Share Repurchases

9 Months Ended

Sep. 28, 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 and 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. The company did not purchase shares of its common stock under the program during the three months ended September 28, 2024. As of September 28, 2024, 3,116,364 shares had been purchased under the stock repurchase program and 4,383,636 shares remained authorized 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 nine months ended September 28, 2024, the company repurchased 1,871 and 118,026 shares of its common stock that were surrendered to the company for withholding taxes related to restricted stock vestings for $0.3 million and $18.3 million.