Shareholders' Equity

6 Months Ended

Jul. 03, 2011

Shareholders' Equity

Shareholders' Equity

 

11. Shareholders' Equity

On October 24, 2006, Susser Holdings Corporation completed an IPO of 7,475,000 shares of its common stock at a price of $16.50 per share. A total of 125,000,000 shares of common stock have been authorized, $0.01 par value, of which 17,402,934 were issued and 17,361,406 were outstanding as of January 2, 2011, and 17,489,829 were issued and 17,347,010 were outstanding as of July 3, 2011. Included in these amounts are 297,919 and 306,635 shares as of January 2, 2011 and July 3, 2011, respectively, which represent restricted shares that are not yet vested and have no voting rights. Treasury shares consist of 41,528 and 142,819 shares as of January 2, 2011 and July 3, 2011, respectively, which include restricted shares issued which were forfeited prior to vesting or were withheld to pay taxes upon vesting.

On June 2, 2011, the Company announced the approval of a stock repurchase program pursuant to which the Company may elect to repurchase up to $15 million of its outstanding common stock. Purchases may be made from time to time on the open market or in privately negotiated transactions. Timing of the purchases and the amount of stock purchased will be determined at the discretion of the Company's management and may include purchases through one or more broker-assisted plans (including 10b5-1 and/or 10b-18 plans). The repurchase authorization expires December 31, 2012, and the program may be discontinued at any time. Included in treasury shares at July 3, 2011 are 93,786 shares repurchased and settled by the Company during the second fiscal quarter pursuant to the stock repurchase program at a total value of $1.4 million.

A total of 25,000,000 preferred shares have been authorized, par value $0.01 per share, although none have been issued. Options to purchase 857,348 shares of common stock are outstanding as of July 3, 2011, 175,078 of which are vested. Additionally, 307,500 restricted stock units are outstanding, of which 200,500 remain subject to performance criteria in addition to time-vesting (See Note 12).