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Shareholders' Equity
9 Months Ended
Sep. 28, 2018
Stockholders Equity Note [Abstract]  
Shareholders' Equity

8. Shareholders’ Equity

Stock Appreciation Rights (“SARs”)

As of September 28, 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 nine months ended September 28, 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 September 28, 2018, the Company had a total authorization remaining of $7.2 million under its repurchase plan with a  total authorization of $142.2 million.

During the quarter and nine months ended September 29, 2017, the Company repurchased 182 thousand and 748 thousand shares of its common stock at an average price of $13.73 and $15.11 per share for a total cost of $2.5 million and $11.3 million, respectively.  

The shares repurchased under the share repurchase plan during the quarter and nine months ended September 28, 2018, do not include 8 thousand and 191 thousand shares which the Company bought back to satisfy employee net vesting obligations for a cost of $0.1 million and $3.3 million, respectively.  During the quarter and nine months ended September 29, 2017, the Company bought back 68 thousand and 262 thousand shares at a cost of $1.1 million and $4.3 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 in July 2017 and 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. These dividends were paid from U.S. domestic sources and are accounted for as an increase to accumulated deficit. Subsequent to quarter end, the Company declared its semi-annual dividend of $0.17 per share for shareholders of record as of December 21, 2018, which is to be paid on January 4, 2019.