The Company paid cash dividends totaling $0.095 per share in 2020, $0.26 per share in 2019, and $0.26 per share in 2018, 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 and the indenture governing its 5.50% Senior Notes due 2028, which specify 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 the second quarter of 2017, the Company adopted a 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 this program, the Company repurchased shares in the past three years as follows. During 2018, the Company repurchased and retired 615,000 shares of common stock at a weighted 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 29, 2019	58,416	$	5,842	$	250,306	$	286,056	$	(56,700)	$	(113,139)	$	(4,163)
Net loss	—	—		—		(71,929)		—		—		—
Issuances of stock (other than restricted stock)	239	24		195		—		—		—		—
Restricted stock issuances	304	30		3,999		—		—		—		—
Unamortized compensation expense related to restricted stock awards	—	—		(4,030)		—		—		—		—
Cash dividends declared	—	—		—		(5,565)		—		—		—
Forfeitures and compensation expense related to stock awards	(295)	(31)		(2,550)		—		—		—		—
Pension liability adjustment	—	—		—		—		(12,588)		—		—
Foreign currency translation adjustment	—	—		—		—		—		52,808		—
Cash flow hedge unrealized loss	—	—		—		—		—		—		(2,027)
Balance, at January 3, 2021	58,664	$	5,865	$	247,920	$	208,562	$	(69,288)	$	(60,331)	$	(6,190)


	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		—		—		—
Issuances of stock (other than restricted stock)	511	51		636		—		—		—		—
Restricted stock issuances	223	22		3,900		—		—		—		—
Unamortized compensation expense related to restricted stock awards	—	—		(4,139)		—		—		—		—
Cash dividends declared	—	—		—		(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 loss	—	—		—		—		—		—		(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		—		—		—
Issuances of stock (other than restricted stock)	224	22		476		—		—		—		—
Restricted stock issuances	182	18		4,809		—		—		—		—
Unamortized compensation expense related to restricted stock awards	—	—		(4,710)		—		—		—		—
Cash dividends declared	—	—		—		(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	—	—		—		—		—		—		422
Balance, at December 30, 2018	59,508	$	5,951	$	270,269	$	222,214	$	(43,610)	$	(101,487)	$	1,326

In the first quarter of 2020, the Company elected to change its method for recognizing forfeitures of share-based awards. The cumulative effect of this change was $1.4 million of additional expense recognized in selling, general and administrative (“SG&A”) expenses within the consolidated statement of operations. Prior to this change, the Company estimated forfeitures and reduced stock compensation expense based on that estimate. Under the new forfeiture method, the Company accounts for forfeitures as they occur as permitted by generally accepted accounting principles.

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, restricted stock, incentive stock options, nonqualified stock options, stock appreciation rights, deferred shares, performance shares and performance units. 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 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 under the 2015 plan pursuant to an award other than a stock option reduced the number of such authorized shares by 1.33 shares.

In May 2020, the shareholders approved the adoption of the 2020 Omnibus Stock Incentive Plan (“2020 Omnibus Plan”). The aggregate number of shares of common stock that may be issued or transferred under the 2020 Omnibus Plan on or after the effective date of the plan is 3,700,000 (and the 1.33 multiplier discussed in the paragraph immediately above was eliminated). No award may be granted after the tenth anniversary of the effective date of the 2020 Omnibus Plan.

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.


	Shares	Weighted Average Exercise Price
Outstanding at December 29, 2019	27,500	$	12.43
Granted	—	—
Exercised	(7,500)	12.43
Forfeited or canceled	(20,000)	12.43
Outstanding at January 3, 2021	—	$	—

Exercisable at January 3, 2021	—	$	—

During fiscal years 2020, 2019 and 2018, the Company granted restricted stock awards totaling 308,100, 223,500, and 194,000 shares, respectively, of Common Stock. These awards (or a portion thereof) vest with respect to each recipient over a one to three 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 $1.3 million, $3.3 million and $4.1 million for 2020, 2019 and 2018, 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 has reduced its expense for restricted stock forfeited during the period. The expense related to awards of restricted stock is captured in SG&A expenses on the consolidated statements of operations.


	Shares	Weighted Average Grant Date Fair Value
Outstanding at December 29, 2019	468,200	$	28.63
Granted	308,100	13.08
Vested	(176,100)	19.58
Forfeited or canceled	(163,300)	19.49
Outstanding at January 3, 2021	436,900	$	24.73

In each of the years 2018-2020, 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 (among other things) 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 SG&A expenses on the consolidated statements of operations.


	Shares	Weighted Average Grant Date Fair Value
Outstanding at December 29, 2019	512,000	$	19.71
Granted	263,700	15.36
Vested	(164,300)	19.74
Forfeited or canceled	(206,100)	19.58
Outstanding at January 3, 2021	405,300	$	16.94

Compensation expense (benefit) related to the performance shares for 2020, 2019, and 2018 was $(1.8) million, $5.4 million and $10.4 million, respectively. Unrecognized compensation expense related to these performance shares was approximately $6.7 million as of January 3, 2021. Depending on the performance of the Company, any compensation expense related to these outstanding performance shares will be recognized by the end of 2023.