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Shareholder Rights Plan
12 Months Ended
Jan. 01, 2012
Shareholder Rights Plan [Abstract]  
Shareholder Rights Plan

Note J - Shareholder Rights Plan

     The Company's Board of Directors has adopted a shareholder rights plan intended to protect the interests of the Company's shareholders if the Company is confronted with coercive or unfair takeover tactics, by encouraging third parties interested in acquiring the Company to negotiate with the Board of Directors.

     The shareholder rights plan that was in place during 2011 and until March 5, 2012, was a plan by which the Company had distributed rights to purchase (at the rate of one right per share of common stock) one one-hundredth of a share of no par value Series A Junior Preferred at an exercise price of $12.00 per share. The rights attached to the common stock and could be exercised only if a person or group acquired 20% of the outstanding common stock or initiated a tender or exchange offer that would have resulted in such person or group acquiring 10% or more of the outstanding common stock. Upon such an event, the rights "flip-in" and each holder of a right (other than rights held by such person or group triggering the "flip-in") would have thereafter had the right to receive, upon exercise, common stock having a value equal to two times the exercise price. Additionally, if a third party were to have taken certain action to acquire the Company, such as a merger or other business combination, the rights would "flip-over" and entitle the holder to acquire shares of the acquiring person with a value of two times the exercise price.

     On March 5, 2012, the Board of Directors terminated the prior shareholder rights plan and adopted a new shareholder rights plan. The new shareholder rights plan will expire on March 4, 2013. Under the new shareholder rights plan, the Company distributed rights to purchase (at the rate or one right per share of common stock) one one-hundredth of a share of Series A Junior Participating Preferred Stock for $30.00 per share. The new plan provides that if a person or group acquires 15% or more (or in the case of a passive, "Qualified Institutional Investor" filing a Schedule 13G, 20% or more) of the Company's outstanding common stock, or commences a tender or exchange offer for 15% or more of the Company's common stock, each right will "flip-in" and entitle its holder (other than the acquiring person or members of such group) to purchase, for $30, a number of the Company's common shares having a market value of twice such price. In the event of a merger or similar transaction with an acquiring person or group, each right will "flip-over" and entitle its holder (other than the acquiring person or such group) to purchase, for $30, a number of shares of the acquiring corporation having a value of twice such price. In addition, at any time after a person or group acquires 15% or more (or in the case of a Qualified Institutional Investor, 20% or more) of the Company's outstanding common stock (unless such person or group acquires 50% or more), or commences a tender offer for 15% or more of the Company's common stock, the Company's Board of Directors may exchange one share of the Company's common stock for each outstanding right (other than rights owned by such person or group, which would have become void). Prior to the acquisition by a person or group of beneficial ownership of 15% or more (or in the case of a Qualified Institutional Investor, 20% or more) of the Company's common stock, or the commencement by a person or group of a tender offer for 15% or more of the Company's common stock, the rights are redeemable for one tenth of one cent per right at the option of the Board of Directors. In the event of a Qualified Offer (as defined in the rights plan) that does not result in the Board of Directors redeeming the rights by action of the Board, the rights will be redeemed if either (i) the Board of Directors fails to call a special meeting of the shareholders to be held within 105 days of receipt of the Qualified Offer at which the shareholders will vote on the Qualified Offer and redemption of the rights, or (ii) if at such special meeting, the shareholders vote to accept the Qualified Offer and redeem the rights.