Stock Repurchase Program

The Company maintains a stock repurchase program that was initially approved by its Board of Directors in March 2008. The stock repurchase program does not have an expiration date and the Company’s Board of Directors has authorized expansion of the program over the years. During fiscal years 2016 and 2015, the Company repurchased shares of common stock in an amount of $57.3 million and $40.9 million. As of January 31, 2016, the Company had repurchased $135.7 million in shares of our common stock under the program since inception and the current remaining authorization under our stock repurchase program is $62.7 million. Under our stock repurchase program, the Company may repurchase our common stock at any time or from time to time, without prior notice, subject to market conditions and other considerations. The Company’s repurchases may be made through 10b5-1 plans, open market purchases, privately negotiated transactions, block purchases or other transactions. The Company intends to fund repurchases under the program from cash on hand. The Company has no obligation to repurchase any shares under the stock repurchase program and may suspend or discontinue it at any time.

The following table summarizes the stock repurchase activities during the periods indicated:



	Fiscal Year Ended
	January 31, 2016			January 25, 2015			January 26, 2014
(in thousands, except number of shares)	Shares	Value		Shares	Value		Shares	Value
Shares repurchased under the 2011 program	2,681,476	$	57,311	1,578,869	$	40,906	1,034,491	$	30,000
Total treasury shares acquired	2,681,476	$	57,311	1,578,869	$	40,906	1,034,491	$	30,000

The Company currently intends to hold the repurchased shares as treasury stock. The Company typically reissues treasury shares to settle stock option exercises and restricted share grants.