Share Repurchases (Notes)

3 Months Ended

Jul. 02, 2022

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Share Repurchases

In November 2017, the company's Board of Directors approved a stock repurchase program authorizing the company to repurchase in the aggregate up to 2,500,000 shares of its outstanding common stock. In May 2022, the company's Board of Directors approved the company to repurchase an additional 2,500,000 shares of its outstanding common stock under the current program. During the three and six months period ended July 2, 2022, the company repurchased 502,686 and 1,365,598 shares of its common stock under the program for $68.8 million and $224.0 million, respectively, including applicable commissions, which represented an average price of $136.93 and $164.07, respectively. As of July 2, 2022, 2,530,263 shares had been purchased under the stock repurchase program and 2,469,737 shares remained authorized for repurchase.

The company also treats shares withheld for tax purposes on behalf of employees in connection with the vesting of restricted share grants as common stock repurchases because they reduce the number of shares that would have been issued upon vesting. During the three and six months period ended July 2, 2022, the company repurchased 4,818 and 88,904 shares of its common stock that were surrendered to the company for withholding taxes related to restricted stock vestings for $0.8 million and $15.6 million.