Common Stock Repurchase

3 Months Ended

Jun. 30, 2012

Note 10 – Common Stock Repurchase

Stock repurchase activities for the three months ended June 30, 2012 and July 2, 2011 are as follows:



	Three Months Ended
	June 30, 2012		July 2, 2011
Number of shares repurchased		6,000		151,000
Cost of shares repurchased	$	113,000	$	3,179,000
Average price per share	$	17.97	$	21.04

In January 2011, the Board of Directors designated $60,000,000 of its cash, cash equivalents and investments for a major stock repurchase during the period from January 2011 through March 2013, and accordingly, increased the Company’s share repurchase program from approximately 556,000 shares to 2,500,000 shares. The amended repurchase program has no expiration date except when an aggregate of 2,500,000 shares have been repurchased, either in the open market or through private transactions. Under this program, cumulatively the Company had repurchased approximately 1,180,000 shares for $23,519,000 as of June 30, 2012.

Since the inception of the Company’s initial share repurchase program in 1992 through June 30, 2012, the Company has repurchased a total of approximately 3,524,000 shares of the common stock for an aggregate cost of $60,070,000 under its share repurchase programs. Upon their repurchase, shares are restored to the status of authorized but unissued shares. As of June 30, 2012, there were approximately 1,320,000 shares authorized for future repurchase under the Company’s current repurchase program.

Subsequent to June 30, 2012, the Company has repurchased an additional 226,000 shares for $3,846,000 as of August 7, 2012.

- Definition

Tabular disclosure of an entity's treasury stock, including the average cost per share, carrying basis for each class of treasury stock, description of share repurchase program authorized by an entity's board of directors, the number of shares repurchased, the cost of the shares repurchased, the remaining maximum dollar value of shares available for repurchase under the program, the treatment of the purchase price in excess of the current market value, number of shares held for each class of treasury stock, and other information necessary to a fair presentation.

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