Shareholders' Equity

3 Months Ended

Apr. 01, 2022

Stockholders Equity Note [Abstract]

Shareholders' Equity

9. Shareholders’ Equity

Stock Appreciation Rights (“SARs”)

As of April 1, 2022, the Company did not have any outstanding SARs. In December 2021, 2.9 million SARs were exercised with an exercise price of $4.00 per share.        

Treasury Stock

Under the Company’s share repurchase plan, the Company may repurchase shares of its outstanding common stock either on the open market or through privately negotiated transactions subject to market conditions and trading restrictions. During the three months ended April 1, 2022, the Company repurchased 31 thousand shares of its common stock at an average price of $20.50 per share for a total cost of $0.6 million.  As of April 1, 2022 the Company had a total authorization remaining of $10.6 million under its repurchase plan with a total authorization of $167.2 million.            

During the quarter ended April 2, 2021, the Company repurchased 136 thousand shares of its common stock at an average price of $15.45 per share for a total cost of $2.1 million.  

The shares repurchased under the share repurchase plan during the quarter ended April 1, 2022, do not include 126 thousand shares which the Company bought back to satisfy employee net vesting obligations for a cost of $2.4 million. In addition, the shares repurchased under the share repurchase plan during the quarter ended April 2, 2021, do not include 108 thousand shares which the Company bought back to satisfy employee net vesting obligations at a cost of $1.6 million.       

Dividend Program

In 2021, the Company increased the annual dividend from $0.38 per share to $0.40 per share to be paid on a quarterly basis and during the first quarter of 2022, the Company further increased the annual dividend to $0.44 per share. During the first quarter of 2022, the Company declared its first quarterly dividend to shareholders of $3.5 million and which was paid in April 2022. These dividends were paid from U.S. domestic sources and are accounted for as an increase to accumulated deficit. Subsequent to April 1, 2022, the Company declared its second quarterly dividend in 2022 to be paid in July 2022.