Note 5: Treasury Stock

On May 29, 2014, the Company’s Board of Directors authorized $35,000,000 for the repurchase of the Company’s common stock. On October 21, 2015, the Company’s Board of Directors authorized an additional $35,000,000 for the repurchase of the Company’s common stock.

The Company repurchased 491,312 shares of its common stock for $24,456,000 during the nine months ended September 30, 2016. The Company repurchased 463,402 shares of its common stock for $19,814,000 during the nine months ended October 2, 2015. As of September 30, 2016 the Company had remaining authorization under its stock repurchase plans of $22,307,000 to repurchase shares of common stock.

On October 19, 2016, the Company announced that its Board of Directors had authorized an additional $35,000,000 in share repurchases, increasing the Company’s current authorization to $57,307,000.

Net losses related to the re-issuance of treasury stock to settle restricted stock unit and stock option awards of $5,791,000 and $4,943,000 were recorded as a reduction to retained earnings during the nine months ended September 30, 2016 and October 2, 2015, respectively.