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Stock Repurchase Program
3 Months Ended
Apr. 27, 2014
Equity [Abstract]  
Stock Repurchase Program
Stock Repurchase Program
The Company maintains an active stock repurchasing program which was approved by the Company's Board of Directors (the “Program”). The Program does not have an expiration date and the Board of Directors has authorized expansion of the program over the years. In November 2011 the Board of Directors authorized the Company to repurchase up to $50.0 million of shares of the Company's common stock from time to time through negotiated or open market transactions, and in August 2013 the Company announced an additional $50.0 million expansion of the Program, for a total authorized Program of $100.0 million, such authorization being subject to certain limitations, guidelines and conditions as directed by the Board of Directors. As of April 27, 2014, the Company had repurchased $47.5 million shares of common stock under the Program.
In addition to repurchase activity under the 2011 Program, the Company typically withholds shares from vested restricted stock to pay employee payroll and income tax withholding liabilities.

In the first three months of fiscal year 2015, we repurchased 384,884 shares for $10.0 million. There were no shares repurchased in the first three months of fiscal year 2014.
The Company currently intends to hold the repurchased and withheld shares as treasury stock. The Company typically reissues treasury shares to settle stock option exercises and restricted share grants.