Note 5 - Shareholders' Equity

6 Months Ended

Jun. 28, 2015

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

(5) Shareholders’ Equity

In May 2013, the Company announced that its Board of Directors approved a common stock repurchase program. Under the program, the Company was authorized from time to time to purchase up to $30 million of its outstanding common stock. During the first twenty-six weeks of fiscal year ended 2014, 541,190 shares were repurchased at an aggregate cost of $6.7 million, or an average cost of $12.45 per share. The share repurchases were made in the open market at the Company’s discretion, within pricing parameters set by the Board of Directors.

On November 17, 2014, the Company announced that its Board of Directors approved a new share repurchase program under which the Company is authorized to repurchase up to $50 million of outstanding common stock from time to time in the open market, through negotiated transactions or otherwise, depending on share price, market conditions and other factors. The new share repurchase program replaced the Company’s previous share repurchase program announced in May 2013, which was terminated. The new share repurchase program does not obligate the Company to repurchase any dollar amount or number of shares, and has no termination date. During the first twenty-six weeks of fiscal year 2015, 350,749 shares were repurchased under this new program at an aggregate cost of $5.3 million, or an average cost of $14.99 per share. As of June 28, 2015, $39.6 million remained available for future purchases under the new program. Share repurchases under both programs were accounted for under the cost method and all repurchased shares were retired and cancelled. The excess of the purchase price over the par value of the shares was recorded as a reduction in additional paid-in capital.

The Company’s Board of Directors declared the following dividends during the periods presented (amounts in thousands, except per share amounts):

Declaration Date	Dividend per Share		Record Date	Total Amount		Payment Date
Fiscal Year 2015:
February 13, 2015	$	0.06	February 26, 2015	$	2,082	March 12, 2015
April 21, 2015	$	0.06	May 14, 2015	$	2,090	May 28, 2015
Fiscal Year 2014:
February 21, 2014	$	0.05	March 13, 2014	$	1,798	March 27, 2014
April 22, 2014	$	0.05	May 15, 2014	$	1,798	May 29, 2014

Subsequent to the end of the second quarter of fiscal year 2015, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.06 per common and restricted share, or approximately $2.1 million in the aggregate based on the number of shares currently outstanding, payable on August 27, 2015 to stockholders of record on August 13, 2015.

Outstanding unvested restricted stock is not included in common stock outstanding amounts. Restricted stock outstanding as of June 28, 2015 aggregated 908,272 shares.