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Stock Repurchase Program
6 Months Ended
Jul. 26, 2015
Equity [Abstract]  
Stock Repurchase Program
Stock Repurchase Program
The Company maintains an active stock repurchase program which was approved by the Company’s Board of Directors in March 2008. The stock repurchase program does not have an expiration date and the Board of Directors has authorized expansion of the program over the years. In November 2011 the Board of Directors authorized the Company to repurchase up to $50.0 million of shares of the Company’s common stock from time to time through negotiated or open market transactions. On August 21, 2013, the Company announced an additional $50.0 million expansion of the stock repurchase program, for a total authorized amount of $100.0 million, such authorization being subject to certain limitations, guidelines and conditions as directed by the Board of Directors. In November 2014, the Company announced that the Board of Directors authorized an additional $28.4 million of repurchases under the program, which together with the $21.6 million then remaining under the program, brought the total unused or remaining authorization to $50.0 million, such authorization being subject to certain limitations, guidelines and conditions as directed by the Board of Directors. In May 2015, the Company announced that the Board of Directors had authorized an additional $70.0 million of repurchases under the stock repurchase program, which brought the total remaining authorization to $100.0 million, such authorization being subject to certain limitations, guidelines and conditions as directed by the Board of Directors. As of July 26, 2015, the Company had spent $128.2 million to repurchase shares of common stock under the Program and the current remaining authorization under this stock repurchase program is $70.2 million.
In the first six months of fiscal year 2016, the Company repurchased 2,190,160 shares for $49.8 million. In the first six months of fiscal 2015, the Company repurchased 761,294 for $20.0 million.
The Company currently intends to hold the repurchased shares as treasury stock. The Company typically reissues treasury shares to settle stock option exercises and vested restricted stock units.