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SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 26, 2021
Equity [Abstract]  
SHAREHOLDERS' EQUITY SHAREHOLDERS’ EQUITY
Common stock
Shares of common stock outstanding include shares of unvested restricted stock. Unvested restricted stock included in reportable shares outstanding was 0.5 million and 0.9 million shares as of December 26, 2021 and December 27, 2020, respectively.
On September 15, 2017, our Board authorized a $100.0 million addition to our share repurchase program for our outstanding common stock (“2017 authorization”). On October 16, 2019, our Board authorized a $100.0 million addition to our share repurchase program for our outstanding common stock (“2019 authorization”). The share repurchase program does not obligate us to acquire any particular amount of common stock and does not have an expiration date. We may choose to purchase shares in the open market, from individual holders, through an accelerated share repurchase agreement or otherwise. Refer to Note 15: Subsequent Event for further details regarding an additional authorization.
During fiscal 2020, we repurchased shares using the remaining $19.0 million available under the 2017 authorization. Under this authorization, we repurchased and retired 4.7 million shares of our common stock at an average share price of $21.14, which excludes commissions. As of December 27, 2020, $66.7 million remained available for repurchase of common stock under the 2019 authorization. During fiscal 2021, we repurchased shares using $16.7 million under the 2019 authorization. As of December 26, 2021, $50.0 million remains available for repurchase of common stock under the 2019 authorization.
The details of shares repurchased as part of our existing share repurchase authorizations are as follows:
Fiscal yearNumber of shares repurchasedAverage price per share
Amount
(in thousands)
2021
Open market purchases620,280 $26.90 $16,678 
2020
Open market purchases779,068 $15.85 $12,346 
ASR (1)2,777,486 $14.40 $40,000 
Total 20203,556,554 $14.72 $52,346 
(1)    On February 28, 2020, we entered into an accelerated share repurchase (“ASR”) agreement with a third-party financial institution to repurchase our common stock. On July 2, 2020, we settled our ASR agreement, resulting in the receipt of a total of 2,777,486 shares over the term of the ASR agreement with a volume weighted average price of $14.40.
Preferred stock
We have authorized 20.0 million shares of blank check preferred stock. The blank check preferred stock is issuable in one or more series, each with such designations, preferences, rights, qualifications, limitations and restrictions as our Board may determine and set forth in supplemental resolutions at the time of issuance, without further shareholder action. The initial series of blank check preferred stock authorized by the Board was designated as Series A Preferred Stock. We had no outstanding shares of preferred stock in any of the years presented.