Stockholders' Equity

6 Months Ended

Dec. 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 December 28, 2014, the Company repurchased approximately 0.7 million shares of its common stock for approximately $28.6 million. 

In addition to open market repurchases, the Company also repurchases shares related to equity award vestings as outlined below. During the quarter ended December 28, 2014, the Company repurchased approximately 151.1 thousand shares related to equity grants of its common stock for approximately $6.1 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 January 2015, the Company's Board of Directors approved an increase in the Company's quarterly dividend from $0.27 per share to $0.30 per share. This marked the 23rd consecutive year the Company has increased its dividend. A cash dividend of $0.30 per share will be paid on February 25, 2015 to stockholders of record on February 13, 2015.   During the six months ended December 28, 2014, the Company paid $131.6 million in dividends representing $0.54 per share.  The payment of future dividends will be based on the Company's financial performance.