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Shareholders' Equity
 6 Months Ended
Jun. 28, 2024
Stockholders' Equity Note [Abstract]  
Shareholders' Equity

8. Shareholders’ Equity

Treasury Stock

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 June 28, 2024, the Company had affected cumulative purchases under the plan of $274.3 million, leaving $12.9 million available for future purchases.

 

During the quarter ended June 28, 2024 and June 30, 2023, the Company did not repurchase any outstanding stock in the open market. During the six months ended June 28, 2024 and June 30, 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 the quarter and six months ended June 28, 2024, the Company withheld and did not issue 6 thousand shares and 168 thousand shares, respectively, for a cost of $0.1 million and $3.9 million, respectively. During the quarter and six months ended June 30, 2023, the Company withheld and did not issue 6 thousand shares and 168 thousand shares, respectively, for a cost of $0.1 million and $3.6 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 first half of 2024, the Company declared two quarterly dividends to its shareholders for an aggregate of $6.1 million, which was paid in April 2024 and July 2024. These dividends were paid from U.S. domestic sources and are accounted for as a decrease to retained earnings. Subsequent to June 28, 2024, the Company declared its third quarter dividend in 2024 to be paid in October 2024.