Stock Repurchase

9 Months Ended

Sep. 26, 2015

Stock Repurchase [Abstract]

Stock Repurchase

NOTE 11.  Stock Repurchase

 On February 9, 2015, the Board of Directors of the Company authorized a share repurchase for up to $75 million of its common stock.  This program increased the total remaining repurchase authorization to $102.1 million, including the $27.1 million that remained available for repurchases under the $275 million 2012 share repurchase authorization as of December 27, 2014. 

On May 21, 2015, the Board of Directors of the Company authorized up to $75 million of its common stock for share repurchases, which is the authorization amount that remained available for repurchases as of September 26, 2015.

For the nine months ended September 26, 2015 and September 27, 2014, the Company repurchased 11.6 million and 1.4 million shares for a total cash cost of $102.1 million and $8.9 million, respectively. The repurchased shares were retired immediately.  Accordingly, the repurchased shares were recorded as a reduction of common stock, additional paid-in capital and accumulated deficit.  As of September 26, 2015, the Company had completed $430.0 million of the total announced $505.0 million stock repurchases since 2011.