Note 5: Treasury Stock

On February 9, 2012, the Company’s Board of Directors authorized $35,000,000 for the repurchase of the Company’s common stock. On February 15, 2013, the Company’s Board of Directors authorized an additional $35,000,000 for the repurchase of the Company’s common stock. On May 29, 2014, the Company’s Board of Directors authorized an additional $35,000,000 for the repurchase of the Company’s common stock.

The Company repurchased 383,639 shares of its common stock for $27,923,000 during the nine months ended October 3, 2014. The Company repurchased 388,604 shares of its common stock for $21,211,000 during the nine months ended September 27, 2013. As of October 3, 2014, the Company had remaining authorization under its stock repurchase plans of $38,077,000 to repurchase shares of its common stock.

Net losses related to the re-issuance of treasury stock to settle restricted stock unit and stock option awards of $0 and $140,000 were recorded as a reduction to retained earnings during the three months ended October 3, 2014 and September 27, 2013, respectively. Net losses related to the re-issuance of treasury stock to settle restricted stock unit and stock option awards of $6,050,000 and $10,253,000 were recorded as a reduction to retained earnings during the nine months ended October 3, 2014 and September 27, 2013, respectively.