Stock Repurchase and Dividends

3 Months Ended

Dec. 27, 2015

Stock Repurchase and Dividends.

Stock Repurchase and Dividends

6.             Stock Repurchase and Dividends

On November 10, 2014, the Board of Directors authorized a stock repurchase program under which we may repurchase up to $200 million of our common stock over the next two years.  In the first quarter of fiscal 2016, we repurchased through open market purchases a total of 939,909 shares at an average price of $26.60, for a total cost of $25.0 million under this repurchase program.

On November 9, 2015, the Board of Directors declared a quarterly cash dividend of $0.08 per share payable on December 11, 2015 to stockholders of record as of the close of business on November 30, 2015.  Dividends totaling $4.7 million and $4.4 million were paid in the first quarters of fiscal 2016 and fiscal 2015, respectively.

Subsequent Event.  On January 25, 2016, the Board of Directors declared a quarterly cash dividend of $0.08 per share payable on February 26, 2016 to stockholders of record as of the close of business on February 12, 2016.