Common Stock Repurchase Program (Notes)

3 Months Ended

Apr. 01, 2017

Disclosure of Repurchase Agreements [Abstract]

Common Stock Repurchase Program

Common Stock Repurchase Program

Share Repurchase Program

On October 27, 2014, our board of directors authorized the repurchase of up to $100 million of the Company’s common stock. Any repurchases may be made through open market purchases, block trades, privately negotiated transactions and/or derivative transactions, subject to market conditions and management’s ongoing determination that it is the best use of available cash. We expect to use cash on hand to fund any repurchases. The repurchase authorization does not obligate us to acquire any common stock.

As of April 1, 2017, we have repurchased an aggregate of 2.3 million shares of common stock at an average cost per share of $18.09 under the stock repurchase plan. The total purchase price of $40.7 million was reflected as an increase to treasury stock resulting in a reduction to stockholder’s equity.

During the three month period ended April 1, 2017 we did not repurchase any common stock under the stock repurchase plan.