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Stockholders' Equity | 9 Months Ended
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Oct. 01, 2016
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Stockholders' Equity | Stockholders’ Equity Basic earnings per share (“EPS”) was computed by dividing net income by the number of weighted average shares of common stock outstanding. Diluted EPS was calculated to give effect to all potentially dilutive shares of common stock using the treasury stock method. The reconciliation of basic to diluted weighted average shares outstanding is as follows:
| Quarter Ended |  | Nine Months Ended
| October 1, 2016 |  | October 3, 2015 |  | October 1, 2016 |  | October 3, 2015
Basic weighted average shares outstanding | 379,368 |  |  | 399,445 |  |  | 382,235 |  |  | 402,011 |
Effect of potentially dilutive securities: |  |  |  |  |  |  |
Stock options | 1,890 |  |  | 1,943 |  |  | 2,016 |  |  | 3,035 |
Restricted stock units | 1,293 |  |  | 1,587 |  |  | 1,210 |  |  | 1,298 |
Employee stock purchase plan and other | 7 |  |  | 4 |  |  | 17 |  |  | 19 |
Diluted weighted average shares outstanding | 382,558 |  |  | 402,979 |  |  | 385,478 |  |  | 406,363 |
For the quarter and nine months ended October 1, 2016, 42 restricted stock units were excluded from the diluted earnings per share calculation, and for the quarter and nine months ended October 3, 2015, no restricted stock units were excluded from the diluted earnings per share calculation because their effect would be anti-dilutive. For the quarter and nine months ended October 1, 2016 and October 3, 2015, no options were excluded from the diluted earnings per share calculation because their effect would be anti-dilutive. For the quarters ended October 1, 2016 and October 3, 2015, the Company declared cash dividends of $0.11 and $0.10 per share, respectively. For the nine months ended October 1, 2016 and October 3, 2015, the Company declared cash dividends of $0.33 and $0.30 per share, respectively. On October 25, 2016, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.11 per share on outstanding common stock to be paid on December 6, 2016 to stockholders of record at the close of business on November 15, 2016. On April 27, 2016, the Company’s Board of Directors approved a new share repurchase program for up to 40,000 shares to be repurchased in open market transactions, subject to market conditions, legal requirements and other factors. The new program replaces the Company’s previous share repurchase program for up to 40,000 shares that was originally approved in 2007. The Company did not repurchase any shares during the quarter ended October 1, 2016. For the nine months ended October 1, 2016, the Company entered into transactions to repurchase 14,243 shares under the previous program at a weighted average repurchase price of $26.65 per share. The shares were repurchased at a total cost of $379,901. For the quarter and nine months ended October 3, 2015, the Company repurchased 10,665 shares under the previous share repurchase program at a weighted average purchase price of $29.15 per share. The shares were repurchased at a total cost of $311,103. At October 1, 2016, the remaining repurchase authorization totaled 40,000 shares. The program does not obligate the Company to acquire any particular amount of common stock and may be suspended or discontinued at any time at the Company’s discretion.

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