XML 29 R16.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stock Buyback
3 Months Ended
Jun. 26, 2016
Stock Buyback  
Stock Buyback

Note 11. 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, which ended in April 2016. No shares were purchased during the first three months of fiscal year 2016 and the stock buyback program has now expired.

 

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 26, 2016 and June 28, 2015, the allocated value of the shares withheld totaled $187,600 and $827,000, respectively.