Equity

3 Months Ended

Mar. 29, 2014

Equity

11. Equity

Stock Repurchase Program

On November 21, 2013, Intevac’s Board of Directors approved a stock repurchase program authorizing up to $30.0 million in repurchases. At March 29, 2014, $27.3 million remains available for future stock repurchases under the repurchase program.

The following table summarizes Intevac’s stock repurchases:

	Three Months Ended March 29, 2014
	(In thousands, except per share amounts)
Shares of common stock repurchased		138
Cost of stock repurchased	$	1,050
Average price paid per share	$	7.63

Intevac records treasury stock purchases under the cost method using the first-in, first-out (FIFO) method. Upon reissuance of treasury stock, amounts in excess of the acquisition cost are credited to additional paid in capital. If Intevac reissues treasury stock at an amount below its acquisition cost and additional paid in capital associated with prior treasury stock transactions is insufficient to cover the difference between the acquisition cost and the reissue price, this difference is recorded against retained earnings.

Accumulated Other Comprehensive Income

The changes in accumulated other comprehensive income by component for the three months ended March 29, 2014 and March 30, 2013, are as follows.

	Three Months Ended								Three Months Ended
	March 29, 2014								March 30, 2013
	Foreign currency			Unrealized holding gains on available- for-sale investments		Total			Foreign currency			Unrealized holding gains on available- for-sale investments			Total
	(In thousands)
Beginning balance	$	691		$	34	$	725		$	694		$	75		$	769
Other comprehensive income (loss) before reclassification		(31	)		5		(26	)		(6	)		(15	)		(21	)
Amounts reclassified from other comprehensive income		—			—		—			—			—			—
Net current-period other comprehensive income (loss)		(31	)		5		(26	)		(6	)		(15	)		(21	)
Ending balance	$	660		$	39	$	699		$	688		$	60		$	748