Share Repurchases

3 Months Ended

Apr. 01, 2023

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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 months period ended April 1, 2023, the company repurchased 348,980 shares of its common stock under the program for $48.8 million, including applicable commissions and excise tax, which represented an average price of $139.80. As of April 1, 2023, 3,067,606 shares had been purchased under the stock repurchase program and 1,932,394 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 months period ended April 1, 2023, the company repurchased 125,216 shares of its common stock that were surrendered to the company for withholding taxes related to restricted stock vestings for $19.5 million.