Stock Repurchase and Dividends

3 Months Ended

Jan. 01, 2017

Stock Repurchase and Dividends

Stock Repurchase and Dividends

6.Stock Repurchase and Dividends

On November 7, 2016, the Board of Directors authorized a new stock repurchase program under which we could repurchase up to $200 million of our common stock.  In the first quarter of 2017, we repurchased through open market purchases under this program a total of 232,665 shares at an average price of $42.98, for a total cost of $10.0 million.

On November 7, 2016, the Board of Directors declared a quarterly cash dividend of $0.09 per share payable on December 14, 2016 to stockholders of record as of the close of business on December 1, 2016.  Dividends totaling $5.1 million and $4.7 million were paid in the first quarters of fiscal 2017 and fiscal 2016, respectively.

Subsequent Event.  On January 30, 2017, the Board of Directors declared a quarterly cash dividend of $0.09 per share payable on March 3, 2017 to stockholders of record as of the close of business on February 17, 2017.