Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

v3.4.0.3
Shareholders' Equity
 3 Months Ended
Apr. 02, 2016
Equity [Abstract]  
Shareholders' Equity
Shareholders’ Equity
The changes in shareholders’ equity for the three months ended April 2, 2016 are summarized as follows:
 
 
 
 
Number of Shares
(Dollars and Shares in thousands)
Amount
 
Common
Stock
 
Convertible
Class B Stock
Shares Authorized
 
 
40,000

 
10,000

Share Par Value
 
 
$
0.01

 
$
0.01

COMMON STOCK
 
 
 
 
 
Beginning of Period
$
256

 
19,349

 
6,220

Conversion of Class B Shares to Common Shares
—

 
174

 
(174
)
Exercise of Stock Options
1

 
34

 
46

End of Period
$
257

 
19,557

 
6,092

ADDITIONAL PAID IN CAPITAL
 
 
 
 
 
Beginning of Period
$
57,865

 
 
 
 
Stock Compensation Expense
597

 
 
 
 
Exercise of Stock Options
979

 
 
 
 
End of Period
$
59,441

 
 
 
 
ACCUMULATED OTHER COMPREHENSIVE LOSS
 
 
 
 
 
Beginning of Period
$
(15,064
)
 
 
 
 
Foreign Currency Translation Adjustment
1,816

 
 
 
 
Retirement Liability Adjustment – Net of Tax
131

 
 
 
 
End of Period
$
(13,117
)
 
 
 
 
RETAINED EARNINGS
 
 
 
 
 
Beginning of Period
$
257,168

 
 
 
 
Net Income
11,485

 
 
 
 
End of Period
$
268,653

 
 
 
 
TREASURY STOCK
 
 
 
 
 
Beginning of Period
$
—

 
—

 
 
Purchase
(4,261
)
 
129

 
 
End of Period
$
(4,261
)
 
129

 
 
TOTAL SHAREHOLDERS’ EQUITY
 
 
 
 
 
Beginning of Period
$
300,225

 
 
 
 
 
 
 
 
 
 
End of Period
$
310,973

 
 
 
 


On February 24, 2016, the Company’s Board of Directors authorized the repurchase of up to $50 million of common stock (the “Buyback Program”). The Buyback Program allows the Company to purchase shares of its common stock in accordance with applicable securities laws on the open market or through privately negotiated transactions. The Buyback Program may be suspended or discontinued at any time. Under this program the Company has repurchased approximately 129,000 shares for $4.3 million.