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Note 12 - Treasury Stock Transactions

6 Months Ended

Jul. 03, 2021

Notes to Financial Statements

Treasury Stock [Text Block]

12. Treasury Stock Transactions

On January 13, 2021, the Company’s Board of Directors authorized a program to repurchase shares of the Company’s common stock constituting, in the aggregate, up to an amount not to exceed $7.5 million, consistent with the maximum limitation set forth by the Company’s revolving line of credit. The program is designed to provide the Company with enhanced flexibility over the long term to optimize its capital structure. Shares of the common stock may be repurchased in the open market or through negotiated transactions. The program may be terminated or suspended at any time at the discretion of the Company.

During the twenty-six week period ended July 3, 2021, the Company purchased 842,055 shares at an average price of $3.14 per share. During the twenty-six week period ended June 27, 2020, the Company did not purchase any shares. As of July 3, 2021, the Company has $4.9 million available for future treasury stock purchases.

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- References

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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-URI http://asc.fasb.org/subtopic&trid=2208821

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