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Stock Buyback
6 Months Ended
Sep. 28, 2014
Stock Buyback [Abstract]  
Stock Buyback
Note 8. Stock Buyback
 
 
On April 23, 2014, the Board of Directors expanded the Company’s existing stock buyback program and authorized the purchase on a non-accelerated basis of up to $10.0 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. During the second fiscal quarter the Company purchased 7,733 shares under the expanded stock buyback program for approximately $0.2 million, or an average cost of $29.86 per share. Subsequent to quarter end, and through October 31, 2014, the Company purchased an additional 33,272 shares under this program for approximately $1.0 million, or an average of $29.32. As of October 31, 2014, $8.8 million remained available for repurchase under this program.

Our revolving credit facility and term loan with SunTrust Bank and Wells Fargo Bank, National Association, limits the aggregate dollar value of shares that may be repurchased to $30.0 million.  As of September 28, 2014, we had the ability to purchase approximately $16.1 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 six months ended September 28, 2014 and September 29, 2013 the allocated value of the shares withheld totaled $1,411,800 and $1,428,400, respectively.