Annual report pursuant to Section 13 and 15(d)

Note 12 - Shareholders' Equity

v3.7.0.1
Note 12 - Shareholders' Equity
12 Months Ended
Dec. 25, 2016
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
(12)
Shareholders’ Equity
 
The holders of the Company’s common stock are entitled to
one
vote per share on all matters to be voted on by the Company’s shareholders.
 
On
November
17,
2014,
the Company announced that its Board of Directors approved a new share repurchase program under which the Company is authorized to repurchase up to
$50
million of outstanding common stock from time to time in the open market, through negotiated transactions or otherwise, depending on share price, market conditions and other factors. During the fiscal year
2016,
731,645
shares were repurchased under this program at an aggregate cost of
$11.7
million or an average cost of
$15.95
per share.
 
In
April
2016,
the Company announced that its Board of Directors approved a new share repurchase program under which the Company is authorized to repurchase up to
$60
million of outstanding common stock from time to time. The new share repurchase program replaces the previous share repurchase program announced in
November
2014,
which has been terminated. The share repurchase program does not obligate the Company to repurchase any dollar amount or number of its shares. The program has no termination date. During the fiscal year
2016,
2,092,677
shares were repurchased under this new program at an aggregate cost of
$33.4
million or an average cost of
$15.97
per share. As of
December
25,
2016,
$26.6
million remained available for future purchases under the new program. Share repurchases under both programs were accounted for under the cost method and all repurchased shares were retired and cancelled. The excess of the purchase price over the par value of the shares was recorded as a reduction in additional paid-in capital.
 
The Company repurchased
2,824,322,
1,483,085
and
1,244,065
shares under all share repurchase programs during fiscal years
2016,
2015
and
2014,
respectively.
 
The Company’s Board of Directors declared the following dividends during the periods presented (amounts in thousands, except per share amounts):
 
Declaration Date
 
Dividend per
Share
 
Record Date
 
Total Amount
 
Payment Date
                     
Fiscal Year 2014:
                   
February 21, 2014
  $
0.05
 
March 13, 2014
  $
1,798
 
March 27, 2014
April 22, 2014
  $
0.05
 
May 15, 2014
  $
1,798
 
May 29, 2014
July 23, 2014
  $
0.05
 
August 14, 2014
  $
1,778
 
August 28, 2014
October 29, 2014
  $
0.05
 
November 20, 2014
  $
1,764
 
December 4, 2014
                     
Fiscal Year 2015:
                   
February 13, 2015
  $
0.06
 
February 26, 2015
  $
2,082
 
March 12, 2015
April 21, 2015
  $
0.06
 
May 14, 2015
  $
2,090
 
May 28, 2015
July 22, 2015
  $
0.06
 
August 13, 2015
  $
2,108
 
August 27, 2015
October 30, 2015
  $
0.06
 
November 19, 2015
  $
2,069
 
December 3, 2015
                     
Fiscal Year 2016:
                   
February 12, 2016
  $
0.07
 
February 25, 2016
  $
2,350
 
March 10, 2016
April 28, 2016
  $
0.07
 
May 12, 2016
  $
2,338
 
May 26, 2016
July 29, 2016
  $
0.07
 
August 11, 2016
  $
2,282
 
August 25, 2016
October 28, 2016
  $
0.07
 
November 10, 2016
  $
2,226
 
November 23, 2016
 
Subsequent to the end of fiscal year
2016,
the Company’s Board of Directors declared a
$0.09
per share cash dividend
($2.9
million in total) payable on
March
9,
2017.
Dividends are paid to holders of common stock and restricted stock.