Shareholder Rights Plan

12 Months Ended

Mar. 28, 2015

Shareholder Rights Plan [Abstract]

Stockholder Rights Plan

Shareholder Rights Plan

The Company had a shareholder rights plan, under which each share of common stock carries with it an associated right (a “Right”). Each Right entitled the holder to purchase 1/100 of a share of Series A No Par Preferred Stock at a purchase price of $60, subject to adjustment. The Rights did not have voting or dividend rights and, until they became exercisable, had no dilutive effect on the Company’s earnings.

In March 2015, the Company entered into an amendment to the shareholders rights plan, pursuant to which the final expiration date was advanced from May 18, 2019 to March 26, 2015. As a result of the amendment, at March 28, 2015, there are no outstanding Rights and the shareholder rights plan had terminated.