Note 9 – Common Stock Repurchase

Common Stock Repurchase

Stock repurchase activities for the three months ended June 29, 2013 and June 30, 2012 are as follows:



	Three Months Ended
	June 29,		June 30,
	2013		2012
Number of shares repurchased		16,000		6,000
Cost of shares repurchased	$	350,000	$	113,000
Average price per share	$	22.00	$	17.97

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. From January 2011 through March 30, 2013, the Company applied approximately $32,079,000 to stock repurchases.

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 1,688,000 shares for $32,429,000 as of June 29, 2013, leaving approximately 812,000 shares authorized for future repurchase under the Company’s current repurchase program.

Since the inception of the Company’s initial share repurchase program in 1992 through June 29, 2013, the Company has repurchased a total of approximately 4,032,000 shares of the common stock for an aggregate cost of $68,980,000 under its share repurchase programs. Upon their repurchase, shares are restored to the status of authorized but unissued shares.