Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

v3.5.0.2
Shareholders' Equity
 9 Months Ended
Oct. 01, 2016
Equity [Abstract]  
Shareholders' Equity
Shareholders’ Equity
The changes in shareholders’ equity for the nine months ended October 1, 2016 are summarized as follows as adjusted to reflect the impact of the three-for-twenty distribution of Class B Stock as discussed in Note 10:
 
 
 
 
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
$
294

 
19,349

 
10,006

Conversion of Class B Shares to Common Shares
—

 
509

 
(509
)
Exercise of Stock Options
2

 
138

 
64

End of Period
$
296

 
19,996

 
9,561

ADDITIONAL PAID IN CAPITAL
 
 
 
 
 
Beginning of Period
$
57,827

 
 
 
 
Stock Compensation Expense
1,876

 
 
 
 
Exercise of Stock Options
4,429

 
 
 
 
End of Period
$
64,132

 
 
 
 
ACCUMULATED OTHER COMPREHENSIVE LOSS
 
 
 
 
 
Beginning of Period
$
(15,064
)
 
 
 
 
Foreign Currency Translation Adjustment
1,354

 
 
 
 
Retirement Liability Adjustment – Net of Tax
392

 
 
 
 
End of Period
$
(13,318
)
 
 
 
 
RETAINED EARNINGS
 
 
 
 
 
Beginning of Period
$
257,168

 
 
 
 
Net Income
38,539

 
 
 
 
End of Period
$
295,707

 
 
 
 
TREASURY STOCK
 
 
 
 
 
Beginning of Period
$
—

 
—

 
 
Purchase
(17,446
)
 
(517
)
 
 
End of Period
$
(17,446
)
 
(517
)
 
 
TOTAL SHAREHOLDERS’ EQUITY
 
 
 
 
 
Beginning of Period
$
300,225

 
 
 
 
 
 
 
 
 
 
End of Period
$
329,371

 
19,479

 
9,561



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 517,000 shares for $17.5 million.