Stockholders' Equity |
12 Months Ended |
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Dec. 27, 2020 | |
| Stockholders' Equity Note [Abstract] | |
| Stockholders' Equity | Stockholders' Equity ATM offering
During the second quarter of 2020, the Company issued 3,041,256 shares of its common stock and received net proceeds of $48.2 million after deducting sales agent commissions and offering expenses. A portion of the net proceeds was used to repay the $25.0 million outstanding under the Company Revolving Credit Facility. The Company intends to use the remaining net proceeds from the ATM offering for general corporate purposes, including, but not limited to, increasing its liquidity as a result of the COVID-19 pandemic.
Share repurchase program
On October 26, 2017, the Company's board of directors approved a share repurchase program under which it authorized the Company, at its discretion, to repurchase up to $30.0 million of its common stock through December 31, 2019. On October 31, 2019, the Company’s board of directors authorized a new share repurchase program under which the Company may, at its discretion, repurchase up to another $30.0 million of its common shares outstanding. This repurchase program became effective on January 1, 2020, after the expiration of the previous share repurchase authorization, and expires on December 31, 2022. Repurchases of the Company's outstanding common stock will be made in accordance with applicable laws and may be made at management's discretion from time to time in the open market, through privately negotiated transactions or otherwise, including pursuant to Rule 10b5-1 trading plans. There is no guarantee as to the exact number of shares to be repurchased by the Company. The timing and extent of repurchases will depend upon several factors, including market and business conditions, regulatory requirements and other corporate considerations, and repurchases may be discontinued at any time.
During the fiscal years ended 2020 and 2019, the Company repurchased approximately 90,144 and 351,774 shares of common stock for a total cost of $1.4 million and $7.8 million, respectively. As a result of COVID-19, the company temporarily suspended any further activity under the program during fiscal 2020 and did not repurchase any shares subsequent to the first quarter of 2020. As of December 27, 2020 the company had $28.6 million remaining to be purchased under the plan.
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