XML 21 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Treasury Stock
3 Months Ended
Apr. 01, 2012
Treasury Stock [Abstract]  
Treasury Stock

NOTE K – Treasury Stock

Common stock held in treasury totaled 20,996,182 shares with a cost of $303.3 million at April 1, 2012 and 20,724,106 shares with a cost of $300.6 million at December 31, 2011. Approximately 7.2 million shares are available for future issuances.

In May 2008, CTS’ Board of Directors authorized a program to repurchase up to one million shares of its common stock in the open market at a maximum price of $13 per share. The authorization has no expiration. Reacquired shares will be used to support equity-based compensation programs and for other corporate purposes. During the first quarter of 2012, 272,076 shares were repurchased at a cost of approximately $2.7 million or $10.05 per share.