Shareholders' Equity

3 Months Ended

Jun. 28, 2014

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

Share Repurchase Program

In December 2011, the Board of Directors authorized a share repurchase program totaling $20.0 million to acquire shares of our outstanding common stock. The repurchases are to be made at management’s discretion in the open market or in privately negotiated transactions in compliance with applicable securities laws and other legal requirements and are subject to market conditions, share price and other factors.

In the first quarter of 2015 the Company repurchased 207,738 shares for $1.5 million under this authorization at an average price of $7.01 per share, calculated inclusive of commissions and fees. Cash used to settle the repurchase transactions as of June 28, 2014 totaled $1.3 million and is reflected as a component of cash used in financing activities on the Condensed Consolidated Statements of Cash Flows. Accrued liabilities include $0.2 million for amounts owed on the unsettled repurchase transactions as of June 28, 2014. In 2014 the Company repurchased 19,832 shares for $0.2 million at an average price of $9.65 per share. The Company has repurchased a total of 227,570 shares life to date under this authorization as a part of its publicly announced plan.

There is no fixed completion date for the repurchase program. The following table provides information with respect to share repurchases by the Company during 2015 and 2014.

Fiscal Period	Total number of shares purchased	Average price paid per share	Total value of shares repurchased	Maximum value of shares that may yet be purchased under the program
June FY 2015 (06/01/2014 to 06/28/2014)	68,750	$6.89	$0.5 million	$18.3 million
May FY 2015 (05/04/2014 to 05/31/2014)	138,988	$7.07	$1.0 million	$18.8 million

Dividends

In December 2011, the Board of Directors adopted a dividend policy under which the Company intends to pay quarterly cash dividends. The following table summarizes the quarterly dividend declared and paid by the Company during 2015 and 2014:

Date Declared	Record Date	Payable Date	Amount per Share
May 15, 2014	May 27, 2014	June 10, 2014	$0.08
February 13, 2014	February 27, 2014	March 13, 2014	$0.08
November 7, 2013	November 19, 2013	December 4, 2013	$0.08
August 8, 2013	August 19, 2013	September 3, 2013	$0.08
May 14, 2013	June 5, 2013	June 19, 2013	$0.08

The Company paid aggregate dividends of $2.4 million in each of the first quarters of 2015 and 2014.

The Company currently anticipates that it will continue to pay cash dividends on a quarterly basis in the future, although the declaration, timing and amount of any future cash dividends are at the discretion of the Board of Directors and will depend on the Company’s financial condition, results of operations, capital requirements, business conditions and other factors, as well as a determination that cash dividends are in the best interest of the shareholders.