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Share Based Compensation | 9 Months Ended
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Sep. 24, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Share Based Compensation | Share-Based Compensation: Share-based compensation includes stock options, restricted stock units, performance-based restricted share units, and transactions under the Company's Employee Stock Purchase Plan (the “ESPP”). Share-based compensation expense is recognized based on grant date fair value of all stock options, restricted stock units, and performance-based restricted share units. Share-based compensation expense is also recognized for the value of the 15% discount on shares purchased by employees as a part of the ESPP. The discount under the ESPP represents the difference between the market value on the first day of the purchase period or the market value on the purchase date, whichever is lower, and the employee’s purchase price. There were no significant modifications to the Company’s share-based compensation plans during the fiscal nine months ended September 24, 2022. Share-based compensation expense was $13.7 million and $12.5 million for the third quarter of fiscal 2022 and 2021, respectively, and $38.5 million and $35.7 million for the first nine months of fiscal 2022 and 2021, respectively. Stock Options The following table summarizes information concerning stock option grants during the first nine months of fiscal 2022:
| Fiscal Nine Months Ended
| September 24, 2022
Stock options granted | 141,264 |
Weighted average exercise price | $ | 220.70 |
Weighted average grant date fair value per option | $ | 49.64 |
As of September 24, 2022, total unrecognized compensation expense related to non-vested stock options was approximately $9.5 million with a remaining weighted average expense recognition period of 1.9 years. Restricted Stock Units and Performance-Based Restricted Share Units The following table summarizes information concerning restricted stock unit and performance-based restricted share unit grants during the first nine months of fiscal 2022:
| Fiscal Nine Months Ended
| September 24, 2022
Restricted stock units granted | 196,545 |
Weighted average grant date fair value per share - Restricted stock units | $ | 208.86 |
Performance-based restricted share units granted (a) | 53,050 |
Weighted average grant date fair value per share - Performance-based restricted share units | $ | 223.76 |
(a) Assumes 100% target level achievement of the relative performance targets. In the first nine months of fiscal 2022, the Company granted performance-based restricted share unit awards that are subject to the achievement of specified performance goals. The performance metrics for the units are growth in net sales and growth in earnings per diluted share and also include a relative total shareholder return modifier. The number of performance-based restricted share units presented in the foregoing table represent the shares that can be achieved at the performance metric target value. The actual number of shares that will be issued under the performance-based restricted share unit awards, which may be higher or lower than the target, will be determined by the level of achievement of the performance goals and the relative total shareholder return modifier. If the performance targets are achieved, the units will be issued based on the achievement level, inclusive of the relative total shareholder return modifier, and the grant date fair value and will cliff vest in full on the third anniversary of the date of the grant, subject to continued employment. As of September 24, 2022, total unrecognized compensation expense related to non-vested restricted stock units and non-vested performance-based restricted share units was approximately $68.9 million with a remaining weighted average expense recognition period of 2.0 years.

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