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Share Repurchase

6 Months Ended

Sep. 24, 2022

Note 10 – Share Repurchase

On May 19, 2022, our Board of Directors authorized a share repurchase program for the repurchase of up to $150 million of shares of our common stock. The Board of Directors did not specify a date upon which the authorization will expire. Shares repurchased under this authorization will become treasury shares.

We periodically repurchased shares of our common stock under the repurchase program through open market transactions.


Share Repurchase Activity	Three Months Ended		Six Months Ended
(thousands, except per share data)	September 24, 2022		September 24, 2022
Number of shares purchased		1,203.8		1,617.4
Average price paid per share	$	44.82	$	44.00
Total repurchased	$	53,962	$	71,166

On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted into law. The IRA includes a one percent excise tax on stock repurchase. The new excise tax equals one percent of the fair market value of the stock repurchased, less the fair market value of stock issued, during the tax year. The excise tax applies to repurchases of stock after December 31, 2022.