Common Stock Repurchases

3 Months Ended

Mar. 26, 2022

Common Stock Repurchases [Abstract]

Common Stock Repurchases

12. 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 by the Company 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 by the Company for the periods indicated: 

	Three Months Ended
	March 26, 2022		March 27, 2021
Shares repurchased and canceled		12,764		2,160
Total cost of shares repurchased and canceled (in thousands)	$	1,388	$	210
Average price per share	$	108.74	$	97.25

Separately, 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 March 26, 2022, $136.0 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
	March 26, 2022		March 27, 2021
Shares repurchased and canceled		98,350		36,000
Total cost of shares repurchased and canceled (in thousands)	$	9,529	$	3,763
Average price per share	$	96.89	$	104.53