Share Repurchase Program

3 Months Ended

Jul. 03, 2022

Investment Company, Capital Share Transactions, Stock Repurchased [Abstract]

Share Repurchase Program

Share Repurchase Program

As of July 3, 2022, our Board had authorized the repurchase of up to 1.6 million shares of our outstanding common stock for cash on the open market or in privately negotiated transactions subject to applicable securities laws and regulations. Upon purchase of the shares, we reduce our common stock for the par value of the shares with the excess applied against additional paid-in capital. During the three months ended July 3, 2022, we repurchased 181,657 shares at an aggregate purchase price of $6.6 million. During the three months ended June 27, 2021, we repurchased 100,954 shares at an aggregate purchase price of $3.4 million. As of July 3, 2022, 129,348 shares remained available to be repurchased under the share repurchase program.

On August 4, 2022, our Board increased the number of shares authorized to be repurchased to 2.6 million. Accordingly, as of August 4, 2022, 1,129,348 shares remain available to be repurchased under the share repurchase program.