SHAREHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 27, 2021

Changes in the balance of each component of shareholders’ equity during the reporting periods were as follows:


	Thirteen weeks ended				Twenty-six weeks ended
(in thousands)	June 27, 2021		June 28, 2020		June 27, 2021		June 28, 2020

Common stock shares
Beginning balance	35,474		36,128		35,493		38,593
Purchases and retirement of common stock	—		—		—		(2,930)
Net issuance under equity plans, including tax benefits	6		(76)		(17)		339
Stock-based compensation	30		—		34		50
Ending balance	35,510		36,052		35,510		36,052

Common stock amount
Beginning balance	$	1	$	1	$	1	$	1
Current period activity	—		—		—		—
Ending balance	1		1		1		1

Retained earnings
Beginning balance	459,958		435,804		452,017		639,210
Net income (loss)	15,884		(8,168)		22,782		(158,662)
Purchases and retirement of common stock (1)	—		—		—		(52,346)
Net issuance under equity plans, including tax benefits	152		51		(2,148)		(1,420)
Stock-based compensation	3,573		2,838		6,916		4,345
Change in accounting standard cumulative-effect adjustment (2)	—		—		—		(602)
Ending balance	479,567		430,525		479,567		430,525

Accumulated other comprehensive loss
Beginning balance, net of tax	(14,332)		(19,863)		(14,828)		(13,238)
Foreign currency translation adjustment	(6)		2,098		490		(4,527)
Ending balance, net of tax	(14,338)		(17,765)		(14,338)		(17,765)

Total shareholders’ equity ending balance	$	465,230	$	412,761	$	465,230	$	412,761

(1)Under applicable Washington State law, shares purchased are not displayed separately as treasury stock on our Consolidated Balance Sheets and are treated as authorized but unissued shares. It is our accounting policy to first record these purchases as a reduction to our common stock account. Once the common stock account has been reduced to a nominal balance, remaining purchases are recorded as a reduction to our retained earnings. Furthermore, activity in our common stock account related to stock-based compensation is also recorded to retained earnings until such time as the reduction to retained earnings due to stock repurchases has been recovered.

(2)As a result of our adoption of the accounting standard for credit losses, we recognized a cumulative-effect adjustment to retained earnings of $0.6 million in the first quarter of 2020.