Note 5: Treasury Stock

On May 29, 2014, the Company’s Board of Directors authorized $35,000,000 for the repurchase of the Company’s common stock. On October 21, 2015, the Company’s Board of Directors authorized an additional $35,000,000 for the repurchase of the Company’s common stock.

The Company repurchased 72,724 shares of its common stock for $3,500,000 during the three months ended April 1, 2016. The Company repurchased 80,966 shares of its common stock for $3,500,000 during the three months ended April 3, 2015. As of April 1, 2016, the Company had remaining authorization under its stock repurchase plans of $43,265,000 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 $5,791,000 and $4,943,000 were recorded as a reduction to retained earnings during the three months ended April 1, 2016 and April 3, 2015, respectively