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CAPITAL STRUCTURE
12 Months Ended
Dec. 30, 2012
CAPITAL STRUCTURE

(10) CAPITAL STRUCTURE

The Company has a Board of Directors approved open market share repurchase program of the Company’s common stock, which was reset during the third quarter of 2012 at $200.0 million. The open market share repurchase program has historically been funded by excess cash flow and , if necessary, borrowings available under the Variable Funding Notes. During 2010, 2011 and 2012 the Company repurchased 343,884 shares, 6,414,813 shares and 2,472,863 shares of common stock for approximately $5.4 million, $165.0 million and $88.2 million, respectively. The Company has approximately $152.4 million remaining under the $200.0 million authorization. The Company’s policy is to recognize the difference between the purchase price and par value of the common stock in additional paid-in capital. In instances where there is no additional paid-in capital, the difference is recognized in retained deficit.

As of December 30, 2012, authorized common stock consists of 160,000,000 voting shares and 10,000,000 non-voting shares. The share components of outstanding common stock at January 1, 2012 and December 30, 2012 are as follows:

 

     2011      2012  

Voting

     57,704,657         56,295,495   

Non-Voting

     36,551         17,754   
  

 

 

    

 

 

 

Total Common Stock

     57,741,208         56,313,249