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Shareholders' Equity
 9 Months Ended
Oct. 01, 2021
Stockholders Equity Note [Abstract]  
Shareholders' Equity

9. Shareholders’ Equity

Stock Appreciation Rights (“SARs”)

As of October 1, 2021, the Company had 2.9 million SARs outstanding with an exercise price of $4.00 per share and an expiration date of February 8, 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 and nine months ended October 1, 2021, the Company repurchased 113 thousand and 738 thousand shares of its common stock at an average price of $18.68 and $17.35 per share, respectively, for a total cost of $2.1 million and $12.8 million, respectively.  As of October 1, 2021 the Company had a total authorization remaining of $11.5 million under it’s repurchase plan with a total authorization of $167.2 million.         

 

During the quarter and nine months ended September 25, 2020, the Company repurchased 75 thousand and 148 thousand shares of its common stock at an average price of $12.41 and $13.09 per share for a total cost of $0.9 million and $1.9 million, respectively.  

The shares repurchased under the share repurchase plan during the quarter and nine months ended October 1, 2021, do not include 8 thousand shares and 118 thousand shares, respectively, which the Company bought back to satisfy employee net vesting obligations for a cost of $155 thousand and $1.8 million, respectively. During the quarter and nine months ended September 25, 2020, the Company bought back 8 thousand shares and 135 thousand shares, respectively, at a cost of $111 thousand and $2.1 million, respectively, to satisfy employee net vesting obligations.       

Dividend Program

In 2020, the Company increased the annual dividend from $0.36 per share to $0.38 per share to be paid on a quarterly basis and during the first quarter of 2021, the Company further increased the annual dividend to $0.40 per share. During the first quarter of 2021, the Company declared its first quarterly dividend to shareholders of $3.3 million, which was paid in April 2021. During the second quarter of 2021, the Company declared its second quarterly dividend to shareholders of $3.2 million, which was paid in July 2021.  During the third quarter of 2021, the Company declared its third quarterly dividend to shareholders of $3.2 million, which was paid in October 2021. These dividends were paid from U.S. domestic sources and are accounted for as an increase to accumulated deficit. Subsequent to October 1, 2021, the Company declared its fourth quarterly dividend in 2021 to be paid in December 2021.