Stock Repurchase Program

9 Months Ended

Oct. 01, 2017

Equity [Abstract]

Stock Repurchase Program

Stock Repurchase Program

In November 2015, the Company's Board of Directors authorized the repurchase of $100,000,000 of the Company's common stock. As of October 1, 2017, the Company had repurchased 1,335,000 shares at a cost of $100,000,000 under this program, including 796,000 shares at a cost of $68,915,000 for the nine-month period ended October 1, 2017. In April 2017, the Company's Board of Directors authorized the repurchase of an additional $100,000,000 of the Company's common stock. Purchases under this April 2017 program commenced during the third quarter of 2017. As of October 1, 2017, the Company had repurchased 288,000 shares at a cost of $30,432,000 under this program. The Company may repurchase shares under this program in future periods depending upon a variety of factors, including, among other things, the impact of dilution from employee stock options, stock price, share availability, and cash requirements.