Stockholders' Equity

12 Months Ended

Mar. 26, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders' Equity

Share Repurchase Program

In January 2021, the Board of Directors authorized the repurchase of up to an additional $350 million of the Company’s common stock. Since inception, approximately $157.5 million of the Company’s common stock has been repurchased under the 2021 share repurchase program, leaving approximately $192.5 million available for repurchase under this plan as of March 26, 2022. During the fiscal year ended March 26, 2022, the Company repurchased 2.1 million shares of its common stock under both the 2021 plan and the prior $200 million 2019 share repurchase program for $167.5 million, at an average cost of $81.18 per share. During the three months ended June 26, 2021, the Company completed share repurchases under the 2019 plan. All of these shares were repurchased in the open market and were funded from existing cash. All shares of our common stock that were repurchased were retired as of March 26, 2022.

Preferred Stock

We have 5.0 million shares of Preferred Stock authorized. As of March 26, 2022, we have not issued any of the authorized shares.