Stockholders' Equity

9 Months Ended

Mar. 30, 2014

Equity [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Stockholders’ Equity

Stock Repurchase

On October 16, 2012, the Company’s Board of Directors authorized the Company to purchase up to 10.0 million shares of its outstanding common stock in the open market over a two-year time period. During the quarter ended March 30, 2014, the Company repurchased approximately 0.2 million shares of its common stock for approximately $10.9 million. As of March 30, 2014, the Company had remaining authorization to repurchase up to an additional 7.6 million shares of the Company's common stock.

In addition to open market repurchases, the Company also repurchases shares related to equity award vestings as outlined below. During the quarter ended March 30, 2014, the Company repurchased approximately 171.3 thousand shares related to equity grants of its common stock for approximately $7.8 million. The Company generally grants restricted stock awards and restricted stock units under its equity incentive plans, which are subject to vesting. Recipients are required to pay tax on such awards and units at the time they vest. For the majority of restricted stock awards and units granted, the number of shares issued on the date the awards and units vest is net of the minimum statutory withholding requirements that the Company pays in cash to the appropriate taxing authorities on behalf of its employees. These withheld shares are not included in the open market common stock repurchase totals in the above paragraph even though they are treated as common stock repurchases in our financial statements, as they reduce the number of shares that would otherwise have been issued.

Dividends

In April 2014, the Company's Board of Directors approved a cash dividend of $0.27 per share to be paid on May 28, 2014 to stockholders of record on May 16, 2014. During the nine months ended March 30, 2014, the Company paid $189.2 million in dividends representing $0.79 per share. The payment of future dividends will be based on the Company's financial performance.

During the quarter ended December 30, 2012, the Company's Board of Directors accelerated the payment of its March quarterly dividend payment into the December quarter to benefit shareholders due to increases in tax rates on investment income in the United States.