Stockholders' Equtiy

9 Months Ended

Dec. 26, 2015

Stockholder's Equity [Abstract]

Stockholders Equity Note Disclosure Text Block

14.Stockholders’ Equity

Common Stock

The Company issued a net 0.6 million and 1.4 million shares of common stock during the three and nine month periods ending December 26, 2015, respectively,  in connection with stock issuances primarily pursuant to the Company’s 2006 Stock Incentive Plan.The Company issued a net 0.7 million and 1.3 million shares of common stock during the three and nine month periods ending December 27, 2014, respectively, in connection with stock issuances primarily pursuant to the Company’s 2006 Stock Incentive Plan.

Share Repurchase Program

Since inception, $187.5 million of the Company’s common stock has been repurchased under the Company’s 2012 $200 million share repurchase program, leaving $12.5 million available for repurchase under this plan as of December 26, 2015.  During the three months ended December 26, 2015, the Company repurchased 0.7 million shares of its common stock for $20.0 million, at an average cost of $29.08.  During the nine months ended December 26, 2015, the Company repurchased 1.3 million shares of its common stock for $39.2 million, at an average cost of $29.26.  All of these shares were repurchased in the open market and were funded from existing cash.  All shares of our common stock that were repurchased were retired as of December 26, 2015.  In October 2015, the Board of Directors authorized the repurchase of up to an additional $200 million of the Company’s common stock, in addition to the remaining available above. 

Accumulated Other Comprehensive Loss

In the first quarter of fiscal year 2016, the Company updated the functional currencies of itssmaller foreign entities (from the U.S. dollar to certain local currencies).  As a result, the Company is now presenting the effect of foreign currency translation, which resulted in  an insignificant amount and $0.2 million gain for the quarter and nine months ended December 26, 2015, respectively.  Additionally, in the current fiscal year, the Company is amortizing the pension actuarial losses out of accumulated other comprehensive income / (loss) to selling, general and administrative expenses.  See Note 11 - Pension Plan above.The gains  and losses are presented within other comprehensive income in the Consolidated Condensed Statements of Comprehensive Income.