared per share | $ 0.07 | $ 0.065 | $ 0.205 | $ 0.19 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 29, 2016 | Oct. 31, 2015 | |
Cash Flows From Operating Activities | ||
Net income | $ 24,437 | $ 24,599 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 17,698 | 17,132 |
Stock-based compensation | 3,438 | 2,595 |
Loss on retirement and impairment of assets | 500 | 958 |
Deferred income taxes | 56 | (1,707) |
Lease incentives | 1,838 | 4,116 |
Other | (3,064) | (3,597) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,409) | 55 |
Merchandise inventories | (22,047) | (31,001) |
Accounts payable and accrued liabilities | (1,298) | 9,699 |
Other | 1,303 | 456 |
Net cash provided by operating activities | 21,452 | 23,305 |
Cash Flows From Investing Activities | ||
Purchases of property and equipment | (17,426) | (22,313) |
Proceeds from notes receivable | 0 | 250 |
Net cash used in investing activities | (17,426) | (22,063) |
Cash Flows From Financing Activities | ||
Proceeds from issuance of stock | 186 | 335 |
Dividends paid | (3,780) | (3,782) |
Excess tax benefits from stock-based compensation | 2 | 91 |
Purchase of common stock for treasury | (35,428) | (10,181) |
Shares surrendered by employees to pay taxes on restricted stock | (311) | (46) |
Net cash used in financing activities | (39,331) | (13,583) |
Net decrease in cash and cash equivalents | (35,305) | (12,341) |
Cash and cash equivalents at beginning of period | 68,814 | 61,376 |
Cash and Cash Equivalents at end of period | 33,509 | 49,035 |
Supplemental disclosures of cash flow information: | ||
Cash paid during period for interest | 127 | 125 |
Cash paid during period for income taxes | 11,786 | 15,561 |
Capital expenditures incurred but not yet paid | $ 994 | $ 2,494 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Oct. 29, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 - Basis of Presentation In our opinion, the accompanying Unaudited Condensed Consolidated Financial Statements and notes have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC") for interim financial information and contain all normal recurring adjustments necessary to present fairly our financial position and the results of our operations and our cash flows for the periods presented. Certain information and disclosures normally included in the notes to Condensed Consolidated Financial Statements have been condensed or omitted according to the rules and regulations of the SEC, although we believe that the disclosures are adequate to make the information presented not misleading. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. The Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Condensed Consolidated Financial Statements and the notes thereto contained in our Annual Report on Form 10-K for the fiscal year ended January 30, 2016. |
Net Income Per Share
Net Income Per Share | 9 Months Ended |
Oct. 29, 2016 | |
Earnings Per Share, Basic [Abstract] | |
Net Income Per Share | Note 2 - Net Income Per Share The following tables set forth the computation of basic and diluted earnings per share as shown on the face of the accompanying Condensed Consolidated Statements of Income: Thirteen Weeks Ended October 29, 2016 October 31, 2015 (In thousands, except per share data) Basic Earnings per Share: Net Shares Per Net Shares Per Net income $ 9,672 $ 9,386 Amount allocated to participating securities (214 ) (187 ) Net income available for basic common shares and basic earnings per share $ 9,458 17,609 $ 0.54 $ 9,199 19,444 $ 0.47 Diluted Earnings per Share: Net income $ 9,672 $ 9,386 Amount allocated to participating securities (214 ) (187 ) Adjustment for dilutive potential common shares 0 5 0 8 Net income available for diluted common shares and diluted earnings per share $ 9,458 17,614 $ 0.54 $ 9,199 19,452 $ 0.47 Thirty-Nine Weeks Ended October 29, 2016 October 31, 2015 (In thousands, except per share data) Basic Earnings per Share: Net Shares Per Net Shares Per Net income $ 24,437 $ 24,599 Amount allocated to participating securities (515 ) (479 ) Net income available for basic common shares and basic earnings per share $ 23,922 18,220 $ 1.31 $ 24,120 19,542 $ 1.23 Diluted Earnings per Share: Net income $ 24,437 $ 24,599 Amount allocated to participating securities (515 ) (479 ) Adjustment for dilutive potential common shares 0 5 0 11 Net income available for diluted common shares and diluted earnings per share $ 23,922 18,225 $ 1.31 $ 24,120 19,553 $ 1.23 Our basic and diluted earnings per share are computed using the two-class method. The two-class method is an earnings allocation that determines net income per share for each class of common stock and participating securities according to their participation rights in dividends and undistributed earnings or losses. Non-vested restricted stock awards that include non-forfeitable rights to dividends are considered participating securities. During periods of undistributed losses, however, no effect is given to our participating securities since they do not share in the losses. Per share amounts are computed by dividing net income available to common shareholders by the weighted average shares outstanding during each period. No options to purchase shares of common stock were excluded in the computation of diluted shares for the periods presented. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Oct. 29, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Pronouncements | Note 3 - Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance on the recognition of revenue for all contracts with customers designed to improve comparability and enhance financial statement disclosures. Subsequently, the FASB has also issued accounting standards updates which clarify the guidance. The underlying principle of this comprehensive model is that revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the payment to which the company expects to be entitled in exchange for those goods or services. In August 2015, the FASB subsequently issued guidance which approved a one year deferral of the guidance until annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017. Early adoption is permitted as of the original effective date for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. We are evaluating the impact of this guidance on our condensed consolidated financial position, results of operations and cash flows. In July 2015, the FASB issued guidance on simplifying the measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. The new guidance does not apply to inventory currently measured using the last-in-first-out or the retail inventory valuation methods. This guidance is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. Early adoption is permitted. We do not believe the guidance will have a material impact on our condensed consolidated financial position, results of operations and cash flows. In November 2015, the FASB issued guidance which simplifies the classification of deferred taxes by requiring an entity to classify deferred tax liabilities and assets as noncurrent within a classified statement of financial position. We early adopted this guidance in the third quarter of fiscal 2016 and are applying this change prospectively. Prior condensed consolidated balance sheets have not been retrospectively adjusted. The adoption resulted in a $2.7 million reclassification of net deferred tax assets from current to noncurrent on our consolidated balance sheet as of October 29, 2016. The adoption did not have a material impact on our results of condensed consolidated operations and cash flows. In February 2016, the FASB issued guidance which will replace most existing lease accounting guidance. This update requires an entity to recognize leased assets and the rights and obligations created by those leased assets on the balance sheet and to disclose key information about the entity's leasing arrangements. This guidance is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2018. Early adoption is permitted. We are evaluating the impact of this guidance on our condensed consolidated financial position, results of operations and cash flows. In March 2016, the FASB issued guidance intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification in the statement of cash flows and forfeitures. This guidance is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. Early adoption is permitted. We are evaluating the impact of this guidance on our condensed consolidated financial position, results of operations and cash flows. In August 2016, the FASB issued guidance addressing eight specific cash flow issues in an effort to reduce diversity in practice. The amended guidance is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 31, 2017. Early adoption is permitted. We are evaluating the impact of this guidance on our condensed consolidated financial position, results of operations and cash flows. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 29, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4 - Fair Value Measurements The accounting standards related to fair value measurements define fair value and provide a consistent framework for measuring fair value under the authoritative literature. Valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect market assumptions. This guidance only applies when other standards require or permit the fair value measurement of assets and liabilities. The guidance does not expand the use of fair value measurements. A fair value hierarchy was established, which prioritizes the inputs used in measuring fair value into three broad levels: · Level 1 – Quoted prices in active markets for identical assets or liabilities; · Level 2 – Observable market-based inputs or unobservable inputs that are corroborated by market data; and · Level 3 – Significant unobservable inputs that are not corroborated by market data. Generally, these fair value measures are model-based valuation techniques such as discounted cash flows, and are based on the best information available, including our own data. Fair values of our long-lived assets are estimated using an income-based approach and are classified within Level 3 of the valuation hierarchy. The following table presents assets that are measured at fair value on a recurring basis at October 29, 2016, January 30, 2016 and October 31, 2015. We have no material liabilities measured at fair value on a recurring or non-recurring basis. Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total As of October 29, 2016: Cash equivalents – money market account $ 114 $ 0 $ 0 $ 114 As of January 30, 2016: Cash equivalents– money market account $ 5,386 $ 0 $ 0 $ 5,386 As of October 31, 2015: Cash equivalents – money market account $ 5,384 $ 0 $ 0 $ 5,384 The fair values of cash, receivables, accounts payable, accrued expenses and other current liabilities approximate their carrying values because of their short-term nature. From time to time, we measure certain assets at fair value on a non-recurring basis, specifically long-lived assets evaluated for impairment. These are typically store specific assets, which are reviewed for impairment whenever events or changes in circumstances indicate that recoverability of their carrying value is questionable. If the expected, undiscounted future cash flows related to a store’s assets are less than their carrying value, an impairment loss would be recognized for the difference between estimated fair value and carrying value and recorded in selling, general and administrative expenses. We estimate the fair value of store assets using an income-based approach considering the cash flows expected over the remaining lease term for each location. These projections are primarily based on management’s estimates of store-level sales, gross margins, direct expenses, exercise of future lease renewal options and resulting cash flows and, by their nature, include judgments about how current initiatives will impact future performance. External factors, such as the local environment in which the store resides, including strip-mall traffic and competition, are evaluated in terms of their effect on sales trends. Changes in sales and operating income assumptions or unfavorable changes in external factors can significantly impact the estimated future cash flows. An increase or decrease in the projected cash flow can significantly decrease or increase the fair value of these assets, which would have an effect on the impairment recorded. During the thirteen and thirty-nine weeks ended October 29, 2016, we recorded an impairment charge of $193,000 on long-lived assets held and used. Subsequent to this impairment, these long-lived assets had a remaining unamortized basis of $337,000. During the thirteen weeks ended October 31, 2015, we recorded an impairment charge of $161,000 on long-lived assets held and used. Subsequent to this impairment, these long-lived assets had a remaining unamortized basis of $69,000. During the thirty-nine weeks ended October 31, 2015, we recorded an impairment charge of $212,000 on long-lived assets held and used. Subsequent to this impairment, these long-lived assets had a remaining unamortized basis of $211,000. We operate nine stores in Puerto Rico with combined net book value of long-lived assets of $4.5 million. Puerto Rico is experiencing an economic crisis characterized by a deep recession and defaults on its public sector debt. Our estimate of undiscounted cash flows indicates that the carrying amounts of long-lived assets are expected to be recovered. Our estimate of cash flows might change in future periods pending further developments in the economic environment in Puerto Rico. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Oct. 29, 2016 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | Note 5 - Stock-Based Compensation Stock-based compensation includes stock options, cash-settled stock appreciation rights (SARs) and restricted stock awards. Additionally, we recognize stock-based compensation expense for the discount on shares sold to employees through our employee stock purchase plan. For the thirteen and thirty-nine weeks ended October 29, 2016, stock-based compensation expense for the employee stock purchase plan was $9,000 before the income tax benefit of $3,000 and $33,000 before the income tax benefit of $12,000, respectively. For the thirteen and thirty-nine weeks ended October 31, 2015, stock-based compensation expense for the employee stock purchase plan was $9,000 before the income tax benefit of $3,000 and $32,000 before the income tax benefit of $12,000, respectively. The following section summarizes the share transactions for our restricted stock awards: Number of Weighted- Restricted stock at January 30, 2016 829,492 $ 22.13 Granted 225,003 24.98 Vested (33,297 ) 25.66 Forfeited (34,980 ) 21.55 Restricted stock at October 29, 2016 986,218 $ 22.68 The weighted-average grant date fair value of stock awards granted during the thirty-nine week periods ended October 29, 2016 and October 31, 2015 was $24.98 and $24.43, respectively. The total fair value at grant date of previously non-vested stock awards that vested during the first nine months of fiscal 2016 was $854,000. The total fair value at grant date of previously non-vested stock awards that vested during the first nine months of fiscal 2015 was $106,000. The following section summarizes information regarding stock-based compensation expense recognized for restricted stock awards: (In thousands) Thirteen Thirteen Thirty-Nine Thirty-Nine Stock-based compensation expense before the recognized income tax benefit $ 1,295 $ 810 $ 3,197 $ 2,344 Income tax benefit $ 482 $ 308 $ 1,208 $ 902 As of October 29, 2016, approximately $8.7 million of unrecognized compensation expense remained related to both our performance-based and service-based restricted stock awards. The cost is expected to be recognized over a weighted average period of approximately 2.0 years. This incorporates our current assumptions with respect to the estimated requisite service period required to achieve the designated performance conditions for performance-based stock awards. The following table summarizes the SARs activity: Number of Weighted- Weighted- Outstanding at January 30, 2016 147,550 $ 24.26 Forfeited (6,500 ) 24.26 Exercised (22,375 ) 24.26 Outstanding at October 29, 2016 118,675 $ 24.26 3.4 Exercisable at October 29, 2016 25,557 $ 24.26 3.4 SARs were granted during the first quarter of fiscal 2015 to certain non-executive employees, such that one-third of the shares underlying the SARs will vest and become fully exercisable on each of the first three anniversaries of the date of the grant and were assigned a five-year term from the date of grant, after which any unexercised SARs will expire. Each SAR entitles the holder, upon exercise of their vested shares, to receive cash in an amount equal to the closing price of our stock on the date of exercise less the exercise price, with a maximum amount of gain defined. The SARs granted during the first quarter of fiscal 2015 were issued with a defined maximum gain of $10.00 over the exercise price of $24.26. The fair value of these liability awards are remeasured, using a trinomial lattice model, at each reporting period until the date of settlement. Increases or decreases in stock-based compensation expense are recognized over the vesting period, or immediately for vested awards. The weighted-average fair value of outstanding, non-vested SAR awards as of October 29, 2016 and October 31, 2015 was $4.53 and $3.70, respectively. The fair value was estimated using a trinomial lattice model with the following assumptions: October 29, 2016 October 31, 2015 Risk free interest rate yield curve 0.18% - 1.33 % 0.01% - 1.52 % Expected dividend yield 1.1 % 1.0 % Expected volatility 35.06 % 35.34 % Maximum life 3.4 Years 4.4 Years Exercise multiple 1.34 1.34 Maximum payout $ 10.00 $ 10.00 Employee exit rate 2.2% - 9.0 % 2.2% - 9.0 % The risk free interest rate was based on the U.S. Treasury yield curve in effect at the end of the reporting period. The expected dividend yield was based on our historical quarterly cash dividends, with the assumption that quarterly dividends would continue at that rate. Expected volatility was based on the historical volatility of our stock. The exercise multiple and employee exit rate were based on historical option data. The following table summarizes information regarding stock-based compensation expense recognized for SARs: (In thousands) Thirteen Thirteen Thirty-Nine Thirty-Nine Stock-based compensation expense before the recognized income tax benefit $ 12 $ 24 $ 208 $ 219 Income tax benefit $ 4 $ 9 $ 79 $ 84 As of October 29, 2016, approximately $155,000 in unrecognized compensation expense remained related to non-vested SARs. This expense is expected to be recognized over a weighted-average period of approximately 0.9 years. |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Net income per share: | |
Schedule of the Computation of Basic and Diluted Earnings Per Share | The following tables set forth the computation of basic and diluted earnings per share as shown on the face of the accompanying Condensed Consolidated Statements of Income: Thirteen Weeks Ended October 29, 2016 October 31, 2015 (In thousands, except per share data) Basic Earnings per Share: Net Shares Per Net Shares Per Net income $ 9,672 $ 9,386 Amount allocated to participating securities (214 ) (187 ) Net income available for basic common shares and basic earnings per share $ 9,458 17,609 $ 0.54 $ 9,199 19,444 $ 0.47 Diluted Earnings per Share: Net income $ 9,672 $ 9,386 Amount allocated to participating securities (214 ) (187 ) Adjustment for dilutive potential common shares 0 5 0 8 Net income available for diluted common shares and diluted earnings per share $ 9,458 17,614 $ 0.54 $ 9,199 19,452 $ 0.47 Thirty-Nine Weeks Ended October 29, 2016 October 31, 2015 (In thousands, except per share data) Basic Earnings per Share: Net Shares Per Net Shares Per Net income $ 24,437 $ 24,599 Amount allocated to participating securities (515 ) (479 ) Net income available for basic common shares and basic earnings per share $ 23,922 18,220 $ 1.31 $ 24,120 19,542 $ 1.23 Diluted Earnings per Share: Net income $ 24,437 $ 24,599 Amount allocated to participating securities (515 ) (479 ) Adjustment for dilutive potential common shares 0 5 0 11 Net income available for diluted common shares and diluted earnings per share $ 23,922 18,225 $ 1.31 $ 24,120 19,553 $ 1.23 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on a Recurring Basis | The following table presents assets that are measured at fair value on a recurring basis at October 29, 2016, January 30, 2016 and October 31, 2015. We have no material liabilities measured at fair value on a recurring or non-recurring basis. Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total As of October 29, 2016: Cash equivalents – money market account $ 114 $ 0 $ 0 $ 114 As of January 30, 2016: Cash equivalents– money market account $ 5,386 $ 0 $ 0 $ 5,386 As of October 31, 2015: Cash equivalents – money market account $ 5,384 $ 0 $ 0 $ 5,384 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Restricted Stock Awards Transactions | The following section summarizes the share transactions for our restricted stock awards: Number of Weighted- Restricted stock at January 30, 2016 829,492 $ 22.13 Granted 225,003 24.98 Vested (33,297 ) 25.66 Forfeited (34,980 ) 21.55 Restricted stock at October 29, 2016 986,218 $ 22.68 |
Summary of SARs Activity | The following table summarizes the SARs activity: Number of Weighted- Weighted- Outstanding at January 30, 2016 147,550 $ 24.26 Forfeited (6,500 ) 24.26 Exercised (22,375 ) 24.26 Outstanding at October 29, 2016 118,675 $ 24.26 3.4 Exercisable at October 29, 2016 25,557 $ 24.26 3.4 |
Schedule of SARs Assumptions | The fair value was estimated using a trinomial lattice model with the following assumptions: October 29, 2016 October 31, 2015 Risk free interest rate yield curve 0.18% - 1.33 % 0.01% - 1.52 % Expected dividend yield 1.1 % 1.0 % Expected volatility 35.06 % 35.34 % Maximum life 3.4 Years 4.4 Years Exercise multiple 1.34 1.34 Maximum payout $ 10.00 $ 10.00 Employee exit rate 2.2% - 9.0 % 2.2% - 9.0 % |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Stock Compensation Expense | The following section summarizes information regarding stock-based compensation expense recognized for restricted stock awards: (In thousands) Thirteen Thirteen Thirty-Nine Thirty-Nine Stock-based compensation expense before the recognized income tax benefit $ 1,295 $ 810 $ 3,197 $ 2,344 Income tax benefit $ 482 $ 308 $ 1,208 $ 902 |
Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Stock Compensation Expense | The following table summarizes information regarding stock-based compensation expense recognized for SARs: (In thousands) Thirteen Thirteen Thirty-Nine Thirty-Nine Stock-based compensation expense before the recognized income tax benefit $ 12 $ 24 $ 208 $ 219 Income tax benefit $ 4 $ 9 $ 79 $ 84 |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Basic Earnings per Share: | ||||
Net income | $ 9,672 | $ 9,386 | $ 24,437 | $ 24,599 |
Amount allocated to participating securities | (214) | (187) | (515) | (479) |
Net income available for basic common shares and basic earnings per share | $ 9,458 | $ 9,199 | $ 23,922 | $ 24,120 |
Net income available for basic common shares and basic earnings per share, Shares | 17,609 | 19,444 | 18,220 | 19,542 |
Net income available for basic common shares and basic earnings per share, Per Share Amount | $ 0.54 | $ 0.47 | $ 1.31 | $ 1.23 |
Diluted Earnings per Share: | ||||
Net income | $ 9,672 | $ 9,386 | $ 24,437 | $ 24,599 |
Amount allocated to participating securities | (214) | (187) | (515) | (479) |
Adjustment for dilutive potential common shares | $ 0 | $ 0 | $ 0 | $ 0 |
Adjustment for dilutive potential common shares, Shares | 5 | 8 | 5 | 11 |
Net income available for diluted common shares and diluted earnings per share | $ 9,458 | $ 9,199 | $ 23,922 | $ 24,120 |
Net income available for diluted common shares and diluted earnings per share, Shares | 17,614 | 19,452 | 18,225 | 19,553 |
Net income available for diluted common shares and diluted earnings per share, Per Share Amount | $ 0.54 | $ 0.47 | $ 1.31 | $ 1.23 |
Recently Issued Accounting Pr17
Recently Issued Accounting Pronouncements (Details) $ in Millions | Oct. 29, 2016USD ($) |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Net deferred tax assets | $ 2.7 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Fair Value Disclosures [Abstract] | ||||
Long-lived assets, impairment charges | $ 193,000 | $ 161,000 | $ 193,000 | $ 212,000 |
Remaining unamortized basis | $ 337,000 | $ 69,000 | 337,000 | $ 211,000 |
Net book value of long-lived assets | $ 4,500,000 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets Measure at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents - money market account | $ 114 | $ 5,386 | $ 5,384 |
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents - money market account | 114 | 5,386 | 5,384 |
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents - money market account | 0 | 0 | 0 |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents - money market account | $ 0 | $ 0 | $ 0 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense - ESPP | $ 9,000 | $ 9,000 | $ 33,000 | $ 32,000 |
Income tax benefit - ESPP | 3,000 | $ 3,000 | 12,000 | 12,000 |
Total fair value of non-vested stock awards | $ 854,000 | $ 106,000 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average grant date fair value of awards | $ 24.98 | $ 24.43 | ||
Unrecognized share-based compensation expense | 8,700,000 | $ 8,700,000 | ||
Unrecognized compensation cost, recognition period | 2 years | |||
Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average grant date fair value of awards | $ 4.53 | $ 3.70 | ||
Unrecognized share-based compensation expense | $ 155,000 | $ 155,000 | ||
Unrecognized compensation cost, recognition period | 10 months 24 days | |||
Vesting period | 3 years | |||
Expiration period | 5 years | |||
Defined maximum gain | $ 10 | $ 10 | ||
Exercise price | $ 24.26 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Restricted Stock Awards Transactions) (Details) - Restricted Stock [Member] - $ / shares | 9 Months Ended | |
Oct. 29, 2016 | Oct. 31, 2015 | |
Number of Shares | ||
Restricted stock at January 30, 2016 | 829,492 | |
Granted | 225,003 | |
Vested | (33,297) | |
Forfeited | (34,980) | |
Restricted stock at October 29, 2016 | 986,218 | |
Weighted-Average Grant Date Fair Value | ||
Restricted stock at January 30, 2016 | $ 22.13 | |
Granted | 24.98 | $ 24.43 |
Vested | 25.66 | |
Forfeited | 21.55 | |
Restricted stock at October 29, 2016 | $ 22.68 |
Stock-Based Compensation (Sum22
Stock-Based Compensation (Summary of Restricted Stock Awards and SARs Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense before the recognized income tax benefit | $ 1,295 | $ 810 | $ 3,197 | $ 2,344 |
Income tax benefit | 482 | 308 | 1,208 | 902 |
Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense before the recognized income tax benefit | 12 | 24 | 208 | 219 |
Income tax benefit | $ 4 | $ 9 | $ 79 | $ 84 |
Stock-Based Compensation (Sum23
Stock-Based Compensation (Summary of SARs Activity) (Details) - Stock Appreciation Rights (SARs) [Member] | 9 Months Ended |
Oct. 29, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at January 30, 2016 | shares | 147,550 |
Forfeited | shares | (6,500) |
Exercised | shares | (22,375) |
Outstanding at October 29, 2016 | shares | 118,675 |
Exercisable at October 29, 2016 | shares | 25,557 |
Outstanding at January 30, 2016 | $ / shares | $ 24.26 |
Forfeited | $ / shares | 24.26 |
Exercised | $ / shares | 24.26 |
Outstanding at October 29, 2016 | $ / shares | 24.26 |
Exercisable at October 29, 2016 | $ / shares | $ 24.26 |
Outstanding at October 29, 2016 | 3 years 4 months 24 days |
Exercisable at October 29, 2016 | 3 years 4 months 24 days |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of SARs Assumptions) (Details) - Stock Appreciation Rights (SARs) [Member] - $ / shares | 9 Months Ended | |
Oct. 29, 2016 | Oct. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate yield curve, minimum | 0.18% | 0.01% |
Risk free interest rate yield curve, maximum | 1.33% | 1.52% |
Expected dividend yield | 1.10% | 1.00% |
Expected volatility | 35.06% | 35.34% |
Maximum life | 3 years 4 months 24 days | 4 years 4 months 24 days |
Exercise multiple | 1.34 | 1.34 |
Maximum payout | $ 10 | $ 10 |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee exit rate | 2.20% | 2.20% |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee exit rate | 9.00% | 9.00% |