Shareholders' Equity

12 Months Ended

Mar. 01, 2014

Equity [Abstract]

Stockholders' Equity

Shareholders' Equity

A class of 200,000 shares of junior preferred stock with a par value of $1.00 is authorized, but unissued.

Share Repurchases

During fiscal 2004, the Board of Directors authorized a share repurchase program of 1,500,000 shares of common stock. The Board of Directors increased this authorization by 750,000 shares in January 2008 and by 1,000,000 in October 2008. The Company did not repurchase any shares under the plan during fiscal 2014 or 2013. In fiscal 2012, the Company repurchased 275,000 shares in the open market for $2.4 million. The Company has purchased a total of 2,279,123 shares, at a total cost of $29.7 million, since the inception of this program and has remaining authority to repurchase 970,877 shares under this program, which has no expiration date.

In addition to the shares repurchased according to this repurchase plan, during fiscal 2014, 2013 and 2012 the Company also purchased $3.6 million, $1.5 million and $1.3 million, respectively, of Company stock from employees in order to satisfy stock-for-stock option exercises or withholding tax obligations related to stock-based compensation, pursuant to terms of board and shareholder approved compensation plans.

Accumulated Other Comprehensive Loss

The following table summarizes the accumulated other comprehensive loss, net of tax at March 1, 2014 and March 2, 2013.

(In thousands)	2014			2013
Net unrealized loss on marketable securities	$	(157	)	$	(74	)
Foreign currency hedge	62			(258		)
Pension liability adjustments	(2,910		)	(2,929		)
Foreign currency translation adjustments	(9,955		)	(3,820		)
Total accumulated other comprehensive loss	$	(12,960	)	$	(7,081	)