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Transactions with Related Parties
12 Months Ended
Dec. 29, 2017
Related Party Transactions [Abstract]  
Transactions with Related Parties

13. Transactions with Related Parties

     

During the year ended 2017, the Company repurchased 59 thousand shares of the Company’s stock from members of its Board of Directors for a total cost of $1.2 million or $20.13 per share. During the year ended December 30, 2016, the Company bought back 25 thousand shares of its common stock from members of its Board of Directors for $0.4 million or $15.68 per share. Subsequent to year end, the Company repurchased 53 thousand shares of the Company’s stock from members of its Board of Directors and Executive team for a total cost of $1.0 million, or $18.33 per share.       The proceeds from the sale of these shares will be used primarily to cover estimated tax liabilities associated with previously vested restricted stock units.

On May 6, 2016, the Company’s Board of Directors approved the repurchase of 697 thousand shares of its common stock from the Company’s CEO, 732 thousand shares of its common stock from the Company’s COO, and 73 thousand shares of its common stock from the Company’s CFO for a total of approximately 1.5 million shares at a purchase price of $14.77 per share. The transaction was approved by the Audit Committee of the Board of Directors which is comprised solely of independent directors and was affected as part of the Company’s share repurchase program. See Note 10 for further details.

 

There were no related party transactions in 2015.