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Note 11 - Treasury Stock Transactions | 3 Months Ended
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Apr. 01, 2023
Notes to Financial Statements |
Treasury Stock [Text Block] | 11. 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 up to an amount not to exceed $7.5 million. All of these repurchases are conducted under the safe harbor from liability pursuant to certain market manipulation rules provided by Rule 10b-18 under the Securities Exchange act of 1934, as amended. On November 12, 2021, the Company’s Board of Directors further increased the total amount available to repurchase shares up to an amount not to exceed $19.1 million (including the initial $7.5 million authorized on January 13, 2021), 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 on 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 thirteen weeks ended April 1, 2023, the Company purchased 640,578 shares at an average price of $12.76 per share. During the thirteen week period ended April 2, 2022, the Company purchased 406,480 shares at an average price of $6.84 per share. As of April 1, 2023, the Company had $2.0 million available for future treasury stock purchases. On April 25, 2023, the Company’s Board of Directors further increased the total amount available to repurchase shares by an additional $25.0 million. See Note 17, “Subsequent Events.”

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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 -Topic 505 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505-30/tableOfContent + Details
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