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Shareholders' Equity | 12 Months Ended
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Jan. 02, 2015
Shareholders' Equity [Abstract] |
Shareholders' Equity | 12. Shareholders’ Equity Tender Offer On August 28, 2013, the Company announced a tender offer to purchase up to $35.75 million in value of shares of its common stock, $0.001 par value per share, at a price not greater than $6.50 nor less than $5.75 per share, to the seller in cash, less any applicable withholding taxes and without interest (the "Offer"). On September 26, 2013, the Company amended the Offer (the "Amended Offer") to increase the price range at which it would purchase its common stock to a range of not greater than $7.00 nor less than $6.50 per share and to decrease the dollar amount of the Offer to $25.0 million. The Amended Offer was completed on October 15, 2013, with the Company purchasing approximately 1.0 million shares of its common stock at a purchase price of $7.00 per share, for an aggregate cost of approximately $6.9 million, excluding fees and expenses related to the Amended Offer. The 1.0 million shares represented approximately 3% of the Company's issued and outstanding shares of common stock at that time. The Company financed the Amended Offer from borrowings under the Amended Term Loan under its exis ting Credit Facility. See Note 9 for further detail. On March 21, 2012, the Company completed a tender offer to purchase 11.0 million shares of its common stock at a purchase price of $5.00 per share, for an aggregate cost of approximately $55.0 million, excluding fees and expenses relating to the tender offer. The 11.0 million shares accepted for purchase represented approximately 27% of the Company’s issued and outstanding shares of common stock at that time. Employee Stock Purchase Plan Effective July 1, 1998, the Company adopted an Employee Stock Purchase Plan to provide substantially all employees who have completed three months of service as of the beginning of an offering period an opportunity to purchase shares of its common stock through payroll deductions. Purchases on any one grant are limited to 10% of eligible compensation. Shares of the Company’s common stock may be purchased by employees at six-month intervals at 95% of the fair market value on the last trading day of each six-month period. The aggregate fair market value, determined as of the first trading date of the offering period, of shares purchased by an employee may not exceed $25,000 annually. The Employee Stock Purchase Plan expires on July 1, 2018. A total of 4,275,000 shares of common stock are available for purchase under the plan with a limit of 400,000 shares of common stock to be issued per offering period. For plan years 2014, 2013 and 2012, 94,333 shares, 113,905 shares and 117,757 shares, respectively, were issued. Treasury Stock On July 30, 2002, the Company announced that its Board of Directors approved the repurchase of up to $5.0 million of the Company’s common stock. Since the inception of the repurchase plan, the Board of Directors approved the repurchase of an additional $90.0 million of the Company’s common stock, thereby increasing the total program size to $95.0 million as of January 2, 2015. As of January 2, 2015, the Company had effected cumulative purchases under the plan of $91.3 million, leaving $3.7 million available for future purchases. Under the repurchase plan, the Company may buy back shares of its outstanding stock from time to time either on the open market or through privately negotiated transactions, subject to market conditions and trading restrictions, excluding the above mentioned tender offer s. During 2014 and 2013, the Company repurchased 1.8 million and 1.0 million shares of its common stock, respectively, at an average price per share of $6.07 and $5.86, respectively, for a total cost of $11.0 million and $6.0 million, respectively. As of January 2, 2015 and December 27, 2013, the Company had repurchased 24.0 million and 22.2 million shares of its common stock, respectively, at an average price of $3.81 and $3.62 per share, respectively. As of January 2, 2015, the Company had $3.7 million available under the Company’s buyback program. The Company holds repurchased shares of its common stock as treasury stock and accounts for treasury stock under the cost method. Dividends On December 7, 2012, the Company’s Board of Directors adopted a dividend policy pursuant to which the Company intended to pay annual cash dividends on its common stock. In December 2014, the Board of Directors declared and paid annual cash dividends of $0.12 per common share, or a total of $3.5 million, to holders of the Company’s common stock. In December 2013 and 2012, the Board of Directors declared and paid annual cash dividends of $0.10 per common share, or a total of $3.1 million, to holders of the Company’s common stock. These dividends were paid from U.S. domestic sources and are accounted for as an increase to retained deficit. Subsequent to January 2, 2015, the Company’s Board of Directors announced that its annual dividend would increase $0.14 per common share and be paid semi-annually. Shareholder Rights Plan On February 13, 2004, the Company’s Board of Directors adopted a Shareholder Rights Plan. Under the Plan, a dividend of one preferred share purchase right (a “Right”) was declared for each share of common stock of the Company that was outstanding on February 26, 2004. T he Rights had certain anti-takeover effects, in that they would have cause d substantial dilution to a person or group that attempt ed to acquire a significant interest in the Company on terms not approved by the Board of Directors. The Rights expired on February 13, 2014.

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- Definition The entire disclosure for treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock. + References No definition available. + Details
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