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Stock Buyback
12 Months Ended
Mar. 27, 2016
Stock Buyback  
Stock Buyback

Note 12. Stock Buyback

 

On April 23, 2014, the Board of Directors expanded the Company’s then 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 fiscal year 2015, the Company purchased 157,954 shares under the expanded stock buyback program for approximately $4.6 million, or an average cost of $29.17 per share. No shares were repurchased under the program in fiscal years 2016 and 2014. As of March 27, 2016, $5.4 million remained available for repurchase under this program. The stock buyback program expired in April 2016.  

 

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 fiscal years 2016, 2015, and 2014 the total value of shares withheld for taxes was $937,300,  $1,612,900, and $1,646,300, respectively.