Shareholders' Equity

3 Months Ended

Mar. 28, 2017

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

On February 26, 2016, the Company's Board of Directors authorized a share repurchase program covering up to $25.0 million in the aggregate of the Company's common stock and warrants which was effective immediately and expires upon completion of the repurchase program, unless terminated earlier by the Board of Directors. On August 23, 2016, the Company announced that the Board of Directors increased the repurchase program by $25.0 million, to $50.0 million. Purchases under the program may be made in open market or privately negotiated transactions. During the twelve weeks ended March 28, 2017, the Company repurchased 641,165 shares of common stock for an average price per share of $12.48 for an aggregate cost of approximately $8.0 million, including incremental direct costs to acquire the shares. The Company did not repurchase any warrants during the twelve weeks ended March 28, 2017. The Company expects to retire the repurchased shares and therefore has accounted for them as constructively retired as of March 28, 2017. As of March 28, 2017, there was approximately $26.8 million remaining under the share repurchase program. The Company has no obligations to repurchase shares or warrants under this authorization, and the timing and value of shares and warrants purchased will depend on the Company's stock price, warrant price, market conditions and other factors.

On March 24, 2017, the Company agreed to purchase 400,000 warrants from PW Acquisitions, LP, a related party, at $3.75 per warrant, for an aggregate purchase price of $1.5 million, representing a 5% discount from the closing price of $3.95 per warrant on that day. Patrick Walsh currently serves on the Company's Board of Directors and is the chief executive officer and managing member of the general partner of PW Acquisitions, LP. The transaction was settled and closed during the fiscal second quarter on March 29, 2017. After this transaction, there were 6,024,373 warrants outstanding and $25.3 million remaining under the share repurchase program.