Shareholders' Equity

8 Months Ended

Sep. 12, 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 September 12, 2017, the Company repurchased (1) 96,122 shares of common stock for an average price per share of $12.35 for an aggregate cost of approximately $1.2 million, including incremental direct costs to acquire the shares, and (2) 1,186 warrants for an average price per warrant of $3.97 for an aggregate cost of approximately $5,000, including incremental direct costs to acquire the warrants. During the thirty-six weeks ended September 12, 2017, the Company repurchased (1) 737,287 shares of common stock for an average price per share of $12.46 for an aggregate cost of approximately $9.2 million, including incremental direct costs to acquire the shares, and (2) 401,186 warrants for an average price per warrant of $3.75 for an aggregate cost of approximately $1.5 million, including incremental direct costs to acquire the warrants. The Company expects to retire the repurchased shares and therefore has accounted for them as constructively retired as of September 12, 2017. As of September 12, 2017, there was approximately $24.1 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.