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Stock Buyback
3 Months Ended
Jun. 29, 2014
Stock Buyback [Abstract]  
Stock Buyback
Note 8. Stock Buyback

On April 28, 2003, the Company’s Board of Directors approved a stock buyback program. On April 23, 2014, the Board of Directors expanded the stock buyback program and authorized the purchase on a non-accelerated basis of up to $10 million of the Company’s stock over a 24-month period, ending in April 2016. 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 shares have been purchased as a part of the expanded stock buyback program.

Our revolving credit facility and term loan with SunTrust Bank and Wells Fargo Bank, National Association, limit aggregate dollar value of shares that may be repurchased to $30.0 million.  As of June 29, 2014, we had the ability to purchase approximately $16.3 million in additional shares of common stock without violating this covenant.
 
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 29, 2014 and June 30, 2013 the allocated value of the shares withheld totaled $1,404,300 and $1,378,100, respectively.