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Shareholders' Equity
3 Months Ended
Apr. 02, 2021
Stockholders Equity Note [Abstract]  
Shareholders' Equity

9. Shareholders’ Equity

Stock Appreciation Rights (“SARs”)

As of April 2, 2021, the Company had 2.9 million SARs outstanding with an exercise price of $4.00 per share and an expiration date of February 8, 2022.           

Treasury Stock

Under the Company’s share repurchase plan, the Company may repurchase shares of its outstanding common stock either on the open market or through privately negotiated transactions subject to market conditions and trading restrictions. During the three months ended April 2, 2021, the Company repurchased 136 thousand shares of its common stock at an average price of $15.45 per share for a total cost of $2.1 million.  As of April 2, 2021 the Company had a total authorization remaining of $2.2 million under its repurchase plan with a total authorization of $147.2 million. 

Subsequent to April 2, 2021, the Company has repurchased an additional 116 thousand shares of its common stock at an average price of $17.17 per share for a total cost of $2.0 million, leaving a total authorization of $0.2 million. In addition, subsequent to April 2, 2021, the Company’s Board of Directors approved an additional share repurchase authorization of $20.0 million.   

During the quarter ended March 27, 2020, the Company repurchased 73 thousand shares of its common stock at an average price of $13.79 per share for a total cost of $1.0 million.  

The shares repurchased under the share repurchase plan during the quarter ended April 2, 2021, do not include 108 thousand shares which the Company bought back to satisfy employee net vesting obligations for a cost of $1.6 million. During the quarter ended March 27, 2020, the Company bought back 125 thousand shares at a cost of $2.0 million to satisfy employee net vesting obligations.       

Dividend Program

In 2020, the Company increased the annual dividend from $0.36 per share to $0.38 per share to be paid on a quarterly basis and during the first quarter of 2021, the Company further increased the annual dividend to $0.40 per share. During the first quarter of 2021, the Company declared its first quarterly dividend to shareholders, which was paid in April 2021 of $3.3 million. These dividends were paid from U.S. domestic sources and are accounted for as an increase to accumulated deficit. Subsequent to April 2, 2021, the Company declared its second quarterly dividend in 2021 to be paid in July 2021.