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Stockholders' Equity
 12 Months Ended
Dec. 30, 2025
Stockholders' Equity  
Stockholders' Equity

14.   Stockholders’ Equity

Common Stock - Dividends and Share Repurchases

Our Board reinstated and declared a quarterly dividend in the second quarter of fiscal 2022 and has continued to pay quarterly dividends through fiscal 2025. Our Board declared dividends of $1.08 per common share in the aggregate during each fiscal 2025, fiscal 2024 and fiscal 2023. Future decisions to pay or to increase or decrease dividends are at the discretion of the Board and will be dependent on our operating performance, financial condition, capital expenditure requirements, limitations on cash distributions pursuant to the terms and conditions of the Loan Agreement and applicable law, and such other factors that the Board considers relevant. (See Note 10 for further discussion of our debt.)

Under authorization by our Board to repurchase up to 61.0 million shares of our common stock, we have cumulatively repurchased 59.9 million shares at a total cost of $1,983.6 million, excluding excise tax, through December 30, 2025. During fiscal 2025, we repurchased 2.9 million shares of our common stock at a cost of $153.9 million, excluding excise tax, inclusive of the 2.4 million shares of our common stock repurchased concurrently with the 2030 Notes issuance in privately negotiated transactions on February 28, 2025. During fiscal 2024 and 2023, we repurchased 0.5 million and 1.4 million shares of our common stock at a cost of $18.0 million and $46.1 million, excluding excise tax, respectively. Our objectives with regard to share repurchases have been to offset the dilution to our shares outstanding that results from equity compensation grants and to supplement our earnings per share growth. Repurchased common stock is reflected as a reduction of stockholders’ equity in treasury stock.

Our share repurchase program does not have an expiration date, does not require us to purchase a specific number of shares and may be modified, suspended or terminated at any time. Share repurchases may be made from time to time in open market purchases, privately-negotiated transactions, accelerated share repurchase programs, issuer self-tender offers or otherwise. Future decisions to repurchase shares are at the discretion of the Board and are based on several factors, including current and forecasted operating cash flows, capital needs associated with new restaurant development and maintenance of existing locations, dividend payments, debt levels and cost of borrowing, obligations associated with the FRC acquisition, our share price and current market conditions. The timing and number of shares repurchased are also subject to legal constraints and covenants under our Loan

Agreement that limit share repurchases based on a defined ratio. (See Notes 10 and 19 for further discussion of our debt and for increased authorized share repurchase program amount our share repurchase program.)