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Common Stock | 12 Months Ended
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Dec. 30, 2023
Equity [Abstract] |
Common Stock | 11. Common Stock The Company has 750 million authorized shares of common stock, par value $0.01 per share and 60 million authorized shares of preferred stock, par value $0.01 per share. The number of shares of common stock and treasury stock and the share activity for 2023 and 2022 were as follows:
|  | Common Shares |  |  |  | Treasury Shares |
|  | 2023 |  |  |  | 2022 |  |  |  | 2023 |  |  |  | 2022 |
Balance at the beginning of the year |  |  | 128,040,559 |  |  |  |  | 135,064,296 |  |  |  |  | 58,132,478 |  |  |  |  | 50,252,566 |
Stock plan shares issued |  |  | 963,161 |  |  |  |  | 856,175 |  |  |  |  | — |  |  |  |  | — |
Shares surrendered by optionees |  |  | (229,115 | ) |  |  |  | (316,450 | ) |  |  |  | 229,115 |  |  |  |  | 316,450 |
Common stock repurchases |  |  | (2,487,278 | ) |  |  |  | (7,563,462 | ) |  |  |  | 2,487,278 |  |  |  |  | 7,563,462 |
Balance at the end of the year |  |  | 126,287,327 |  |  |  |  | 128,040,559 |  |  |  |  | 60,848,871 |  |  |  |  | 58,132,478 |
At December 30, 2023, no shares of our preferred stock were outstanding. Our Board of Directors has the authority, without action by the Company’s stockholders, to designate and issue our preferred stock in one or more series and to designate the rights, preferences, limitations and privileges of each series of preferred stock, which may be greater than the rights of the Company’s common stock. In 2023, we repurchased 2.5 million shares of outstanding common stock under the Company’s share repurchase program for $150.0 million. As of December 30, 2023, the Company’s total remaining share repurchase authorization under the program was approximately $434.6 million. The share repurchase program does not obligate the Company to repurchase any specific dollar amount or number of shares and may be suspended or discontinued at any time.

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