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Shareholders' Equity | 12 Months Ended
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Jan. 01, 2016
Shareholders' Equity [Abstract] |
Shareholders' Equity | 11. 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 existing Credit Facility. See Note 8 for further detail. 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 2015, 2014, and 2013, 48,356 shares, 94,333 shares and 113,905 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 1, 2016. As of January 1, 2016, the Company had effected cumulative purchases under the plan of $92.7 million, leaving $2.3 million available for future purchases. Subsequent to January 1, 2016, the Company’s Board of Directors approved an additional $5.0 million repurchase authorization, increasing the total program size to $100.0 million. 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 offers. During 2015 and 2014, the Company repurchased 0.1 million and 1.8 million shares of its common stock, respectively, at an average price per share of $9.10 and $6.07, respectively, for a total cost of $1.4 million and $11.0 million, respectively. As of January 1, 2016 and January 2, 2015, the Company had repurchased 24.1 million and 24.0 million shares of its common stock, respectively, at an average price of $3.84 and $3.81 per share, respectively. In addition, subsequent to year end, the Company has bought back 0.3 million of its common stock at an average price per share of $13.83 for a total cost of $4.2 million, leaving $3.1 million available for future purchases as of March 10, 2016. The Company holds repurchased shares of its common stock as treasury stock and accounts for treasury stock under the cost method. Shares purchased under the repurchase plan do not include shares withheld to satisfy withholding tax obligations. These withheld shares are never issued and in lieu of issuing the shares, taxes were paid on the employee’s behalf. In 2015 and 2014, 297 thousand shares were withheld and not issued for a cost of $2.5 million and 435 thousand shares were withheld and not issued for a cost of $2.7 million, respectively. Subsequent to January 1, 2016, 253 thousand shares have been withheld for a total cost of $3.5 million. Dividends In December 2012, the Company announced an annual dividend program of $0.10 per share. In December 2012 and 2013, the Company paid annual dividends of $0.10 per share, or $3.1 million to shareholders of record as of close of business on December 20, 2012 and on December 10, 2013, respectively. In 2014, the Company increased the dividend to $0.12 per share, or $3.5 million, to shareholders of record as of close of business on December 10, 2014. In 2015, the Company increased the annual dividend to $0.20 per share to be paid on a semi-annual basis which resulted in aggregate dividends of $3.1 million and $3.2 million paid to shareholders of record on June 29, 2015 and December 28, 2015, respectively. These dividends were paid from U.S. domestic sources and are accounted for as an increase to retained deficit. The dividend declared in December 2015 was paid in January 2016. Subsequent to January 1, 2016, the Company increased its annual dividend to $0.26 per share to be paid on a semi-annual basis. 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. The Rights had certain anti-takeover effects, in that they would have caused substantial dilution to a person or group that attempted 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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