The Company paid cash dividends totaling $0.26 per share in 2019, $0.26 per share in 2018, and $0.25 per share in 2017, to each share of Common Stock. The future declaration and payment of dividends is at the discretion of the Company’s Board, and depends upon, among other things, the Company’s investment policy and opportunities, results of operations, financial condition, cash requirements, future prospects, and other factors that may be considered relevant at the time of the Board’s determination. Such other factors include limitations contained in the agreement for its Syndicated Credit Facility, which specifies conditions as to when any dividend payments may be made. As such, the Company may discontinue its dividend payments in the future if its Board determines that a cessation of dividend payments is proper in light of the factors indicated above.

In 2016, the Company adopted a share purchase program to authorize the repurchase of up to $50 million of common stock. This program had no specific expiration date. During the first three months of 2017, the Company completed the $50 million repurchase program. In the second quarter of 2017, the Company adopted a new share repurchase program in which the Company was authorized to repurchase up to $100 million of its outstanding shares of common stock. The program had no specific expiration date.

Pursuant to the above-described programs, the Company has repurchased shares in the past three years as follows. During 2017, the Company repurchased and retired 4,628,300 shares of common stock at a weighted average purchase price of $19.76 per share. During 2018, the Company repurchased and retired a combined total of 615,000 shares under these plans, at an average purchase price of $23.54 per share. During 2019, the Company repurchased and retired a combined total of 1,556,000 shares under these plans, at an average purchase price of $16.13 per share. As of December 29, 2019, the Company had completed the authorized share repurchase program.



	SHARES		COMMON STOCK			ADDITIONAL PAID-IN CAPITAL			RETAINED EARNINGS			PENSION LIABILITY			FOREIGN CURRENCY TRANSLATION ADJUSTMENT			CASH FLOW HEDGE
	(in thousands)
Balance, at December 30, 2018	59,508		$	5,951		$	270,269		$	222,214		$	(43,610	)	$	(101,487	)	$	1,326
Net income	—		—			—			79,200			—			—			—
Stock issuances under employee plans	511		51			636			—			—			—			—
Other issuances of common stock	223		22			3,900			—			—			—			—
Unamortized stock compensation expense related to stock awards	—		—			(4,139		)	—			—			—			—
Cash dividends paid	—		—			—			(15,358		)	—			—			—
Forfeitures and compensation expense related to stock awards	(270	)	(26		)	4,638			—			—			—			—
Share repurchases	(1,556	)	(156		)	(24,998		)	—			—			—			—
Pension liability adjustment	—		—			—			—			(13,090		)	—			—
Foreign currency translation adjustment	—		—			—			—			—			(11,652		)	—
Cash flow hedge unrealized gain	—		—			—			—			—			—			(5,489		)
Balance, at December 29, 2019	58,416		$	5,842		$	250,306		$	286,056		$	(56,700	)	$	(113,139	)	$	(4,163	)



	SHARES		COMMON STOCK			ADDITIONAL PAID-IN CAPITAL			RETAINED EARNINGS			PENSION LIABILITY			FOREIGN CURRENCY TRANSLATION ADJUSTMENT			CASH FLOW HEDGE
	(in thousands)
Balance, at December 31, 2017	59,806		$	5,981		$	271,271		$	187,432		$	(56,554	)	$	(78,943	)	$	904
Net income	—		—			—			50,253			—			—			—
Stock issuances under employee plans	224		22			476			—			—			—			—
Other issuances of common stock	182		18			4,809			—			—			—			—
Unamortized stock compensation expense related to stock awards	—		—			(4,710		)	—			—			—			—
Cash dividends paid	—		—			—			(15,471		)	—			—			—
Forfeitures and compensation expense related to stock awards	(89	)	(9		)	12,847			—			—			—			—
Share repurchases	(615	)	(61		)	(14,424		)	—			—			—			—
Pension liability adjustment	—		—			—			—			12,944			—			—
Foreign currency translation adjustment	—		—			—			—			—			(22,544		)	—
Cash flow hedge unrealized gain (loss)	—		—			—			—			—			—			422
Balance, at December 30, 2018	59,508		$	5,951		$	270,269		$	222,214		$	(43,610	)	$	(101,487	)	$	1,326



	SHARES		COMMON STOCK			ADDITIONAL PAID-IN CAPITAL			RETAINED EARNINGS			PENSION LIABILITY			FOREIGN CURRENCY TRANSLATION ADJUSTMENT			CASH FLOW HEDGE
	(in thousands)
Balance, at January 1, 2017	64,238		$	6,424		$	359,451		$	140,238		$	(54,862	)	$	(110,522	)	$	—
Net income	—		—			—			53,246			—			—			—
Stock issuances under employee plans	36		4			508			—			—			—			—
Other issuances of common stock	253		25			4,507			—			—			—			—
Unamortized stock compensation expense related to stock awards	—		—			(4,532		)	—			—			—			—
Cash dividends paid	—		—			—			(15,487		)	—			—			—
Forfeitures and compensation expense related to stock awards	(93	)	(9		)	5,574			—			—			—			—
Share repurchases	(4,628	)	(463		)	(91,113		)	—			—			—			—
Pension liability adjustment	—		—			—			—			(1,692		)	—			—
Foreign currency translation adjustment	—		—			—			—			—			31,579			—
Cash flow hedge unrealized gain (loss)	—		—			—			—			—			—			904
Windfall tax benefit - share-based payment awards	—		—			(3,124		)	—			—			—			—
Adoption of new accounting standard - share-based payment awards	—		—			—			9,435			—			—			—
Balance, at December 31, 2017	59,806		$	5,981		$	271,271		$	187,432		$	(56,554	)	$	(78,943	)	$	904

The Company has an Omnibus Stock Incentive Plan (“Omnibus Plan”) under which a committee of independent directors is authorized to grant directors and key employees, including officers, options to purchase the Company’s Common Stock. Options are exercisable for shares of Common Stock at a price not less than 100% of the fair market value on the date of grant. The options become exercisable either immediately upon the grant date or ratably over a time period ranging from one to five years from the date of the grant. The Company’s options expire at the end of time periods ranging from three to ten years from the date of the grant.

In May 2015, the shareholders approved an amendment and restatement of the Omnibus Plan. This amendment and restatement extended the term of the Omnibus Plan until February 2025, and set the number of shares authorized for issuance or transfer on or after the effective date of the amendment and restatement at 5,161,020 shares, except that each share issued pursuant to an award other than a stock option reduces the number of such authorized shares by 1.33 shares.

Accounting standards require that the Company measure the cost of employee services received in exchange for an award of equity instruments based on the grant date fair market value of the award. That expense will be recognized over the period that the employee is required to provide the services – the requisite service period (usually the vesting period) – in exchange for the award. The grant date fair value for options and similar instruments will be estimated using option pricing models. Under accounting standards, the Company is required to select a valuation technique or option pricing model. The Company uses the Black-Scholes model. Accounting standards require that the Company estimate forfeitures for stock options and reduce compensation expense accordingly. The Company has reduced its expense by the assumed forfeiture rate and will evaluate actual experience against the assumed forfeiture rate going forward. This expense reduction is not significant to the Company.



	Shares		Weighted Average Exercise Price
Outstanding at December 30, 2018	42,500		$	9.56
Granted	—		—
Exercised	(10,000	)	4.31
Forfeited or canceled	(5,000	)	4.31
Outstanding at December 29, 2019 (a)	27,500		$	12.43

Exercisable at December 29, 2019 (b)	27,500		$	12.43

At December 29, 2019, the aggregate intrinsic values of in-the-money options outstanding and options exercisable were $0.1 million and $0.1 million, respectively (the intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option).

During fiscal years 2019, 2018 and 2017, the Company granted restricted stock awards totaling 223,500, 194,000, and 253,000 shares, respectively, of Common Stock. These awards (or a portion thereof) vest with respect to each recipient over a one to five year period from the date of grant, provided the individual remains in the employment or service of the Company as of the vesting date. Additionally, these shares (or a portion thereof) could vest earlier in the event of a change in control of the Company, or upon involuntary termination without cause.

Compensation expense related to awards of restricted stock was $3.3 million, $4.1 million and $2.8 million for 2019, 2018 and 2017, respectively. These grants are made primarily to executive-level personnel at the Company and, as a result, no compensation costs have been capitalized. The Company estimates forfeitures for restricted stock and reduces compensation expense accordingly. The Company has reduced its expense by the assumed forfeiture rate and will evaluate actual experience against the assumed forfeiture rate going forward. The forfeiture rate has been developed using historical data regarding actual forfeitures as well as an estimate of future expected forfeitures under our restricted stock grants.

In each of the years 2017-2019, the Company issued awards of performance shares to certain employees. These awards vest based on the achievement of certain performance-based goals over a performance period of one to three years, subject to the employee’s continued employment through the last date of the performance period, and will be settled in shares of our common stock or in cash at the Company’s election. The number of shares that may be issued in settlement of the performance shares to the award recipients may be greater (up to 200%) or lesser than the nominal award amount depending on actual performance achieved as compared to the performance targets set forth in the awards. The expense related to these performance shares is captured in selling, general and administrative expense on the consolidated statement of operations.

Compensation expense related to the performance shares for 2019, 2018, and 2017 was $5.4 million, $10.4 million and $4.5 million, respectively. Unrecognized compensation expense related to these performance shares was approximately $3.1 million as of December 29, 2019. That cost is expected to be recognized by the end of 2022.