Note 6 - Shareholders' Equity |
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Sep. 25, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Stockholders' Equity Note Disclosure [Text Block] |
(6) Shareholders’ Equity
In July 2022, the Company’s Board of Directors approved a new share repurchase program authorizing the Company 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 October 2019, which has been terminated. 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. During the first thirty-nine weeks of fiscal year 2022, 828,348 shares were repurchased at an aggregate cost of $14.9 million, or an average cost of $17.99 per share. As of September 25, 2022, $54.6 million remained available for future purchases under the new share repurchase program. Share repurchases under both programs were accounted for under the cost method. The excess of the purchase price over the par value of the shares was recorded as a reduction in additional paid-in capital.
As a result of the impacts to our business arising from the COVID-19 pandemic, the Company previously suspended its dividend payments. During the first quarter of fiscal year 2022, the Company resumed its dividend. The Company’s Board of Directors declared the following dividends during the periods presented (amounts in thousands, except per share amounts):
Subsequent to the end of the third quarter of fiscal year 2022, the Company's Board of Directors declared a regular quarterly cash dividend of $0.14 per common and restricted share, or approximately $4.7 million in the aggregate based on the number of shares currently outstanding, payable on December 2, 2022 to stockholders of record as of the close of business on November 18, 2022.
Outstanding unvested restricted stock is not included in common stock outstanding amounts. Restricted stock awards outstanding as of September 25, 2022 totaled 694,469 shares. Restricted stock units outstanding as of September 25, 2022 totaled 79,143 shares. Performance-based stock awards (in the form of market stock units and performance stock units) outstanding as of September 25, 2022 totaled 205,769 shares.
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