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Note 12 - Treasury Stock Transactions

12 Months Ended

Jan. 03, 2015

Disclosure Text Block Supplement [Abstract]

12.

TREASURY STOCK TRANSACTIONS

Our Board of Directors instituted a share repurchase program in February 2010, which authorized the repurchase of up to $7.5 million of the Company’s outstanding shares of our common stock at prevailing market prices, from time to time over the subsequent 12 months. In February 2011, the share repurchase program was extended through February 2013. During the fiscal year ended December 28, 2013, the Company repurchased 15,450 shares for an average price of $5.35 per share. Over the life of this share repurchase program, the Company purchased 1,473,306 shares at a total cost of approximately $7.5 million, or an average price of $5.09.

On October 28, 2013, the Board of Directors authorized an additional repurchase program to purchase up to $5.0 million of outstanding shares of common stock at the prevailing market prices, from time to time over the subsequent 12-month period. On September 30, 2014, the Board extended this repurchase program through October 31, 2015. As of January 3, 2015, the Company had not purchased any shares under this additional repurchase program. The Company did repurchase 3,474 shares in fiscal 2014 in order to facilitate employees exercising stock options to sell shares back to the Company to fund tax obligations associated with the exercise of stock options.