XML 23 R12.htm IDEA: XBRL DOCUMENT v3.25.3
Shareholders' Equity
 9 Months Ended
Sep. 28, 2025
Stockholders' Equity Note [Abstract]  
Shareholders' Equity SHAREHOLDERS’ EQUITY
The following tables depict the activity in the accounts which make up shareholders’ equity for the three and nine months ended September 28, 2025 and September 29, 2024:
SHARESCOMMON STOCKADDITIONAL PAID-IN CAPITALRETAINED
EARNINGS		FOREIGN CURRENCY TRANSLATION ADJUSTMENTPENSION LIABILITYTOTAL
(in thousands, except per share data)
Balance, at December 29, 202458,304 $5,830 $261,028 $405,441 $(143,317)$(39,834)$489,148 
Net income— — — 13,002 — — 13,002 
Issuances of stock related to restricted share units and performance shares658 66 (66)— — — — 
Cash dividends declared, $0.01 per common share
— — — (641)— — (641)
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings(352)(35)(3,546)— — — (3,581)
Foreign currency translation adjustment— — — — 15,834 — 15,834 
Pension liability adjustment— — — — — (695)(695)
Balance, at March 30, 202558,610 $5,861 $257,416 $417,802 $(127,483)$(40,529)$513,067 
Net income— — — 32,561 — — 32,561 
Issuances of stock related to restricted share units and performance shares1 — — — — — — 
Cash dividends declared, $0.01 per common share
— — — (586)— — (586)
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings— — 2,765 — — — 2,765 
Share repurchases
(218)(22)(4,423)— — — (4,445)
Foreign currency translation adjustment— — — — 33,445 — 33,445 
Pension liability adjustment— — — — — (1,782)(1,782)
Balance, at June 29, 202558,393 $5,839 $255,758 $449,777 $(94,038)$(42,311)$575,025 
Net income— — — 46,146 — — 46,146 
Issuances of stock related to restricted share units and performance shares54 5 (5)— — — — 
Cash dividends declared, $0.02 per common share
— — — (1,170)— — (1,170)
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings(24)(2)2,991 — — — 2,989 
Share repurchases
(32)(3)(695)— — — (698)
Foreign currency translation adjustment— — — — (2,356)— (2,356)
Pension liability adjustment— — — — — 1,015 1,015 
Balance, at September 28, 202558,391 $5,839 $258,049 $494,753 $(96,394)$(41,296)$620,951 
SHARESCOMMON STOCKADDITIONAL PAID-IN CAPITALRETAINED
EARNINGS		FOREIGN CURRENCY TRANSLATION ADJUSTMENTPENSION LIABILITYTOTAL
(in thousands, except per share data)
Balance, at December 31, 202358,112 $5,811 $252,909 $320,833 $(119,590)$(34,016)$425,947 
Net income
— — — 14,179 — — 14,179 
Issuances of stock related to restricted share units and performance shares472 47 (47)— — — — 
Cash dividends declared, $0.01 per common share
— — — (589)— — (589)
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings(311)(31)(324)— — — (355)
Foreign currency translation adjustment— — — — (11,092)— (11,092)
Pension liability adjustment— — — — — 458 458 
Balance, at March 31, 202458,273 $5,827 $252,538 $334,423 $(130,682)$(33,558)$428,548 
Net income— — — 22,558 — — 22,558 
Issuances of stock related to restricted share units and performance shares4 — — — — — — 
Restricted stock issuances58 6 941 — — — 947 
Unrecognized compensation expense related to restricted stock awards— — (946)— — — (946)
Cash dividends declared, $0.01 per common share
— — — (584)— — (584)
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings(32)(3)2,133 — — — 2,130 
Foreign currency translation adjustment— — — — (2,022)— (2,022)
Pension liability adjustment— — — — — 534 534 
Balance, at June 30, 202458,303 $5,830 $254,666 $356,397 $(132,704)$(33,024)$451,165 
Net income— — — 28,443 — — 28,443 
Issuances of stock related to restricted share units3 — — — — — — 
Cash dividends declared, $0.01 per common share
— — — (582)— — (582)
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings(2)— 2,616 — — — 2,616 
Foreign currency translation adjustment— — — — 21,131 — 21,131 
Pension liability adjustment— — — — — (1,210)(1,210)
Balance, at September 29, 202458,304 $5,830 $257,282 $384,258 $(111,573)$(34,234)$501,563 
Repurchase of Common Stock
In May 2022, the Company adopted a share repurchase program in which the Company is authorized to repurchase up to $100 million of its outstanding shares of common stock. The program has no specific expiration date. During the nine months ended September 28, 2025, the Company repurchased 250,000 shares of common stock at a weighted average price of $20.57 per share pursuant to this program.
Stock Incentive Plan
The Company has share-based employee compensation plans, which are described more fully in Note 14 to the consolidated financial statements included in Item 8 of the Annual Report on Form 10-K for the fiscal year ended December 29, 2024.
Restricted Stock Awards
Compensation expense related to restricted stock grants was $0.4 million and $1.9 million for the nine months ended September 28, 2025 and September 29, 2024, respectively. The Company has reduced its expense for any restricted stock forfeited during the period. All restricted stock awards outstanding as of December 29, 2024 have fully vested and there is no unrecognized compensation expense as of September 28, 2025.
Restricted Share Unit Awards
Compensation expense related to the restricted share units was $4.6 million and $2.6 million for the nine months ended September 28, 2025 and September 29, 2024, respectively. The Company has reduced its expense for any restricted share units forfeited during the period.
The following table summarizes restricted share units outstanding as of September 28, 2025, as well as activity during the nine months then ended:
Restricted Share UnitsWeighted Average
Grant Date
Fair Value
Outstanding at December 29, 2024823,300 $11.76 
Granted320,900 21.67 
Vested(338,000)11.88 
Forfeited or canceled(25,200)16.97 
Outstanding at September 28, 2025781,000 $15.61 
As of September 28, 2025, the unrecognized total compensation cost related to unvested restricted share units was $8.0 million. That cost is expected to be recognized by the first quarter of 2028.
Performance Share Awards
The following table summarizes the performance shares outstanding as of September 28, 2025, as well as the activity during the nine months then ended:
Performance SharesWeighted Average
Grant Date
Fair Value
Outstanding at December 29, 20241,171,700 $12.23 
Granted303,200 19.94 
Vested(375,500)12.99 
Forfeited or canceled(19,300)17.87 
Outstanding at September 28, 20251,080,100 $14.03 
Compensation expense related to the performance shares was $5.5 million and $4.7 million for the nine months ended September 28, 2025 and September 29, 2024, respectively. The Company has reduced its expense for any performance shares forfeited during the period. Unrecognized compensation expense related to these performance shares was approximately $8.9 million as of September 28, 2025. The amount and timing of future compensation expense will depend on the performance of the Company. The compensation expense related to these outstanding performance shares is expected to be recognized by the first quarter of 2028.
The tax benefit recognized with respect to restricted stock, restricted share units and performance shares was approximately $1.0 million for the nine months ended September 28, 2025.