Treasury Stock

3 Months Ended

Mar. 29, 2019

Class Of Stock Disclosures [Abstract]

Treasury Stock

11. Treasury Stock

During the 2016 fourth quarter, the Company’s Board of Directors authorized the repurchase of up to $10.0 million of the Company’s stock over the subsequent two year period. This repurchase authorization replaced the Company’s previous share repurchase program. The Company’s Board of Directors approved a $10.0 million addition in the 2017 fourth quarter and a $10.0 million addition in the 2018 first quarter to the stock repurchase program to bring the authorization to $30.0 million in total. The Company did not purchase shares for treasury during the 2019 first quarter. As of March 29, 2019, the Company had repurchased approximately 3.2 million of shares pursuant to the authorization and had approximately $7.7 million left in its current stock repurchase authorization.

The Company issued 215,000 shares out of treasury stock primarily to fulfill the share requirements from purchases of stock in the Non-Employee Director Deferred Compensation Plan, stock option exercises, and restricted stock grants during the 2019 first quarter.

The Company purchased 25,000 shares for treasury during the 2018 first quarter. At March 30, 2018, the Company had approximately $22.5 million remaining in its stock repurchase authorization. The Company issued 364,000 shares out of treasury stock primarily to fulfill the share requirements from purchases of stock in the Non-Employee Director Deferred Compensation Plan, stock options exercises, and restricted stock grants during the 2018 first quarter.