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Stockholders' Equity | 3 Months Ended
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Apr. 02, 2022
Equity [Abstract] |
Stockholders' Equity | Stockholders’ Equity Basic earnings per share (“EPS”) was computed by dividing net income (loss) by the number of weighted average shares of common stock outstanding during the period. Diluted EPS was calculated to give effect to all potentially issuable dilutive shares of common stock using the treasury stock method. The reconciliation of basic to diluted weighted average shares outstanding is as follows:
| Quarters Ended |  |
| April 2, 2022 |  | April 3, 2021 |  |  |  |
Basic weighted average shares outstanding | 350,251 |  |  | 351,003 |  |  |  |  |
Effect of potentially dilutive securities: |  |  |  |  |  |  |
Stock options | 7 |  |  | 9 |  |  |  |  |
Restricted stock units | 1,190 |  |  | 671 |  |  |  |  |
Employee stock purchase plan and other | 5 |  |  | 3 |  |  |  |  |
Diluted weighted average shares outstanding | 351,453 |  |  | 351,686 |  |  |  |  |
The following securities were excluded from the diluted earnings per share calculation because their effect would be anti-dilutive:
| Quarters Ended |  |
| April 2, 2022 |  | April 3, 2021 |  |  |  |
Stock options | 167 |  |  | 167 |  |  |  |  |
Restricted stock units | 647 |  |  | 592 |  |  |  |  |
On April 26, 2022, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.15 per share of the Company’s outstanding common stock to be paid on May 31, 2022 to stockholders of record at the close of business on May 10, 2022. On February 2, 2022, the Company’s Board of Directors approved a new share repurchase program for up to $600,000 of shares to be repurchased in open market transactions or privately negotiated transactions, subject to market conditions, legal requirements and other factors. Additionally, management has been granted authority to establish a trading plan under Rule 10b5-1 of the Exchange Act in connection with share repurchases, which will allow the Company to repurchase shares in the open market during periods in which the stock trading window is otherwise closed for the Company and certain of the Company’s officers and employees pursuant to the Company’s insider trading policy. The new program replaced the Company’s previous share repurchase program for up to 40,000 shares that was originally approved on February 6, 2020. For the quarter ended April 2, 2022, the Company entered into transactions to repurchase 1,577 shares at a weighted average repurchase price of $15.84 per share under the new program. The shares were repurchased at a total cost of $25,018 including broker’s commissions of $31. The Company did not repurchase any shares under the previous share repurchase program during the quarter ended April 2, 2022 or April 3, 2021. At April 2, 2022, the remaining repurchase authorization under the current share repurchase program totaled $575,013.

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