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Stock-Based Compensation (Tables) | 12 Months Ended
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Jan. 03, 2025
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation, Restricted Stock Units Award Activity | The number of unvested restricted stock unit awards outstanding as of January 3, 2025 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 29, 2023 |  |  | 418,708 |  |  | $ | 88.78 |  |  |  |  |  |  |
Awards granted |  |  | 284,912 |  |  |  | 79.59 |  |  |  |  |  |  |
Awards vested |  |  | (266,859 | ) |  |  | 74.70 |  |  |  |  |  |  |
Awards forfeited |  |  | (23,465 | ) |  |  | 90.72 |  |  |  |  |  |  |
Balance at January 3, 2025 |  |  | 413,296 |  |  | $ | 91.43 |  |  |  | 1.9 |  |  | $ | 36,746 |
(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 January 3, 2025 was $88.91.
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 29, 2023 |  |  | 463,235 |  |  | $ | 51.86 |  |  |  |  |  |  |
Options granted |  |  | 40,000 |  |  |  | 75.87 |  |  |  |  |  |  |
Options forfeited and expired |  |  | — |  |  |  | — |  |  |  |  |  |  |
Options exercised |  |  | (124,206 | ) |  |  | 31.37 |  |  |  |  |  |  |
Balance at January 3, 2025 |  |  | 379,029 |  |  | $ | 61.11 |  |  |  | 4.80 |  |  | $ | 11,267 |
Exercisable at January 3, 2025 |  |  | 289,446 |  |  | $ | 52.79 |  |  |  | 3.76 |  |  | $ | 10,726 |
(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 2024, 2023 and 2022 are as follows:
|  | Stock Option Plan |
|  | Fiscal Years |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Expected term (in years) |  |  | 5.7 |  |  |  | 5.8 |  |  |  | 5.6 |
Risk-free interest rate |  |  | 4.26 | % |  |  | 3.99 | % |  |  | 1.90 | %
Volatility |  |  | 30 | % |  |  | 29 | % |  |  | 28 | %
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 2024, 2023 and 2022 is as follows:
|  | Fiscal Years |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Compensation and related expenses: |  |  |  |  |  |  |  |  |
Restricted stock units |  | $ | 21,086 |  |  | $ | 18,542 |  |  | $ | 18,810 |
Stock option grants |  |  | 1,423 |  |  |  | 1,081 |  |  |  | 835 |
Sub-total |  |  | 22,509 |  |  |  | 19,623 |  |  |  | 19,645 |
General and administrative expenses: |  |  |  |  |  |  |  |  |
Restricted stock units |  |  | 730 |  |  |  | 734 |  |  |  | 719 |
Sub-total |  |  | 730 |  |  |  | 734 |  |  |  | 719 |
Total stock-based compensation expense |  | $ | 23,239 |  |  | $ | 20,357 |  |  | $ | 20,364 |
Income tax benefit |  | $ | 2,793 |  |  | $ | 3,620 |  |  | $ | 5,829 |

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