Equity

12 Months Ended

Dec. 28, 2013

Equity

(11)    Equity

On July 25, 2012, Landstar System, Inc. announced that it had been authorized by its Board of Directors to purchase up to 2,000,000 shares of its Common Stock from time to time in the open market and in privately negotiated transactions. On December 11, 2013, Landstar System, Inc. announced that it had been authorized by its Board of Directors to increase the number of shares of the Company’s Common Stock that the Company is authorized to purchase from time to time in the open market and in privately negotiated transactions to 3,000,000 shares. As of December 28, 2013, the Company has authorization to purchase 2,767,654 shares of its Common Stock under these programs. No specific expiration date has been assigned to either the July 25, 2012 or December 11, 2013 authorizations. During 2013, Landstar purchased a total of 1,116,673 shares of its Common Stock at a total cost of $59,496,000 pursuant to its previously announced stock purchase programs.

The Company has 2,000,000 shares of preferred stock authorized and unissued.