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Common Stock Repurchases
3 Months Ended
Mar. 27, 2021
Common Stock Repurchases [Abstract]  
Common Stock Repurchases

9.

Common Stock Repurchases

We periodically repurchase, at the then-current market price, and cancel common stock issued to the Dorman Products, Inc. 401(k) Retirement Plan and Trust (the “401(k) Plan”). 401(k) Plan participants can no longer purchase shares of Dorman common stock as an

investment option under the 401(k) Plan. Shares are generally purchased from the 401(k) Plan when participants sell units as permitted by the 401(k) Plan or elect to leave the 401(k) Plan upon retirement, termination or other reasons. The following table summarizes the repurchase and cancellation of common stock in our 401(k) Plan:

 

 

 

For the Three Months Ended

 

 

 

March 27, 2021

 

 

March 28, 2020

 

Shares repurchased and canceled

 

 

2,160

 

 

 

4,730

 

Total cost of shares repurchased and canceled (in thousands)

 

$

210

 

 

$

315

 

Average price per share

 

$

97.25

 

 

$

66.66

 

 

Our Board of Directors has authorized the repurchase of up to $500 million through December 31, 2022 under a previously announced share repurchase program. Under this program, share repurchases may be made from time to time depending on market conditions, share price, share availability and other factors at our discretion. The share repurchase program does not obligate us to acquire any specific number of shares. At March 27, 2021, $203.4 million was available for repurchase under this share repurchase program. The following table summarizes the repurchase and cancellation of common stock under the share repurchase program:

 

 

For the Three Months Ended

 

 

 

March 27, 2021

 

 

March 28, 2020

 

Shares repurchased and cancelled

 

 

36,000

 

 

 

91,979

 

Total cost of shares repurchased and canceled (in thousands)

 

$

3,763

 

 

$

5,465

 

Average price per share

 

$

104.53

 

 

$

59.41