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Shareholders' Equity
 9 Months Ended
Sep. 30, 2022
Stockholders' Equity Note [Abstract]  
Shareholders' Equity

9. Shareholders’ Equity

Stock Appreciation Rights (“SARs”)

As of September 30, 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 nine months ended September 30, 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 September 30, 2022 the Company had a total authorization remaining of $10.6 million under its repurchase plan with a total authorization of $167.2 million. Subsequent to September 30, 2022, the Company's Board of Directors approved an additional $120.0 million authorization which increased the repurchase plan remaining authorization to $130.6 million.

During the quarter and nine months ended October 1, 2021, the Company repurchased 113 thousand shares and 738 thousand shares of its common stock at an average price of $18.68 and $17.35 per share for a total cost of $2.1 million and $12.8 million, respectively.

The shares repurchased under the share repurchase plan during the quarter and nine months ended September 30, 2022, do not include 3 thousand shares and 134 thousand shares, respectively, which the Company bought back to satisfy employee net vesting obligations for a cost of $69 thousand and $2.6 million, respectively. During the quarter and nine months ended October 1, 2021, the Company bought back 8 thousand shares and 118 thousand shares, respectively, at a cost of $155 thousand and $1.8 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 nine months of 2022, the Company declared three quarterly dividends to its shareholders for an aggregate of $3.5 million each quarter, which were paid in April 2022, July 2022 and October 2022. These dividends were paid from U.S. domestic sources and are accounted for as a decrease to retained earnings. Subsequent to September 30, 2022, the Company declared its fourth quarter dividend in 2022 to be paid in January 2023.