Share Repurchases

6 Months Ended

Jun. 29, 2024

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Share Repurchases

In November 2017, the company's Board of Directors approved a stock repurchase program authorizing the company to repurchase in the aggregate up to 2,500,000 shares of its outstanding common stock. In May 2022, the company's Board of Directors approved the repurchase of an additional 2,500,000 shares of its outstanding common stock under the current program. The company did not purchase shares of its common stock under the program during the three months ended June 29, 2024. As of June 29, 2024, 3,116,364 shares had been purchased under the stock repurchase program and 1,883,636 shares remained authorized for repurchase.

Subsequent to the end of the second quarter, in July 2024, the company's Board of Directors approved the repurchase of an additional 2,500,000 shares of its outstanding common stock under the current program, leaving 4,383,636 authorized shares available for repurchase.

The company also treats shares withheld for tax purposes on behalf of employees in connection with the vesting of restricted share grants as common stock repurchases because they reduce the number of shares that would have been issued upon vesting. During the three and six months ended June 29, 2024, the company repurchased 6,296 and 116,155 shares of its common stock that were surrendered to the company for withholding taxes related to restricted stock vestings for $1.0 million and $18.0 million.