Subsequent Events

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Subsequent to the end of the second quarter of fiscal 2022, on July 29, 2022 the Company repaid $46,628 of short-term borrowings, repaying in full and retiring the term loan facility maturing on September 22, 2022. In connection with the repayment of the term loan, the Company amended the Credit Agreement by entering into the Fourth Amendment which modified the consolidated fixed charge coverage covenant, reducing the requirement to maintain a consolidated fixed charge coverage ratio of at least 3.0 to 1.0 to at least 2.5 to 1 starting as of the end of the fiscal quarter ending March 30, 2023, and continuing for each fiscal quarter thereafter.

Subsequent to the end of the second quarter of fiscal 2022, on July 29, 2022, the Board of Directors declared a regular quarterly cash dividend of $0.05 per share of common stock. The dividend will be paid September 15, 2022, to shareholders of record on August 25, 2022. The Board of Directors also declared a dividend of $0.045 per share on the Class B common stock. The dividend on the Class B commons stock, which is not publicly traded, will also be paid September 15, 2022, to shareholders of record on August 25, 2022.