Annual report pursuant to Section 13 and 15(d)

Note 11 - Shareholders' Equity

v3.21.1
Note 11 - Shareholders' Equity
 12 Months Ended
Mar. 28, 2021
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
Note
11
–
Shareholders
'
Equity
 
Dividends:
The holders of shares of the Company's common stock are entitled to receive dividends when and as declared by the Board. Aggregate cash dividends of
$0.49
and
$0.57
per share, amounting to
$5.0
million and
$5.8
million, were declared during fiscal years
2021
and
2020,
respectively. Cash dividends declared during each of fiscal years
2021
and
2020
included a special cash dividend of
$0.25
per share. The Company's financing agreement with CIT permits the payment by the Company of cash dividends on its common stock without limitation, provided there is
no
default before or as a result of the payment of such dividends.
 
Stock Repurchases:
The Company acquired treasury shares by way of the surrender to the Company from several employees shares of common stock to satisfy the exercise price and income tax withholding obligations relating to the exercise of stock options and the vesting of stock. In this manner, the Company acquired
125,000
treasury shares during the fiscal year ended
March 28, 2021
at a weighted-average market value of
$7.27
per share and acquired
12,000
treasury shares during the fiscal year ended
March 29, 2020
at a weighted-average market value of
$6.63
per share.
 
On
December 16, 2020,
the Company purchased
250,000
shares of its common stock from E. Randall Chestnut, the Company's Chief Executive Officer. The shares were purchased at a purchase price of
$7.5435
per share, which represents the trailing
10
-trading day volume weighted average closing price of the Company's common stock ending, and including
December 16, 2020.