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 463,402 shares of its common stock for $19,814,000 during the nine months ended October 2, 2015. The Company repurchased 767,278 shares of its common stock for $27,923,000 during the nine months ended October 3, 2014. As of October 2, 2015, the Company had remaining authorization under its stock repurchase plans of $15,265,000 to repurchase shares of common stock.

Net losses related to the re-issuance of treasury stock to settle restricted stock unit and stock option awards of $4,943,000 and $6,050,000 were recorded as a reduction to retained earnings during the nine months ended October 2, 2015 and October 3, 2014, respectively.