XML 26 R17.htm IDEA: XBRL DOCUMENT v3.22.2
Shareholders' Equity
 6 Months Ended
Jul. 01, 2022
Stockholders' Equity Note [Abstract]  
Shareholders' Equity

9. Shareholders’ Equity

Stock Appreciation Rights (“SARs”)

As of July 1, 2022, the Company did not have any outstanding SARs. In December 2021, 2.9 million SARs were exercised with an exercise price of $4.00 per share.

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, the Company did not repurchase any outstanding common stock. During the six months ended July 1, 2022, the Company repurchased 31 thousand of its common stock at an average price of $20.50 for a total cost of $0.6 million. As of July 1, 2022 the Company had a total authorization remaining of $10.6 million under its repurchase plan with a total authorization of $167.2 million.

During the quarter and six months ended July 2, 2021, the Company repurchased 489 thousand shares and 626 thousand shares of its common stock at an average price of $17.58 and $17.11 per share for a total cost of $8.6 million and $10.7 million, respectively.

The shares repurchased under the share repurchase plan during the quarter and six months ended July 1, 2022, do not include 4 thousand shares and 130 thousand shares, respectively, which the Company bought back to satisfy employee net vesting obligations for a cost of $76 thousand and $2.5 million, respectively. During the quarter and six months ended July 2, 2021, the Company bought back 2 thousand shares and 110 thousand shares, respectively, at a cost of $38 thousand and $1.6 million, respectively, to satisfy employee net vesting obligations.

Dividend Program

In 2021, the Company increased the annual dividend from $0.38 per share to $0.40 per share to be paid on a quarterly basis and during the first quarter of 2022, the Company further increased the annual dividend to $0.44 per share. During the first half of 2022, the Company declared two quarterly dividends to its shareholders of $3.5 million each, which were paid in April 2022 and July 2022. These dividends were paid from U.S. domestic sources and are accounted for as a decrease to retained earnings. Subsequent to July 1, 2022, the Company declared its third quarterly dividend in 2022 to be paid in October 2022.