SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 29, 2012

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

8. SHAREHOLDERS’ EQUITY

Four hundred thousand shares of preferred stock ($.50 par value) are authorized and unissued.

The Company has not purchased any of its common stock to become treasury stock during fiscal 2012. Under the 2010 Non-Employee Directors Stock Plan (the “Plan”) the Company reserved 150,000 treasury shares representing the maximum number of shares allowed to be granted to non-employee directors in lieu of the base director retainer fee. The Company issued a total of 12,000 shares to eight eligible board members effective January 6, 2012 as payment for the retainer fee for 2012. During 2011, the Company issued to the same eight eligible board members 12,000 shares effective January 1, 2011 as payment for the retainer fee for 2010 that remained unpaid when the Plan was adopted and an additional 12,000 shares effective July 15, 2011 as full payment for the 2011 retainer fee.