Stockholders' Equity |
9 Months Ended |
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Sep. 24, 2023 | |
| Stockholders' Equity Note [Abstract] | |
| Stockholders' Equity | Stockholders' Equity Share Repurchase Program
On October 28, 2021, the Company’s Board of Directors replaced the Company's previous $30.0 million share repurchase program and approved a new share repurchase program under which the Company may repurchase up to $50.0 million of its
common shares outstanding. This repurchase program became effective on October 28, 2021. The Company repurchased 557,576 shares for approximately $12.8 million during the third quarter of 2022 and 1,334,388 shares for approximately $33.8 million during the thirty-nine weeks ended September 25, 2022. As of December 25, 2022, the Company completed its previous $50.0 million repurchase program.
On October 27, 2022, the Company’s Board of Directors approved a new share repurchase program under which the Company may repurchase up to $50.0 million of its common shares outstanding through December 31, 2024. The Company repurchased 538,907 shares for approximately $20.0 million during the third quarter of 2023 and 622,428 shares of its common stock for a total of approximately $23.0 million during the thirty-nine weeks ended September 24, 2023. As of September 24, 2023, the Company had $27.0 million remaining under its $50.0 million repurchase program.
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.
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