Note 11 - Treasury Stock and Retired Share Transactions

6 Months Ended

Jun. 29, 2024

Notes to Financial Statements

Treasury Stock [Text Block]

11.   Treasury Stock and Retired Share Transactions

On March 29, 2024, the Board authorized a program to repurchase shares of its common stock up to an amount not to exceed $50.0 million, inclusive of amounts remaining under the existing repurchase authorization. The program (the Treasury Stock Repurchase Plan) is designed to provide the Company with enhanced flexibility over the long term to optimize its capital structure.  Shares of the Common Stock may be repurchased in the open market or through negotiated transactions.  The program may be terminated or suspended at any time at the discretion of the Company. The Company may enter into a Rule 10b5-1 trading plan to effect a portion of the authorized purchases if the criteria set forth in the plan are met. Such a plan would enable the Company to repurchase its shares during periods outside of its normal trading windows when the Company typically would not be active in the market.

On April 24, 2023, the Company agreed to repurchase, in a private transaction approved by the Board, 333,686 shares of common stock at a per-share price of $11.91 per share.

During the twenty-six weeks ended  June 29, 2024, the Company purchased 280,378 shares at an average price of $19.20 per share.  During the twenty-six weeks ended  July 1, 2023, the Company purchased 1,579,732 shares at an average price of $13.53 per share, including the aforementioned private transaction.  As of June 29, 2024, the Company had $44.6 million available for future treasury stock purchases.

The Company accrued $11 in excise tax associated with its Treasury Stock Repurchase Plan during the twenty-six weeks ended June 29, 2024. The Company accrued $198 in excise tax associated with its Treasury Stock Repurchase Plan during the twenty-six weeks ended July 1, 2023.

During the twenty-six weeks ended June 29, 2024, the Company issued and retired 44,567 shares associated with equity grants that vested for Brad Vizi, the Company’s Chairman and CEO.