Capital Stock

9 Months Ended

Sep. 26, 2020

Equity [Abstract]

Capital Stock

Capital Stock

Preferred Stock - Our Board of Directors is authorized to issue Preferred Stock from time to time in one or more series and with such rights, privileges, and preferences as the Board of Directors shall from time to time determine. We have not issued any shares of Preferred Stock.

Common Stock - Common Stock includes the basis of shares outstanding plus amounts recorded as additional paid-in capital. Shares outstanding exclude the shares issued to the Employee Benefit Trust that are considered similar to treasury shares and total 193,941 shares at both September 26, 2020 and December 31, 2019 with a total original issuance value of $12.4 million.

We record share repurchases on their trade date and reduce shareholders’ equity and increase accounts payable. Repurchased shares are retired, and the excess of the repurchase price over the par value of the shares is charged to retained earnings.

In April 2018, our Board of Directors authorized the repurchase of up to $250.0 million of our Common Stock through December 2019.

On November 4, 2019, the Board of Directors authorized an increase to the remaining authorization under the share repurchase program to a total of $175.0 million with no expiration date. As of September 26, 2020, $170.0 million was remaining under the repurchase authorization.

We did not repurchase shares during the three months ended September 26, 2020 or September 28, 2019. During the nine months ended September 26, 2020 and September 28, 2019, we repurchased 265,589 and 1,192,419 shares of our Common Stock, respectively, at an average price per share of $18.83 and $16.77, respectively.