Stockholders' Equity

12 Months Ended

Dec. 27, 2015

Stockholders' Equity

Note 10—Stockholders’ Equity

Preferred Stock

Under the company’s restated certificate of incorporation, our board of directors has the authority to issue up to 100,000 shares of $0.01 par value preferred stock, but only in connection with the adoption of a stockholder rights plan. At December 27, 2015 and December 28, 2014, no shares were issued.

Common Stock

The company has authorized 340,000,000 shares of common stock at a par value of $0.01 per share.

Treasury Stock

We account for treasury stock acquisitions using the cost method. At December 27, 2015 and December 28, 2014, we held approximately 28.2 million and 22.4 million treasury shares, respectively. On May 20, 2015, the board of directors authorized the additional repurchase of up to $150.0 million of the company’s common stock. This amount is in addition to the two separate authorizations of $100.0 million disclosed in May 2014 and December 2013, respectively. The repurchase program is currently funded using available cash. During the years ended December 27, 2015 and December 28, 2014, we repurchased 5.8 million shares and 10.1 million shares of common stock, respectively, under repurchase programs for $95.7 million and $142.5 million, respectively, at an average purchase price of $16.54 per share and $14.07 per share, respectively.