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Shareholders' Equity
 3 Months Ended
Mar. 29, 2024
Stockholders' Equity Note [Abstract]  
Shareholders' Equity

8. Shareholders’ Equity

Treasury Stock and Tender Offer

On July 30, 2002, the Company announced that its Board of Directors approved the repurchase of the Company’s common stock through its share repurchase program. Since the inception of the repurchase plan, the Board of Directors has approved the repurchase of $287.2 million of the Company’s common stock. As of March 29, 2024, the Company had affected cumulative purchases under the plan of $274.3 million, leaving $12.9 million available for future purchases.

 

During the three months ended March 29, 2024 and March 31, 2023, the Company repurchased 43 thousand shares and 37 thousand shares, respectively, from members of its Board of Directors at an average price per share of $24.34 and $18.98, respectively, for a total cost of $1.1 million and $0.7 million, respectively.

 

There is no expiration of the Company's repurchase authorization. Under the repurchase plan, the Company may buy back shares of its outstanding stock either on the open market or through privately negotiated transactions, subject to market conditions and trading restrictions. The Company holds repurchased shares of its common stock as treasury stock and accounts for treasury stock under the cost method.

 

Shares purchased under the repurchase plan do not include shares withheld to satisfy withholding tax obligations. These withheld shares are never issued and in lieu of issuing the shares, taxes were paid on the employee’s behalf. During both the three months ended March 29, 2024 and March 31, 2023, 162 thousand shares were withheld and not issued for a cost of $3.8 million and $3.5 million, respectively. The shares withheld for taxes are included under issuance of common stock in the accompanying consolidated statements of shareholders’ equity.

Dividend Program

During the three months ended March 29, 2024, the Company declared its first quarter dividend to its shareholders for an aggregate of $3.0 million, which was paid in April 2024. These dividends were paid from U.S. domestic sources and are accounted for as a decrease to retained earnings. Subsequent to March 29, 2024, the Company declared its second quarter dividend in 2024 to be paid in July 2024.