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Stock Buyback
6 Months Ended
Sep. 25, 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 six months of fiscal year 2017 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 six months ended September 25, 2016 and September 27, 2015, the allocated value of the shares withheld totaled $187,600 and $827,000, respectively.