Earnings Per Share, Share Repurchase Program, and Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 29, 2025

Stockholders' Equity Note [Abstract]

Earnings Per Share, Share Repurchase Program, and Accumulated Other Comprehensive Loss

(9) Earnings Per Share, Share Repurchase Program, and Accumulated Other Comprehensive Loss

Earnings Per Share

The reconciliation of the numerator and denominator used to calculate basic earnings per share and diluted earnings per share is as follows:

	For the Quarter Ended				For the Three Quarters Ended
	September 29, 2025		September 30, 2024		September 29, 2025		September 30, 2024
	(In thousands, except per share amounts)
Net income	$	53,055	$	14,311	$	126,763	$	51,129
Basic weighted average shares		103,321		101,958		102,337		101,704
Dilutive effect of performance-based     restricted stock units (PRUs), restricted     stock units (RSUs), and stock options		2,491		1,870		2,724		2,224
Diluted shares		105,812		103,828		105,061		103,928
Earnings per share:
Basic earnings per share	$	0.51	$	0.14	$	1.24	$	0.50
Diluted earnings per share		0.50		0.14		1.21		0.49

PRUs and RSUs to purchase 161 and 220 shares of common stock for the quarter and three quarters ended September 29, 2025, respectively, and PRUs, RSUs, and stock options to purchase 144 and 166 shares of common stock for the quarter and three quarters ended September 30, 2024, respectively, were not included in the computation of diluted earnings per share because the impact would be anti-dilutive. The PRUs would have had an anti-dilutive impact because the performance conditions had not been met during the applicable quarter and three quarters. The RSUs and stock options would have had an anti-dilutive impact because the total expected proceeds under the treasury stock method or the options’ exercise prices were greater than the average market price of common stock during the applicable quarter and three quarters.

Share Repurchase Program

On May 8, 2025, the Company's Board of Directors authorized a new share repurchase program (2025 Repurchase Program), under which the Company may repurchase up to $100,000 in value of the Company’s outstanding shares of common stock from time to time through May 7, 2027. The Company’s previous two-year repurchase program expired on May 3, 2025. The Company may repurchase shares through open market purchases, privately‑negotiated transactions, or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended (Exchange Act), which sets certain restrictions on the method, timing, price, and volume of open market stock repurchases. In addition, the Company adopted one trading plan in accordance with Rule 10b5-1 of the Exchange Act to facilitate certain purchases that may be effected under the share repurchase program. The timing, manner, price, and amount of any repurchases will be determined at the Company’s discretion, and the share repurchase program may be suspended, terminated, or modified at any time for any reason. The repurchase program does not obligate the Company to acquire any specific number of shares.

During the quarter ended September 29, 2025, the Company did not repurchase any shares. During the three quarters ended September 29, 2025, the Company repurchased 700 shares of common stock for a total cost of $17,875 (including commissions) under the Company’s previous repurchase program. As of September 29, 2025, the remaining amount in value available to be repurchased under the 2025 Repurchase Program was $100,000.

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss, net of tax, were as follows:

	As of
	September 29, 2025			December 30, 2024
	(In thousands)
Foreign currency translation	$	(33,549	)	$	(33,757	)
Pension obligation		4,786			3,612
Cash flow hedges		31			2,263
Total	$	(28,732	)	$	(27,882	)