XML 55 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
Stock Buyback
3 Months Ended
Jun. 30, 2013
Stock Buyback [Abstract]  
Stock Buyback
Note 7. Stock Buyback

On April 28, 2003, the Company’s Board of Directors approved a stock buyback program. As of June 30, 2013, the Board of Directors had authorized the purchase of up to 3,593,350 shares of outstanding common stock under the stock buyback program. Shares may be purchased from time to time in the open market, by block purchase, or through negotiated transactions, or possibly other transactions managed by broker-dealers. No time limit has been set for completion or expiration of the program. As of June 30, 2013, the Company had purchased 3,505,187 shares under the stock buyback program for approximately $30.7 million, or an average of $8.76 per share. Of the total shares repurchased under the stock buyback program, none were purchased during fiscal 2013 or the first three months of fiscal 2014. As of June 30, 2013, 88,163 shares remained available for repurchase under this program.

The Company also withholds shares from its employees and directors at their request, equal to the minimum federal and state tax withholdings related to vested performance stock units, stock option exercises and restricted stock awards. For the three months ended June 30, 2013 and July 1, 2012 the allocated value of the shares withheld totaled $1,378,100 and $1,799,000, respectively.