Common Stock Repurchase Program (Notes)

6 Months Ended

Jul. 04, 2015

Disclosure of Repurchase Agreements [Abstract]

Common Stock Repurchase Program

Common Stock Repurchase Program

Share Repurchase Program

On October 27, 2014, our Board of Directors authorized the repurchase of up to $100 million of the Company’s common stock. Any repurchases may be made through open market purchases, block trades, privately negotiated transactions and/or derivative transactions, subject to market conditions and management’s ongoing determination that it is the best use of available cash. We expect to use cash on hand to fund any repurchases. The repurchase authorization does not obligate us to acquire any common stock.

During the three month period ended July 4, 2015, we repurchased an aggregate of 250,000 shares of common stock at an average cost per share of $20.31, inclusive of commissions, under the stock repurchase plan for a total purchase price of $5.1 million.

As of July 4, 2015, we have repurchased an aggregate of 1,250,000 shares of common stock at an average cost per share of $19.48, inclusive of commissions, under the stock repurchase plan. The total purchase price of $24.3 million was reflected as an increase to treasury stock resulting in a reduction to stockholder’s equity.