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Stock-Based Compensation
9 Months Ended
Jan. 01, 2023
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
As of January 1, 2023, the Company maintains the 2017 Equity Incentive Plan as amended from time to time (“2017 EIP”). The 2017 EIP reserved 4,173,554 shares of common stock for the grant of various classes of nonqualified stock options, restricted stock units, market condition-based on total shareholder return (“TSR”) and performance condition-based share units (“PSU”) and other forms of equity-based compensation.

The Company recognized stock-based compensation expense associated with its equity incentive plans of $6,906 for the third quarter of fiscal 2023 and $6,393 for the third quarter of fiscal 2022. Stock-based compensation was $18,770 and $15,817 for the nine months of fiscal 2023 and fiscal 2022, respectively. The Company recognizes compensation expense using the straight-line method over the vesting period of the awards.

During the nine months of fiscal 2023, the Company granted to non-employee directors 39,219 restricted stock units, under the deferred compensation plan for non-employee directors. The awards vest immediately upon the date of grant and are settled in shares of common stock.

During the nine months of fiscal 2023, the Company granted to management and other key employees 310,140 non-qualified stock options that vest ratably over three years from the date of grant and 345,449 restricted stock units that vest ratably over four years from the date of grant.

Common stock activity during the nine months of fiscal 2023 included the exercise of 18,719 stock options and the vesting of 223,957 restricted stock units, 29,171 TSRs and 21,195 PSUs.
As of January 1, 2023, there were 1,258,054 non-qualified stock options, 1,015,681 restricted stock units including non-employee director restricted stock units and 31,584 TSRs outstanding.