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Stock-Based Compensation (Tables)

12 Months Ended

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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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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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.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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