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 90,505 shares of its common stock for $4,458,000 during the six months ended July 1, 2016. The Company repurchased 162,833 shares of its common stock for $7,004,000 during the six months ended July 3, 2015. As of July 1, 2016, the Company had remaining authorization under its stock repurchase plans of $42,306,000 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 six months ended July 1, 2016 and July 3, 2015, respectively