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Common Stock Repurchases
 9 Months Ended
Sep. 28, 2024
Common Stock Repurchases [Abstract]  
Common Stock Repurchases Common Stock Repurchases
We periodically repurchase, at the then current market price, and cancel common stock issued to the Dorman Products, Inc. 401(k) Retirement Plan and Trust (the “401(k) Plan”). 401(k) Plan participants can no longer purchase shares of Dorman common stock as an investment option under the 401(k) Plan. Shares are generally purchased by the Company from the 401(k) Plan when participants sell units as permitted by the 401(k) Plan or elect to leave the 401(k) Plan upon retirement, termination or other reasons. The following table summarizes the repurchase and cancellation of common stock by the Company for the periods indicated:
Three Months EndedNine Months Ended
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Shares repurchased and canceled2,410 2,010 11,41411,850
Total cost of shares repurchased and canceled (in thousands)$262 $181 $1,048 $1,009 
Average price per share$108.70 $89.99 $91.85 $85.11 
Separately, our Board of Directors previously authorized the repurchase of up to $600 million of our common stock through December 31, 2024 under a share repurchase program and subsequent authorizations (the “Existing Program”). At September 28, 2024, $134.6 million was available for repurchase under the Existing Program. The Existing Program will expire on December 31, 2024, along with all amounts that remain available for use under the Existing Program as of that date.
In October 2024, the Company’s Board of Directors authorized the purchase of up to $500 million of our common stock under a new share repurchase program that is effective from January 1, 2025 through December 31, 2027 (the “New Program”).
Under each of the Existing Program and the New Program, share repurchases may be made from time to time depending on market conditions, share price, share availability and other factors at the
Company’s discretion. These share repurchase programs do not obligate us to acquire any specific number of shares.
The following table summarizes the repurchase and cancellation of common stock under the Existing Program:
Three Months EndedNine Months Ended
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Shares repurchased and canceled273,653 — 855,971— 
Total cost of shares repurchased and canceled (in thousands)$26,737 $— $78,091 $— 
Average price per share$97.70 $— $91.23 $—