Note 11 - Shareholders' Equity
|12 Months Ended|
Dec. 25, 2022
|Notes to Financial Statements|
|Stockholders' Equity Note Disclosure [Text Block]||
(11) 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.
In July 2022, the Board of Directors approved a new share repurchase program authorizing the Company to repurchase up to $60.0 million of outstanding common stock. The new share repurchase program replaced, as of August 9, 2022, the Company's previous share repurchase program announced in October 2019. The previous share repurchase program had permitted the repurchase of up to $60 million of outstanding common stock, of which approximately $15.4 million was unused. During fiscal year 2022, 1,203,371 shares were purchased at an aggregate cost of $20.0 million or an average cost of $16.61 per share under the new program and 529,734 shares were purchased at an aggregate cost of $9.5 million or an average cost of $18.01 per share under the original program. As of December 25, 2022, $40.0 million remained available for future purchases under the program.
The Company repurchased 887,515 and shares under all repurchase programs during fiscal year 2022, 2021 and 2020 respectively. Share repurchases 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 was recorded as a reduction in additional paid-in capital.
The Company’s Board of Directors declared the following dividends during the periods presented (amounts in thousands, except per share amounts):
The Company’s Credit Agreement currently does not limit dividends and share repurchases to if our Consolidated Leverage Ratio (as defined in the Credit Agreement) is less than or equal toand holds a minimum liquidity of $25.0 million.
No definition available.
The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef