Note 11 - Shareholders' Equity |
12 Months Ended |
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Apr. 03, 2022 | |
| 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 $0.67 and $0.49 per share, amounting to $6.7 million and $5.0 million, were declared during fiscal years 2022 and 2021, respectively. Cash dividends declared during fiscal years 2022 and 2021 included special cash dividends of $0.35 and $0.25 per share, respectively. 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 53,000 treasury shares during the fiscal year ended April 3, 2022 at a weighted-average market value of $7.72 per share and acquired 125,000 treasury shares during the fiscal year ended March 28, 2021 at a weighted-average market value of $7.27 per share.
On December 16, 2020, the Company purchased 250,000 shares of its common stock from E. Randall Chestnut, the Company’s then Chief Executive Officer. The shares were purchased at a purchase price of $7.5435 per share, which price represented the trailing 10-trading day volume weighted average closing price of the Company’s common stock ending, and including December 16, 2020. |
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- References No definition available.
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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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