Stock Repurchase Program

6 Months Ended

Jul. 02, 2017

Equity [Abstract]

Stock Repurchase Program

Stock Repurchase Program

In November 2015, the Company's Board of Directors authorized the repurchase of $100,000,000 of the Company's common stock. As of July 2, 2017, the Company has repurchased 1,271,000 shares at a cost of $93,428,000 under this program, including 732,000 shares at a cost of $62,343,000 for the six-month period ended July 2, 2017. In April 2017, the Company's Board of Directors authorized the repurchase of an additional $100,000,000 of the Company's common stock. Purchases under this April 2017 program will commence upon completion of the November 2015 program. The Company may repurchase shares under these programs in future periods depending upon a variety of factors, including, among other things, the impact of dilution from employee stock options, stock price, share availability, and cash requirements.