Stock Repurchase Program

6 Months Ended

Jul. 01, 2014

Stock Repurchase Program

Stock Repurchase Program

(12)  Stock Repurchase Program

On May 22, 2014, our Board of Directors approved a stock repurchase program which authorized us to repurchase up to $100.0 million of our common stock.  This stock repurchase program has no expiration date and replaced a previous stock repurchase program which was approved on February 16, 2012.  The previous program authorized us to repurchase up to $100.0 million of our common stock.  All repurchases to date have been made through open market transactions.  The timing and the amount of any repurchases will be determined by management under parameters established by our Board of Directors, based on its evaluation of our stock price, market conditions and other corporate considerations.

For the 13 week period ended July 1, 2014 we paid approximately $7.6 million to repurchase 300,000 shares of our common stock.  For the 26 week period ended July 1, 2014 we paid approximately $31.8 million to repurchase 1,260,000 shares of our common stock.  We did not repurchase any shares of our common stock during the 13 and 26 week periods ended June 25, 2013.  As of July 1, 2014, we had $96.4 million remaining under our authorized stock repurchase program.