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COMMON STOCK
 12 Months Ended
Jan. 01, 2022
Equity [Abstract]  
COMMON STOCK COMMON STOCK
Open Market Share Repurchases
On February 24, 2022, the Company’s Board of Directors authorized share repurchases up to $1.00 billion, inclusive of approximately $301.9 million remaining under previous authorizations.
The Company repurchased and retired shares in open market transactions in the following amounts for the fiscal periods indicated:
For the fiscal year ended
January 1, 2022January 2, 2021December 28, 2019
Number of shares repurchased2,967,619 474,684 2,107,472 
Aggregate cost of shares repurchased (dollars in thousands)
$299,339 $45,255 $196,910 
Average price per share$100.87 $95.34 $93.43 
The total remaining capacity under outstanding repurchase authorizations as of January 1, 2022 was approximately $351.1 million, exclusive of the February 2022 share repurchase authorization, based on settled repurchase transactions. The share repurchase authorizations have no expiration dates.
In the third quarter of fiscal 2021, the Company reinstated its common stock share repurchase program. The Company had previously announced the suspension of its common stock share repurchase program, in connection with the COVID-19 pandemic, at the end of the first quarter in fiscal 2020. Future repurchases may occur from time to time in the open market, in privately negotiated transactions, or otherwise. The timing and amount of any repurchases will be at the discretion of the Company subject to restrictions under the Company’s revolving credit facility, market conditions, stock price, other investment priorities, and other factors.
Dividends
On February 24, 2022, the Company’s Board of Directors authorized a quarterly cash dividend payment of $0.75 per common share, payable on March 18, 2022 to shareholders of record at the close of business on March 8, 2022.
The Board of Directors declared and the Company paid quarterly cash dividends of $0.60 per common share in the first quarter of fiscal 2020. On May 1, 2020, in connection with the COVID-19 pandemic, the Company’s Board of Directors suspended the quarterly cash dividend. As a result, the Company’s Board of Directors did not declare and the Company did not pay cash dividends in the second, third, or fourth quarters of fiscal 2020, or in the first quarter of fiscal 2021. The Board of Directors declared and the Company paid quarterly cash dividends of $0.40 per common share in each of the second and third quarters of fiscal 2021 and $0.60 per common share in the fourth quarter of fiscal 2021.
The Board of Directors will evaluate future dividend declarations based on a number of factors, including restrictions under the Company’s revolving credit facility, business conditions, the Company’s financial performance, and other considerations.
Provisions in the Company’s secured revolving credit facility could have the effect of restricting the Company’s ability to pay cash dividends on, or make future repurchases of its common stock, as further described in Note 8, Long-Term Debt, to the consolidated financial statements.