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Treasury Stock
3 Months Ended
Mar. 30, 2014
Equity [Abstract]  
Treasury Stock

NOTE K – Treasury Stock

Common stock held in treasury totaled 22,276,742 shares with a cost of $317.7 million at March 30, 2014 and 22,249,144 shares with a cost of $317.2 million at December 31, 2013. Approximately 8.5 million shares are available for future issuances.

 

In August 2012, CTS’ Board of Directors authorized a program to repurchase up to one million shares of its common stock in the open market at a maximum price of $13 per share. In August 2013, CTS’ Board of Directors amended the August 2012 share repurchase program by removing the provision that the price per share have a maximum price of $13. The authorization has no expiration. Reacquired shares will be used to support equity-based compensation programs and for other corporate purposes. Share repurchases were 27,598 during the first three months of 2014.

In June 2013, CTS’ Board of Directors authorized a program to repurchase up to one million shares of its common stock in the open market. The authorization has no expiration. Reacquired shares will be used to support equity-based compensation programs and for other corporate purposes. During the first three months of 2014, there were no shares repurchased under this program.