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Common Stock Repurchases
9 Months Ended
Sep. 24, 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

 

 

Nine Months Ended

 

 

September 24, 2022

 

 

September 25, 2021

 

 

September 24, 2022

 

 

September 25, 2021

 

Shares repurchased and canceled

 

 

 

 

1,426

 

 

 

20,385

 

 

 

4,568

 

Total cost of shares repurchased and canceled (in thousands)

$

 

 

$

146

 

 

$

2,140

 

 

$

462

 

Average price per share

$

 

 

$

102.62

 

 

$

104.99

 

 

$

101.16

 

 

Separately, our Board of Directors has authorized the repurchase of up to $600 million of our common stock through December 31, 2024 under a previously announced share repurchase program and subsequent authorizations, including a $100 million increase and two-year extension in July 2022. 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 24, 2022, $228.0 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 24, 2022

 

 

September 25, 2021

 

 

September 24, 2022

 

 

September 25, 2021

 

Shares repurchased and canceled

 

14,700

 

 

 

232,618

 

 

 

180,750

 

 

 

534,507

 

Total cost of shares repurchased and canceled (in thousands)

$

1,523

 

 

$

23,218

 

 

$

17,577

 

 

$

54,152

 

Average price per share

$

103.57

 

 

$

99.81

 

 

$

97.24

 

 

$

101.31