Shareholders' Equity

12 Months Ended

Dec. 28, 2013

Equity [Abstract]

Shareholders' Equity

14. Shareholders’ Equity

On November 15, 2012, the Board of Directors authorized and approved a share repurchase program of up to $20 million. Repurchases were funded from existing cash resources and cash generated by the Company’s operating activities. All share repurchases were made in accordance with Rule 10b5-1 and Rule 10b-18, as applicable, of the Securities Exchange Act of 1934 as to the timing, pricing, and volume of such transactions. In 2012 and 2013, the Company acquired 1,996,772 shares of the Company’s common stock at a cost of $10.0 million. These reacquired shares were placed in treasury. There were 46.9 million shares and 52.8 million shares of common stock outstanding, net of common stock held in treasury, at December 28, 2013, and December 29, 2012, respectively.

In May of 2013, we completed a secondary offering of 12.65 million shares of common stock owned by JLL Partners. Concurrently with the secondary offering, we repurchased, cancelled and retired 6.8 million shares from JLL, which were funded by refinancing our debt and bringing the outstanding gross balance to $80 million.