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Stockholders' Equity | 3 Months Ended
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Apr. 01, 2023
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 1, 2023 |  | April 2, 2022 |  |  |  |
Basic weighted average shares outstanding | 350,435 |  |  | 350,251 |  |  |  |  |
Effect of potentially dilutive securities: |  |  |  |  |  |  |
Stock options | — |  |  | 7 |  |  |  |  |
Restricted stock units | — |  |  | 1,190 |  |  |  |  |
Employee stock purchase plan and other | — |  |  | 5 |  |  |  |  |
Diluted weighted average shares outstanding | 350,435 |  |  | 351,453 |  |  |  |  |
The following securities were excluded from the diluted earnings per share calculation because their effect would be anti-dilutive:
| Quarters Ended |  |
| April 1, 2023 |  | April 2, 2022 |  |  |  |
Stock options | 250 |  |  | 167 |  |  |  |  |
Restricted stock units | 4,329 |  |  | 647 |  |  |  |  |
Employee stock purchase plan and other | 15 |  |  | — |  |  |  |  |
In the quarter ended April 1, 2023, all potentially dilutive securities were excluded from the diluted earnings per share calculation because the Company incurred a net loss for the quarter and their inclusion would be anti-dilutive. 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 allows 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 1, 2023, the Company did not enter into any transactions to repurchase shares under the new program. 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 2022 through the expiration of the program on February 2, 2022. At April 1, 2023, the remaining repurchase authorization under the current share repurchase program totaled $575,013.

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- Definition The entire disclosure for earnings per share and stockholders' equity + References No definition available. + Details
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