From time to time, we repurchase our common stock mainly through open market repurchase plans. On December 10, 2024, our Board of Directors authorized us to spend up to $100 million to repurchase shares of our stock. This authorization superseded and replaced all previous authorizations to repurchase shares of our stock. During the First Quarter of Fiscal 2025, we repurchased 842,007 shares of our common stock at an average price of $59.38 for $50 million as part of an open market repurchase program (Rule 10b5-1 plan) under the December 10, 2024 authorization.

On March 24, 2025, our Board of Directors authorized us to spend up to $100 million to repurchase shares of our stock. This authorization superseded and replaced all previous authorizations to repurchase shares of our stock and has no automatic expiration. During the Second Quarter of Fiscal 2025, we repurchased 114,477 shares of our common stock at an average cost of $40.46 for $5 million in open market repurchases under the March 24, 2025 authorization. During the First Half of Fiscal 2025, we repurchased a total of 956,484 shares in open market repurchases at an average cost of $57.12 for $55 million. During the Second Quarter of Fiscal 2024 and First Half of Fiscal 2024, there were no open market repurchases.

We also repurchase shares from our employees to cover employee tax liabilities related to the vesting of shares of our common stock. During the Second Quarter of Fiscal 2025 and First Half of Fiscal 2025, we repurchased $2 million of shares from our employees related to the May 2025 vesting of service-based restricted share awards and TSR-based restricted share units. During the Second Quarter of Fiscal 2024 and the First Half of Fiscal 2024, we repurchased $6 million of shares from our employees related to the May 2024 vesting of service-based restricted share awards and TSR-based restricted share units.

In recent years, we have granted a combination of service-based restricted share awards and awards based on relative total shareholder return ("TSR") to certain select employees.

The table below summarizes the service-based restricted share awards, including both restricted shares and restricted share units, activity for the First Half of Fiscal 2025:


	First Half of Fiscal 2025
	Number of Shares or Units	Weighted- average grant date fair value
Awards outstanding at beginning of year	183,784	$	104
Awards granted	127,125	$	61
Awards vested, including awards repurchased from employees for employees’ tax liability	(58,630)	$	89
Awards forfeited	(11,542)	$	96
Awards outstanding on August 2, 2025	240,737	$	86


	First Half of Fiscal 2025
	Number of Share Units	Weighted- average grant date fair value
TSR-based awards outstanding at beginning of year	217,343	$	136
TSR-based awards granted	113,400	$	79
TSR-based restricted shares earned and vested, including restricted share units repurchased from employees for employees’ tax liability	(62,788)	$	111
TSR-based awards forfeited	(7,480)	$	128
TSR-based awards outstanding on August 2, 2025	260,475	$	117

As disclosed in Note 1 to our consolidated financial statements contained in our Fiscal 2024 Form 10-K, the fair value of TSR-based awards is not tied to the price of our common stock at any fixed point in time; rather, the fair value of TSR-based awards is determined using a Monte Carlo simulation model, which models multiple TSR paths for our common stock as well as the comparator group, as applicable, to evaluate and determine the estimated fair value of the award.