Note 5: Treasury Stock

On February 9, 2012, the Company’s Board of Directors authorized $35,000,000 for the repurchase of the Company’s common stock. On February 15, 2013, the Company’s Board of Directors authorized an additional $35,000,000 for the repurchase of the Company’s common stock. On May 29, 2014, the Company’s Board of Directors authorized an additional $35,000,000 for the repurchase of the Company’s common stock.

The Company repurchased 197,988 shares of its common stock for $14,383,000 during the six months ended July 4, 2014. The Company repurchased 327,727 shares of its common stock for $17,118,000 during the six months ended June 28, 2013. As of July 4, 2014, the Company had remaining authorization under its stock repurchase plans of $51,617,000 to repurchase shares of common stock.

Net losses related to the re-issuance of treasury stock to settle restricted stock unit and stock option awards of $0 and $88,000 were recorded as a reduction to retained earnings during the three months ended July 4, 2014 and June 28, 2013, respectively. Net losses related to the re-issuance of treasury stock to settle restricted stock unit and stock option awards of $6,050,000 and $10,113,000 were recorded as a reduction to retained earnings during the six months ended July 4, 2014 and June 28, 2013, respectively.