Equity

3 Months Ended

Apr. 02, 2016

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 April 2, 2016, $1.5 million remains available for future stock repurchases under the repurchase program.

The following table summarizes Intevac’s stock repurchases:

	Three Months Ended
	April 2, 2016		April 4, 2015
	(In thousands, except per share amounts)
Shares of common stock repurchased		—		443
Cost of stock repurchased	$	—	$	2,987
Average price paid per share	$	—	$	6.71

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 April 2, 2016 and April 4, 2015, are as follows.

	Three Months Ended							Three Months Ended
	April 2, 2016							April 4, 2015
	Foreign currency		Unrealized holding gains (losses) on available- for-sale investments			Total		Foreign currency		Unrealized holding gains (losses) on available- for-sale investments			Total
	(In thousands)
Beginning balance	$	452	$	(40	)	$	412	$	620	$	(1	)	$	619
Other comprehensive income before reclassification		67		44			111		—		29			29
Amounts reclassified from other comprehensive income		—		—			—		—		—			—
Net current-period other comprehensive income		67		44			111		—		29			29
Ending balance	$	519	$	4		$	523	$	620	$	28		$	648