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Shareholders' Equity
6 Months Ended
Jun. 29, 2018
Stockholders Equity Note [Abstract]  
Shareholders' Equity

8. Shareholders’ Equity

Stock Appreciation Rights (“SARs”)

As of June 29, 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 six months ended June 29, 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 June 29, 2018, the Company had a total authorization remaining of $7.2 million under its repurchase plan.  During the quarter ended June 29, 2018, the Company’s Board of Directors approved an additional $5.0 million of authorization under the repurchase plan increasing the total authorization to $142.2 million.

During the quarter and six months ended June 30, 2017, the Company repurchased 507 thousand and 566 thousand shares of its common stock at an average price of $15.01 and $15.55 per share for a total cost of $7.6 million and $8.8 million, respectively.  

The shares repurchased under the share repurchase plan during the quarter and six months ended June 29, 2018, do not include 11 thousand and 184 thousand shares which the Company bought back to satisfy employee net vesting obligations for a cost of $0.2 million and $3.1 million, respectively.  During the quarter and six months ended June 30, 2017, the Company bought back 21 thousand and 195 thousand shares at a cost of $0.4 million and $3.3 million, respectively, 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 30, 2018, the Company increased its annual dividend to $0.34 per share to be paid on a semi-annual basis.  During the quarter ended June 29, 2018, the Company declared its semi-annual dividend of $0.17 per share for shareholders of record as of June 29, 2018, which was paid on July 11, 2018 for a total of $5.4 million.