Shareholders' Equity

Share Repurchase

Our credit facility permits the purchase of Denny’s stock and the payment of cash dividends subject to certain limitations. In October 2017, our Board of Directors approved a share repurchase program authorizing us to repurchase up to $200 million of our common stock (in addition to prior authorizations). Under this program, we may, from time to time, purchase shares in the open market (including pre-arranged stock trading plans in accordance with the guidelines specified in Rule 10b5-1 under the Securities Exchange Act of 1934, as amended) or in privately negotiated transactions, subject to market and business conditions.

During the three quarters ended September 26, 2018, we repurchased 2.4 million shares of our common stock for approximately $37.4 million. This brings the total amount repurchased under the current repurchase program to 2.7 million shares of our common stock for approximately $41.1 million, leaving approximately $158.9 million that can be used to repurchase our common stock under this program as of September 26, 2018. Repurchased shares are included as treasury stock in our Condensed Consolidated Balance Sheets and our Condensed Consolidated Statement of Shareholders' Equity.

Accumulated Other Comprehensive Income (Loss)

The components of the change in accumulated other comprehensive income (loss) were as follows:



	Defined Benefit Plans			Derivatives			Accumulated Other Comprehensive Income (Loss)
	(In thousands)
Balance as of December 27, 2017	$	(982	)	$	(1,334	)	$	(2,316	)
Amortization of net loss ⁽¹⁾	84			—			84
Net change in fair value of derivatives	—			6,225			6,225
Reclassification of derivatives to interest expense, net ⁽²⁾	—			241			241
Income tax (expense) benefit related to items of other comprehensive loss	(20		)	(1,673		)	(1,693		)
Balance as of September 26, 2018	$	(918	)	$	3,459		$	2,541


(1)	Before-tax amount related to our defined benefit plans that was reclassified from accumulated other comprehensive loss and included as a component of pension expense within general and administrative expenses in our Condensed Consolidated Statements of Income during the three quarters ended September 26, 2018.

(2)

Amounts reclassified from accumulated other comprehensive loss into income represent payments either received from or made to the counterparty for the effective portions of the interest rate swaps. These amounts are included as a component of interest expense, net in our Condensed Consolidated Statements of Income. We expect to make payments to the counterparty and reclassify approximately $0.6 million from accumulated other comprehensive loss related to our interest rate swaps during the next twelve months. See Note 9 for additional details.