Share Repurchases

3 Months Ended

Mar. 29, 2025

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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 March 30, 2024. During March 29, 2025, the company repurchased 192,048 shares of its common stock under the program for $29.2 million. As of March 29, 2025, 3,425,938 shares had been purchased under the stock repurchase program and 4,074,062 shares remained authorized for repurchase.

Subsequent to the end of the first quarter, in May 2025, the company's Board of Directors approved the repurchase of an additional 7,500,000 shares of its outstanding common stock under the current program.

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 months ended March 29, 2025 and March 30, 2024, the company repurchased 81,548 and 109,859 shares of its common stock that were surrendered to the company for withholding taxes related to restricted stock vestings for $13.6 million and $17.0 million, respectively.