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Earnings Per Share, Share Repurchase Program, Preferred Stock, and Accumulated Other Comprehensive Loss
 12 Months Ended
Dec. 29, 2025
Stockholders' Equity Note [Abstract]  
Earnings Per Share, Share Repurchase Program, Preferred Stock, and Accumulated Other Comprehensive Loss
(9)
Earnings Per Share, Share Repurchase Program, Preferred Stock, and Accumulated Other Comprehensive Loss

Earnings (Loss) Per Share

The reconciliation of the numerator and denominator used to calculate basic earnings (loss) per share and diluted earnings (loss) per share is as follows:

 

 

 

For the Year Ended

 

 

 

December 29, 2025

 

 

December 30, 2024

 

 

January 1, 2024

 

 

 

(In thousands, except per share amounts)

 

Net income (loss)

 

$

177,448

 

 

$

56,299

 

 

$

(18,718

)

 

 

 

 

 

 

 

 

 

Basic weighted average shares

 

 

102,598

 

 

 

101,781

 

 

 

102,744

 

Dilutive effect of PRUs, RSUs, and
   stock options

 

 

2,855

 

 

 

2,317

 

 

 

—

 

Diluted shares

 

 

105,453

 

 

 

104,098

 

 

 

102,744

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

$

1.73

 

 

$

0.55

 

 

$

(0.18

)

Diluted earnings (loss) per share

 

 

1.68

 

 

 

0.54

 

 

 

(0.18

)

 

For the years ended December 29, 2025 and December 30, 2024, PRUs and RSUs to purchase 167 shares of common stock and PRUs, RSUs, and stock options to purchase 158 shares of common stock, respectively, were not included in the computation of diluted earnings per share. The PRUs were not included in the computation of diluted earnings per share because the performance conditions had not been met, and for the RSUs and stock options, the options’ exercise prices or the total expected proceeds under the treasury stock method were greater than the average market price of common stock during the applicable year and, as a result, the impact would be anti-dilutive.

For the year ended January 1, 2024, potential shares of common stock, consisting of stock options to purchase 60 shares of common stock at exercise prices ranging from $11.83 to $16.60 per share, 3,527 RSUs, and 668 PRUs were not included in the computation of diluted earnings per share because the Company incurred a net loss and as a result, the impact would be anti-dilutive.

Share Repurchase Program

On May 8, 2025, the Company's Board of Directors authorized the 2025 Repurchase Program, under which the Company may repurchase up to $100,000 in value of the Company’s outstanding shares of common stock from time to time through May 7, 2027. The Company’s previous two-year repurchase program expired on May 3, 2025. The Company may repurchase shares through open market purchases, privately‑negotiated transactions, or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act, which sets certain restrictions on the method, timing, price, and volume of open market stock repurchases. In addition, the Company adopted one trading plan in accordance with Rule 10b5-1 of the Exchange Act to facilitate certain purchases that may be effected under the share repurchase program. The timing, manner, price, and amount of any repurchases will be determined

at the Company’s discretion, and the share repurchase program may be suspended, terminated, or modified at any time for any reason. The repurchase program does not obligate the Company to acquire any specific number of shares.

During the year ended December 29, 2025, the Company repurchased 700 shares of common stock for a total cost of $17,875 (including commissions) under the Company’s previous repurchase program. As of December 29, 2025, the remaining amount in value available to be repurchased under the 2025 Repurchase Program was $100,000.

Preferred Stock

Authorized preferred stock may be issued with designations, rights, privileges, powers, and preferences designated by the Board of Directors. There were no shares of preferred stock issued or outstanding in 2025, 2024, or 2023.

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss, net of tax were as follows:

 

 

 

As of

 

 

 

December 29, 2025

 

 

December 30, 2024

 

 

January 1, 2024

 

 

 

(In thousands)

 

Foreign currency translation

 

$

(33,374

)

 

$

(33,757

)

 

$

(32,860

)

Pension obligation

 

 

2,891

 

 

 

3,612

 

 

 

2,530

 

Cash flow hedges

 

 

(447

)

 

 

2,263

 

 

 

1,263

 

Total

 

$

(30,930

)

 

$

(27,882

)

 

$

(29,067

)