Treasury Stock

9 Months Ended

Sep. 28, 2018

Equity [Abstract]

Treasury Stock

Note 6: Treasury Stock

On October 21, 2015, the Company’s Board of Directors authorized the use of $35,000,000 for the repurchase of shares of the Company’s common stock. On October 19, 2016, the Company’s Board of Directors authorized an additional $35,000,000 for the repurchase of shares of the Company’s common stock.

The Company did not repurchase any shares of its common stock during the nine months ended September 28, 2018.  The Company repurchased 278,364 shares of its common stock for $8,431,000 during the nine months ended September 29, 2017. As of September 28, 2018, the Company had remaining authorization under its stock repurchase plans of $45,376,000 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 $5,892,000 and $5,667,000 were recorded as a reduction to retained earnings during the nine months ended September 28, 2018 and September 29, 2017, respectively.