Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

v3.7.0.1
Shareholders' Equity
 6 Months Ended
Jul. 01, 2017
Equity [Abstract]  
Shareholders' Equity
Shareholders’ Equity
The changes in shareholders’ equity for the six months ended July 1, 2017 are summarized as follows: 
 
 
 
Number of Shares
(Dollars and Shares in thousands)
Amount
 
Common
Stock
 
Convertible
Class B Stock
Shares Authorized
 
 
40,000

 
15,000

Share Par Value
 
 
$
0.01

 
$
0.01

COMMON STOCK
 
 
 
 
 
Beginning of Period
$
297

 
21,955

 
7,665

Conversion of Class B Shares to Common Shares
—

 
686

 
(686
)
Exercise of Stock Options
—

 
17

 
37

End of Period
$
297

 
22,658

 
7,016

ADDITIONAL PAID IN CAPITAL
 
 
 
 
 
Beginning of Period
$
64,752

 
 
 
 
Stock Compensation Expense
1,456

 
 
 
 
Exercise of Stock Options
317

 
 
 
 
End of Period
$
66,525

 
 
 
 
ACCUMULATED OTHER COMPREHENSIVE LOSS
 
 
 
 
 
Beginning of Period
$
(15,494
)
 
 
 
 
Foreign Currency Translation Adjustment
2,491

 
 
 
 
Retirement Liability Adjustment – Net of Tax
262

 
 
 
 
End of Period
$
(12,741
)
 
 
 
 
RETAINED EARNINGS
 
 
 
 
 
Beginning of Period
$
305,512

 
 
 
 
Net Income
19,272

 
 
 
 
End of Period
$
324,784

 
 
 
 
TREASURY STOCK
 
 
 
 
 
Beginning of Period
$
(17,618
)
 
(523
)
 
 
Purchase
(13,524
)
 
(450
)
 
 
End of Period
$
(31,142
)
 
(973
)
 
 
TOTAL SHAREHOLDERS’ EQUITY
 
 
 
 
 
Beginning of Period
$
337,449

 
 
 
 
 
 
 
 
 
 
End of Period
$
347,723

 
21,685

 
7,016



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 973,000 shares for $31.1 million.