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Common Stock Repurchases
9 Months Ended
Sep. 25, 2021
Common Stock Repurchases [Abstract]  
Common Stock Repurchases

11.

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”). Under the 401(k) Plan, participants can no longer purchase shares of Dorman common stock as an investment option. 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 the 401(k) Plan:

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 25, 2021

 

 

September 26, 2020

 

 

September 25, 2021

 

 

September 26, 2020

 

Shares repurchased and canceled

 

1,426

 

 

 

8,930

 

 

 

4,568

 

 

 

15,280

 

Total cost of shares repurchased and canceled (in thousands)

$

146

 

 

$

723

 

 

$

462

 

 

$

1,123

 

Average price per share

$

102.62

 

 

$

80.95

 

 

$

101.16

 

 

$

73.49

 

 

 

Our Board of Directors has authorized the repurchase of up to $500 million of our common stock 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 September 25, 2021, $153.0 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:

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 25, 2021

 

 

September 26, 2020

 

 

September 25, 2021

 

 

September 26, 2020

 

Shares repurchased and canceled

 

232,618

 

 

 

126,857

 

 

 

534,507

 

 

 

218,836

 

Total cost of shares repurchased and canceled (in thousands)

$

23,218

 

 

$

10,726

 

 

$

54,152

 

 

$

16,191

 

Average price per share

$

99.81

 

 

$

84.55

 

 

$

101.31

 

 

$

73.99