Stockholders' Equity (Deficit)

12 Months Ended

Dec. 31, 2017

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit)

3.Stockholders’ Equity (Deficit)

Shares Authorized and Outstanding

The Company has authorized 5.0 million shares of preferred stock and 100.0 million shares of common stock. The Company’s outstanding shares of common stock, net of repurchased common stock, were 33.9 million shares at December 31, 2017 and 36.7 million shares at December 25, 2016. There were no shares of preferred stock issued or outstanding at December 31, 2017 and December 25, 2016.

Share Repurchase Program

Our Board of Directors has authorized the repurchase of up to $2.075 billion of common stock under a share repurchase program that began on December 9, 1999 and expires on February 27, 2019. Funding for the share repurchase program has been provided through a credit facility, operating cash flow, stock option exercises and cash and cash equivalents.

We repurchased 3.0 million, 2.1 million and 1.8 million shares of our common stock for $209.6 million, $122.4 million and $119.8 million in 2017, 2016, and 2015, respectively.

Subsequent to year end through February 20, 2018, the Company acquired an additional 546,000 shares at an aggregate cost of $32.7 million. As of February 20, 2018, $395.0 million was available for repurchase of common stock under this authorization.

Cash Dividend

The Company paid dividends of $30.7 million in 2017, $27.9 million in 2016 and $24.8 million in 2015. Subsequent to fiscal 2017, our Board of Directors declared a first quarter 2018 cash dividend of $0.225 per share, or approximately $7.6 million. The dividend was paid on February 23, 2018 to shareholders of record as of the close of business on February 12, 2018.