Shareholders' Equity

9 Months Ended

Dec. 27, 2014

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

Share Repurchase Program

On December 9, 2011, the Board of Directors authorized a share repurchase program totaling $20 million to acquire shares of the Company’s 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 as of December 27, 2014 totaled $1.5 million. The Company did not repurchase any shares during the second and third quarters of 2015.

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.

Dividends

In December 2011, the Board of Directors adopted a dividend program. The following table summarizes the quarterly dividend declared and paid by the Company since the third quarter of 2014:

Date Declared	Record Date	Payable Date	Amount per Share
November 18, 2014	December 1, 2014	December 15, 2014	$0.08
August 21, 2014	September 2, 2014	September 12, 2014	$0.08
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

A special dividend of $2.00 per share was declared by the Board of Directors on December 3, 2012 after the successful settlement of a patent dispute. The special dividend should not be considered a recurring event.

The Company paid aggregate dividends of $7.3 million and $7.2 million in the first three quarters of 2015 and 2014, respectively.

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 and growth investment objectives, business conditions and other factors, as well as a determination that cash dividends are in the best interest of the shareholders.