XML 24 R18.htm IDEA: XBRL DOCUMENT v3.24.3
Shareholders' Equity
 9 Months Ended
Sep. 27, 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 September 27, 2024, the Company had affected cumulative purchases under the plan of $276.0 million, leaving $11.1 million available for future purchases. Subsequent to September 27, 2024, the Company's Board of Directors approved an additional $20.0 million increase to the Company's share repurchase program.

 

During the quarter ended September 27, 2024, the Company repurchased 65 thousand shares at an average price of $26.77 per share for a total cost of $1.7 million on the open market. The Company did not repurchase any outstanding stock on the open market during the quarter ended September 29, 2023. During the nine months ended September 27, 2024, the Company repurchased 108 thousand shares on the open market and from members of the Company's Board of Directors at an average price per share of $25.80 for a total cost of $2.8 million. During the nine months ended September 29, 2023, the Company repurchased 37 thousand shares from members of its Board of Directors at an average price per share of $18.96 for a total cost of $0.7 million.

 

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 nine months ended September 27, 2024, the Company withheld and did not issue 6 thousand shares and 174 thousand shares, respectively, for a cost of $0.1 million and $4.1 million, respectively. During the quarter and nine months ended

8. Shareholders’ Equity (continued)

 

September 29, 2023, the Company withheld and did not issue 3 thousand shares and 171 thousand shares, respectively, for a cost of $66 thousand and $3.7 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 nine months of 2024, the Company declared three quarterly dividends to its shareholders for an aggregate of $9.1 million, which were paid in April 2024, July 2024 and October 2024. These dividends were paid from U.S. domestic sources and are accounted for as a decrease to retained earnings. Subsequent to September 27, 2024, the Company declared its fourth quarter dividend in 2024 to be paid in January 2025.