COMMON AND PREFERRED STOCK

(a) Shares Authorized and Issued

At December 30, 2017 and December 31, 2016, the company had 95,000,000 authorized shares of common stock and 2,000,000 authorized shares of non-voting preferred stock. At December 30, 2017 and December 31, 2016, there were 55,730,624 and 57,539,766, respectively, issued and outstanding shares of common stock.

(b) Treasury Stock

On November 7, 2017, the company's Board of Directors resolved to terminate the company's existing share repurchase program, effective as of such date, which was originally approved in 1998, and approved a new stock repurchase program. This program authorizes the company to repurchase in the aggregate up to 2,500,000 shares of its outstanding common stock. During fiscal year 2017, the company repurchased 1,680,395 shares of its common stock under the 1998 program for $200.4 million, including applicable commissions, which represented an average price of $119.23. Additionally, during fiscal year 2017, the company repurchased 126,200 shares of its common stock under the 2017 program for $14.8 million, including applicable commissions, which represented an average price of $117.61. As of December 30, 2017, 126,200 shares had been purchased under the 2017 stock repurchase program and 2,373,800 remain authorized for repurchase.

At December 30, 2017, the company had a total of 6,889,241 shares in treasury amounting to $445.1 million.

The company maintains several stock incentive plans under which the company's Board of Directors issues stock options and makes restricted share grants to key employees. Stock options issued under the plans provided key employees with rights to purchase shares of common stock at specified exercise prices. Options were exercised upon certain vesting requirements being met, but expired to the extent unexercised within a maximum of ten years from the date of grant. Restricted share grants issued to employees are transferable upon certain vesting requirements being met.


•	2007 Stock Incentive Plan (the "2007 Plan"), as amended on May 7, 2009. Effective August 11, 2011 and in accordance with plan parameters, the company is no longer permitted to make grants under the 2007 Plan. Accordingly, zero additional shares are available for issuance under the 2007 Plan.

As of December 30, 2017, a total of 2,683,554 share-based awards have been issued under the 2007 Plan. This includes 2,672,667 restricted share grants, all of which have vested. This also includes 10,887 stock options, of which 2,124 have been exercised, 7,791 have been forfeited and zero remain outstanding.

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2011 Stock Incentive Plan (the "2011 Plan"), was adopted on April 1, 2011, under which the company's Board of Directors issues stock grants to key employees. On July 11, 2017 the company increased the maximum amount of shares reserved for issuance under the 2011 Plan by 1,000,000. A maximum amount of 2,650,000 shares can be issued under the 2011 Plan. Stock grants issued to employees are transferable upon certain vesting requirements.

As of December 30, 2017, a total of 929,424 share-based awards have been issued under the 2011 Plan. This includes 929,424 restricted share grants, of which 159,203 remain outstanding and unvested.

A summary of the company’s nonvested restricted share grant activity for fiscal years ended December 30, 2017 and December 31, 2016 is as follows:



	Shares		Weighted Average Grant-Date Fair Value
Nonvested shares at January 2, 2016	340,904		$	94.86

Granted	382,125		94.19
Vested	(100,511	)	101.17
Forfeited	(6,393	)	107.81

Nonvested shares at December 31, 2016	616,125		$	91.76

Granted	76,788		136.29
Vested	(418,125	)	86.70
Forfeited	(115,585	)	121.65

Nonvested shares at December 30, 2017	159,203		$	104.44