XML 24 R18.htm IDEA: XBRL DOCUMENT v3.25.3
Shareholders' Equity
 9 Months Ended
Sep. 26, 2025
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 $320.2 million of the Company’s common stock. As of September 26, 2025, the Company had affected cumulative purchases under the plan of $307.6 million, leaving $12.6 million available for future purchases.

During the quarter and nine months ended September 26, 2025, the Company repurchased 839 thousand shares and 1.2 million shares, respectively, on the open market and from members of the Company's Board of Directors at an average price per share of $20.73 and $22.86, respectively, for a total cost of $17.4 million and $27.9 million, respectively. This includes the Company's repurchase of 50 thousand shares from its Chief Financial Officer and members of its Board of Directors at an average price per share of $30.78 for a total cost of $1.6 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 26, 2025, the Company withheld and did not issue 268 thousand shares and 444 thousand shares, respectively, for a cost of $5.5 million and $11.1 million, respectively. 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. The shares withheld for taxes are included under issuance of common stock in the accompanying consolidated statements of shareholders’ equity.

Dividend Program

During the nine months ended September 26, 2025, the Company declared three quarterly dividends to its shareholders for an aggregate of $9.6 million, which were paid in April 2025, July 2025, and October 2025. These dividends were paid from U.S. domestic sources and are accounted for as a decrease to retained earnings. Subsequent to September 26, 2025, the Company declared its fourth quarter dividend in fiscal year 2025 to be paid in January 2026.