SHAREHOLDERS' EQUITY

12 Months Ended

Jan. 02, 2016

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

7. SHAREHOLDERS’ EQUITY

Four hundred thousand shares of preferred stock ($.50 par value) are authorized and unissued.

The Company purchased 1,000 shares of its common stock from a former employee to become treasury stock during fiscal 2015.  No such repurchases were made during fiscal 2014. Under the 2010 Non-Employee Directors Stock Plan (the “Plan”) the Company reserved 150,000 treasury shares representing the maximum number of shares allowed to be granted to non-employee directors in lieu of the base director retainer fee. The Company issued a total of 12,000 shares to eight eligible board members effective January 27, 2015 as payment for the retainer fee for 2015. During 2014, the Company issued 12,000 shares to the same eight eligible board members effective February 12, 2014 as payment for the 2014 retainer fee.