Stockholders' Equity

3 Months Ended

Sep. 28, 2014

Stockholders' Equity [Abstract]

Stockholders' Equity

11. Stockholders’ Equity

Stock Repurchase

On October 14, 2014, 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 September 28, 2014, the Company repurchased approximately 0.6 million shares of its common stock for approximately $26.5 million under a previous two-year open market repurchase program authorized by the Board of Director in October 2012.  As of September 28, 2014, the end of the two-year authorization period, the Company had repurchased approximately 3.6 million shares of the Company’s common stock out of the 10.0 million originally authorized in 2012. 

In addition to open market repurchases, the Company also repurchases shares related to equity award vestings as outlined below. During the quarter ended September 28, 2014, the Company repurchased approximately 170.0 thousand shares related to equity grants of its common stock for approximately $7.6 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 October 2014, the Company's Board of Directors approved a cash dividend of $0.27 per share to be paid on November 26, 2014 to stockholders of record on November 14, 2014.  During the three months ended September 28, 2014, the Company paid $65.7 million in dividends representing $0.27 per share.  The payment of future dividends will be based on the Company's financial performance.