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Shareholders' Equity
3 Months Ended
Mar. 30, 2018
Stockholders Equity Note [Abstract]  
Shareholders' Equity

8. Shareholders’ Equity

Stock Appreciation Rights (“SARs”)

As of March 30, 2018, the Company had 2.9 million SARs outstanding with an exercise price of $4.00 per share and an expiration date of February 2022.           

Treasury Stock

Under the Company’s share repurchase plan, the Company may repurchase shares of its outstanding common stock either on the open market or through privately negotiated transactions subject to market conditions and trading restrictions. During the quarter ended March 30, 2018, the Company repurchased 53 thousand shares of its common stock at an average price of $18.33 per share for a total cost of $1.0 million.  As of March 30, 2018,  the Company had a total authorization remaining of $2.2 million under its repurchase plan.  Subsequent to March 30, 2018, the Company’s Board of Directors approved an additional $5.0 million authorization under the repurchase plan increasing the total authorization to $142.2 million.

During the quarter ended March 31, 2017, the Company repurchased 59 thousand shares of its common stock at an average price of $20.13 per share for a total cost of $1.2 million.

 

The shares repurchased under the share repurchase plan during the quarter ended March 30, 2018, do not include 175 thousand shares which the Company bought back to satisfy employee net vesting obligations for a cost of $3.0 million.  During the quarter ended March 31, 2017, the Company bought back 174 thousand  shares at a cost of $2.9 million to satisfy employee net vesting obligations.       

Dividend Program

In 2017, the Company increased the annual dividend from $0.26 per share to $0.30 per share to be paid on a semi-annual basis which resulted in aggregate dividends of $4.6 million and $4.7 million paid to shareholders of record on June 30, 2017 and December 22, 2017. These dividends were paid from U.S. domestic sources and are accounted for as an increase to accumulated deficit. The dividend declared in December 2017 was paid in January 2018. During the quarter ended March 31, 2017, the Company increased its annual dividend to $0.34 per share to be paid on a semi-annual basis.    Subsequent to March 30, 2018, the Company declared its semi-annual dividend of $0.17 per share for shareholders of record as of June 29, 2018, which is to be paid on July 11, 2018.