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Common Stock
12 Months Ended
Feb. 25, 2017
Equity [Abstract]  
Common Stock
Common Stock
On July 21, 2011, the Company’s Board of Directors authorized a share repurchase program to repurchase shares of the Company’s common stock with subsequent amendments on March 26, 2015 and July 13, 2016 authorizing further share repurchases through December 31,2019 (the “Share Repurchase Program”).
The Company repurchased 2.5 million shares of its common stock at an average price of $21.11 per share for an aggregate amount of $52.8 million in fiscal 2017. As of February 25, 2017, there were 4,791,936 shares remaining available to repurchase under the Share Repurchase Program.
As of February 25, 2017, the Company held 19,421,270 shares of its common stock as treasury shares at an average price of $20.52 per share for an aggregate carrying amount of $398.6 million. The Company’s treasury shares may be issued upon the exercise of employee stock options, under the Employee Stock Purchase Plan (“ESPP”), in the form of restricted stock, or for other corporate purposes. The number of shares of common stock available for issuance of awards of restricted stock and other awards, or upon the exercise of options, is limited under the Amended and Restated 2009 Incentive Plan. Further purchases will occur from time to time as market conditions warrant and as the Company deems appropriate when judged against other alternative uses of cash.
On January 11, 2017, the Company increased its quarterly cash dividend to $0.11 per share from $0.10 per share of the Company’s common stock. The Company declared dividends of $17.0 million, $16.5 million, and $15.7 million during fiscal 2017, 2016, and 2015, respectively. As of February 25, 2017 and February 27, 2016, dividends declared but not paid were $4.5 million and $4.3 million, respectively. Further declarations of dividends remain at the discretion of the Company’s Board of Directors.