Stockholders' Equity

12 Months Ended

Dec. 25, 2016

Stockholders' Equity

Stockholders' Equity

3.Stockholders’ Equity

Shares Authorized and Outstanding

The Company has authorized 5.0 million shares of preferred stock and 100.0 million shares of common stock. The Company’s outstanding shares of common stock, net of repurchased common stock, were 36.7 million shares at December 25, 2016 and 38.4 million shares at December 27, 2015. There were no shares of preferred stock issued or outstanding at December 25, 2016 and December 27, 2015.

Share Repurchase Program

Our Board of Directors has authorized the repurchase of up to $1.575 billion of common stock under a share repurchase program that began on December 9, 1999 and expires on February 28, 2018, including $50 million authorized in December 2016. Funding for the share repurchase program has been provided through a credit facility, operating cash flow, stock option exercises and cash and cash equivalents.

We repurchased 2.1 million, 1.8 million and 2.6 million shares of our common stock for $122.4 million, $119.8 million and $117.4 million in 2016, 2015, and 2014, respectively.

Subsequent to year end through February 14, 2017, the Company acquired an additional 86,801 shares at an aggregate cost of $7.4 million. As of February 14, 2017, $129.9 million was available for repurchase of common stock under this authorization.

Cash Dividend

The Company paid dividends of $27.9 million in 2016, $24.8 million in 2015 and $21.7 million in 2014. Subsequent to fiscal 2016, our Board of Directors declared a first quarter 2017 cash dividend of $0.20 per share, or approximately $7.4 million. The dividend was paid on February 17, 2017 to shareholders of record as of the close of business on February 6, 2017.