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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation, Restricted Stock Units Award Activity | The number of unvested restricted stock unit awards outstanding as of December 30, 2022 is as follows (1):
|  | Number of awards outstanding |  |  | Weighted- average grant date fair value |  |  | Weighted- average remaining contractual term (years) |  |  | Aggregate intrinsic value (in thousands) (2) |
Balance at December 31, 2021 |  |  | 568,039 |  |  | $ | 60.65 |  |  |  |  |  |  |
Awards granted |  |  | 228,254 |  |  |  | 94.24 |  |  |  |  |  |  |
Awards vested |  |  | (313,072 | ) |  |  | 60.18 |  |  |  |  |  |  |
Awards forfeited |  |  | (16,022 | ) |  |  | 74.87 |  |  |  |  |  |  |
Balance at December 30, 2022 |  |  | 467,199 |  |  | $ | 76.89 |  |  |  | 1.6 |  |  | $ | 46,295 |
(1) Does not include employee stock purchase plans or stock option plans. (2) The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global Select Market, the market value as of December 30, 2022 was $99.09.
Stock Option Activity | Option activity is as follows (1):
|  | Number of shares outstanding |  |  | Weighted- average exercise price |  |  | Weighted- average remaining contractual term (years) |  |  | Aggregate intrinsic value (in thousands) |
Exercisable at December 31, 2021 |  |  | 403,727 |  |  | $ | 43.61 |  |  |  |  |  |  |
Options granted |  |  | 37,500 |  |  |  | 87.90 |  |  |  |  |  |  |
Options forfeited and expired |  |  | — |  |  |  | — |  |  |  |  |  |  |
Options exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |
Balance at December 30, 2022 |  |  | 441,227 |  |  | $ | 47.38 |  |  |  | 5.37 |  |  | $ | 22,817 |
Exercisable at December 30, 2022 |  |  | 346,228 |  |  | $ | 37.48 |  |  |  | 4.64 |  |  | $ | 21,330 |
(1) Does not include restricted stock or employee stock purchase plans.
The Assumptions Used to Value Option Grants | The assumptions used to value option grants for 2022, 2021 and 2020 are as follows:
|  | Stock Option Plan |
|  | Fiscal Years |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Expected term (in years) |  |  | 5.6 |  |  |  | 5.7 |  |  |  | 5.8 |
Risk-free interest rate |  |  | 1.90 | % |  |  | 0.64 | % |  |  | 1.48 | %
Volatility |  |  | 28 | % |  |  | 28 | % |  |  | 23 | %
Dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Stock-Based Compensation Expense Recognized in Consolidated Statements of Income | The amount of stock-based compensation expense and the related income tax benefit recognized in the Company’s consolidated statements of income for 2022, 2021 and 2020 is as follows:
|  | Fiscal Years |
(In thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Compensation and related expenses: |  |  |  |  |  |  |  |  |
Restricted stock units |  | $ | 18,810 |  |  | $ | 17,755 |  |  | $ | 15,946 |
Stock option grants |  |  | 835 |  |  |  | 736 |  |  |  | 694 |
Sub-total |  |  | 19,645 |  |  |  | 18,491 |  |  |  | 16,640 |
General and administrative expenses: |  |  |  |  |  |  |  |  |
Restricted stock units |  |  | 719 |  |  |  | 772 |  |  |  | 638 |
Sub-total |  |  | 719 |  |  |  | 772 |  |  |  | 638 |
Total stock-based compensation expense |  | $ | 20,364 |  |  | $ | 19,263 |  |  | $ | 17,278 |
Income tax benefit |  | $ | 5,829 |  |  | $ | 10,009 |  |  | $ | 12,258 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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