Note 9 - Stockholders' Equity

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

Note 9: Stockholders' Equity

Preferred Stock:

The Board of Directors is authorized to issue up to 10,045,900 shares of preferred stock that may be issued in one or more series and with such stated value and terms as the Board of Directors may determine.

Common Stock:

There were 160,000,000 shares of common stock with a par value of $1.00 authorized and 50,074,310 and 50,310,803 shares issued and outstanding at November 28, 2015 and November 29, 2014, respectively.

On September 30, 2010, the Board of Directors authorized a share repurchase program of up to $100,000 of our outstanding common shares. Under the program, we are authorized to repurchase shares for cash on the open market, from time to time, in privately negotiated transactions or block transactions, or through an accelerated repurchase agreement. The timing of such repurchases is dependent on price, market conditions and applicable regulatory requirements. Upon repurchase of the shares, we reduce our common stock for the par value of the shares with the excess being applied against additional paid-in capital. During 2015, we repurchased 500,000 shares for $17,066 and during 2014, we repurchased 250,000 shares for $12,254 under this program. Up to $44,897 of our outstanding common shares may still be repurchased under the share repurchase program.

Common Shares Outstanding	2015			2014			2013
Beginning balance		50,310,803			50,228,543			49,903,266
Stock options exercised		275,035			330,179			462,427
Shares swapped for stock option exercises		(39,883	)		-			-
Deferred compensation paid		8,852			9,957			51,521
Restricted units vested		83,494			69,624			67,828
Restricted shares granted		-			-			186,352
Shares withheld for taxes		(54,454	)		(67,593	)		(62,124	)
Restricted shares forfeited		(9,537	)		(9,907	)		(5,727	)
Shares repurchased under repurchase program		(500,000	)		(250,000	)		(375,000	)
Ending balance		50,074,310			50,310,803			50,228,543

Shareholder Rights Plan:

The shareholder rights plan provides each holder of a share of common stock a right to purchase one one-hundredth of a share of preferred stock for $95, subject to adjustment. No fraction of a preferred share (other than fractions in integral multiples of one one-hundredth of a share) will be issued. Preferred shares purchased upon exercise of the rights will not be redeemable. Each preferred share will be entitled to a preferential quarterly dividend payment, a preferential liquidation payment, voting rights, and participation in any merger, consolidation or other transaction in which common shares are exchanged. These rights are not currently exercisable. In the event any person becomes an Acquiring Person (as defined in the rights plan), each holder of a right will thereafter have a right to receive, upon exercise thereof at the then current aggregate exercise price, in lieu of preferred shares, such number of common shares of ours having a current aggregate market price equal to twice the current aggregate exercise price. In the event that at any time after there is an Acquiring Person we are acquired in certain mergers or other business combination transactions or 50 percent or more of the assets or earning power of us and our subsidiaries (taken as a whole) are sold, holders of the rights will thereafter have the right to receive, upon exercise thereof at the then current aggregate exercise price, such number of common shares of the acquiring company (or, in certain cases, one of its affiliates) having a current aggregate market price equal to twice the current aggregate exercise price. Rights held by an acquiring person are void. We may redeem or exchange the rights in certain instances. Unless extended or redeemed, the rights expire on July 31, 2016.