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Stock-Based Compensation | 12 Months Ended
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Dec. 28, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The Company has in effect stock incentive plans under which stock-based awards have been granted to certain employees and members of its Board of Directors. Under these existing plans, the Company may grant stock options, restricted stock awards, and performance stock awards. Approximately 4.1 million shares were available for future stock incentive awards at December 28, 2024. During the years ended December 28, 2024, December 30, 2023, and December 31, 2022, the Company recognized stock-based compensation, as a component of selling, general, and administrative expense, in its Consolidated Statements of Income of $26.8 million, $23.1 million, and $17.8 million, respectively. The total compensation expense not yet recognized related to stock incentive awards at December 28, 2024 was $54.1 million, with an average expense recognition period of 2.7 years. The Company generally issues treasury shares when stock options are exercised, or when restricted stock awards or performance stock awards are granted. A summary of the activity and related information follows:
|  | Stock Options |  | Restricted Stock Awards |  | Performance Stock Awards
(Shares in thousands) |  | Shares |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value
Beginning of period |  | 626 |  |  | $ | 14.78 |  |  | 664 |  |  | $ | 20.51 |  |  | 1,902 |  |  | $ | 27.63 |
Granted |  | — |  |  | N/A |  | 71 |  |  | 62.91 |  |  | 370 |  |  | 64.52 |
Added by Performance Factor |  | — |  |  | N/A |  | — |  |  | N/A |  | 283 |  |  | 21.73 |
Exercised/Released |  | (204) |  |  | 13.52 |  |  | (273) |  |  | 17.51 |  |  | (806) |  |  | 19.59 |
Forfeited |  | — |  |  | N/A |  | (7) |  |  | 26.39 |  |  | (10) |  |  | 14.61 |
End of period |  | 422 |  |  | $ | 15.39 |  |  | 455 |  |  | $ | 28.83 |  |  | 1,739 |  |  | $ | 38.33 |
Restricted Stock Awards The fair value of each restricted stock award equals the fair value of the Company’s stock on the grant date and is amortized into compensation expense on a straight-line or accrual basis over its vesting period based on its vesting schedule. The weighted average grant-date fair value of awards granted during 2024, 2023, and 2022 was $62.91, $36.88, and $31.90, respectively. The aggregate intrinsic value of outstanding and unvested awards was $36.3 million at December 28, 2024. The total fair value of awards that vested was $4.8 million, $7.7 million, and $4.9 million in 2024, 2023, and 2022, respectively. Performance Stock Awards Performance stock awards require achievement of certain performance criteria which are predefined by the Compensation Committee of the Board of Directors at the time of grant. The fair value of each performance stock award equals the fair value of the Company’s stock on the grant date. Performance stock awards are vested and released at the end of the performance period if the predefined performance criteria are achieved. For all performance stock awards, in the event the certified results equal the predefined performance criteria, the Company will grant the number of shares equal to the target award. In the event the certified results exceed the predefined performance criteria, additional shares up to the maximum award will be granted. In the event the certified results fall below the predefined performance criteria but above the minimum threshold, a reduced number of shares will be granted. If the certified results fall below the minimum threshold, no shares will be granted. In the period it becomes probable that the minimum threshold specified in the award will be achieved, the Company recognizes expense for the proportionate share of the total fair value of the performance stock awards related to the vesting period that has already lapsed for the shares expected to vest and be released. The remaining fair value of the shares expected to vest and be released is expensed on a straight-line basis over the balance of the vesting period. In the event the Company determines it is no longer probable that it will achieve the minimum threshold specified in the award, all of the previously recognized compensation expense is reversed in the period such a determination is made. The weighted average grant-date fair value of awards granted during 2024, 2023, and 2022 was $64.52, $37.63, and $32.74, respectively. The aggregate intrinsic value of outstanding and unvested awards was $139.0 million at December 28, 2024. The total fair value of awards that vested was $15.8 million and $7.0 million in 2024 and 2023, respectively. Stock Options Stock options are generally granted to purchase shares of common stock at an exercise price equal to the average of the high and low market price of the Company’s stock on the grant date. Generally, the awards vest within five years from the grant date. Any unexercised options expire after not more than ten years. The fair value of each option is estimated as a single award and amortized into compensation expense on a straight-line or accrual basis over its vesting period based on its vesting schedule. There were no stock options granted in 2022, 2023, or 2024. The total intrinsic value of stock options exercised was $9.4 million, $6.5 million, and $5.9 million in 2024, 2023, and 2022, respectively. The total fair value of stock options that vested was $1.0 million and $1.1 million in 2023 and 2022, respectively. No stock options vested in 2024. At December 28, 2024, the aggregate intrinsic value of all outstanding and currently exercisable stock options was $26.3 million with a weighted average remaining contractual term of 3.1 years and a weighted average exercise price of $15.38.

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