Stockholders' Equity |
12 Months Ended |
|---|---|
Dec. 26, 2021 | |
| Stockholders' Equity Note [Abstract] | |
| Stockholders' Equity | Stockholders' Equity At-The-Market ("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 with Wells Fargo Bank, N.A. The Company used the remaining net proceeds from the ATM offering for general corporate purposes, including, but not limited to, increasing its liquidity during the COVID-19 pandemic.
Share repurchase program
On October 28, 2021, the Company’s board of directors replaced the existing $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 and expires on December 31, 2023. The Company repurchased approximately 461,501 shares of common stock for approximately $14.5 million during the fiscal year 2021 and 90,144 shares of common stock for approximately $1.4 million during fiscal year 2020 (prior to the beginning of the COVID-19 pandemic).
Subsequent to the end of the fiscal year 2021, the Company repurchased an additional 546,747 shares for approximately $15.0 million. As of February 18, 2022, the Company had repurchased 811,679 shares and had $26.6 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.
|