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v3.19.3.a.u2

Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 28, 2019
Cash Received, Windfall Tax Benefits, and Intrinsic Value from Stock Option Exercises | The cash received, the windfall tax benefits, and intrinsic value from stock option exercises for fiscal years 2018 and 2017 are set forth below (amounts in thousands):
|  | Fiscal 2018 |  |  | Fiscal 2017 |
Cash received from option exercises |  | $ | 791 |  |  | $ | 19,313 |
Cash tax windfall benefit, net |  | $ | 111 |  |  | $ | 4,186 |
Intrinsic value of stock options exercised |  | $ | 609 |  |  | $ | 14,994 |
Payout Determined from Total Shareholder Return Shares | The Company TSR compared to the Peer Group TSR will determine the payout as set forth below (the “TSR Modifier”):
Percentile |  | Payout as % of Target |
90th |  |  | 200 | %
70th |  |  | 150 | %
50th |  |  | 100 | %
30th |  |  | 50 | %
Below 30th |  |  | 0 | %
Performance-Contingent Restricted Stock Awards | The table below presents the TSR Modifier share adjustment, ROIC Modifier share adjustment, accumulated dividends on vested shares, and the tax windfall/shortfall at vesting of the performance-contingent restricted stock awards (amounts in thousands except for share data):
Award granted |  | Fiscal year vested |  | TSR Modifier increase/(decrease) shares |  |  | ROIC Modifier increase/(decrease) shares |  |  | Dividends at vesting (thousands) |  |  | Tax benefit/(expense) |  |  | Fair value at vesting |
2017 |  | 2019 |  |  | 205,686 |  |  |  | (97,131 | ) |  | $ | 1,219 |  |  | $ | 936 |  |  | $ | 18,570 |
2016 |  | 2018 |  |  | (333,112 | ) |  |  | (114,190 | ) |  | $ | 405 |  |  | $ | (2,130 | ) |  | $ | 6,504 |
2015 |  | 2017 |  |  | (378,219 | ) |  |  | (49,272 | ) |  | $ | 392 |  |  | $ | (3,103 | ) |  | $ | 6,316 |
Performance-Contingent Restricted Stock Activity | A summary of the status of all of the company’s nonvested shares for performance-contingent restricted stock (including the TSR Shares and the ROIC Shares) for fiscal 2019, 2018, and 2017 is set forth below (amounts in thousands, except price data):
|  | Fiscal 2019 |  |  | Fiscal 2018 |  |  | Fiscal 2017 |
|  | Number of Shares |  |  | Weighted Average Fair Value |  |  | Number of Shares |  |  | Weighted Average Fair Value |  |  | Number of Shares |  |  | Weighted Average Fair Value |
Balance at beginning of year |  |  | 779 |  |  | $ | 21.64 |  |  |  | 1,575 |  |  | $ | 22.20 |  |  |  | 1,543 |  |  | $ | 21.53 |
Initial grant |  |  | 917 |  |  | $ | 20.10 |  |  |  | — |  |  | $ | — |  |  |  | 855 |  |  | $ | 21.61 |
Vested |  |  | (885 | ) |  | $ | 22.21 |  |  |  | (314 | ) |  | $ | 21.89 |  |  |  | (329 | ) |  | $ | 19.14 |
Grant reduction for not achieving the ROIC modifier |  |  | (97 | ) |  | $ | 19.97 |  |  |  | (114 | ) |  | $ | 21.49 |  |  |  | (49 | ) |  | $ | 19.14 |
Grant increase (reduction) for not achieving the TSR modifier |  |  | 206 |  |  | $ | 23.31 |  |  |  | (333 | ) |  | $ | 24.17 |  |  |  | (378 | ) |  | $ | 21.21 |
Forfeitures |  |  | (258 | ) |  | $ | 20.18 |  |  |  | (35 | ) |  | $ | 22.83 |  |  |  | (67 | ) |  | $ | 21.08 |
Balance at end of year |  |  | 662 |  |  | $ | 20.16 |  |  |  | 779 |  |  | $ | 21.64 |  |  |  | 1,575 |  |  | $ | 22.20 |
Time-Based Restricted Stock Units Awards | The following TBRSU Shares have been granted under the Omnibus Plan and have service periods remaining (amounts in thousands, except price data):
Grant Date |  | December 30, 2018 |  |  | May 23, 2019 |
Shares granted |  |  | 244 |  |  |  | 43 |
Vesting date |  | Equally over 3 years |  |  | 5/23/2023 |
Fair value per share |  | $ | 18.29 |  |  | $ | 23.08 |
Time-Based Restricted Stock Units Activity | The TBRSU Shares activity for fiscal 2019 is set forth below (amounts in thousands, except price data):
|  | Fiscal 2019 |
|  | Number of Shares |  |  | Weighted Average Fair Value |
Nonvested shares at beginning of year |  |  | — |  |  | $ | — |
Granted |  |  | 288 |  |  | $ | 19.01 |
Forfeitures |  |  | (18 | ) |  | $ | 18.29 |
Nonvested shares at end of year |  |  | 270 |  |  | $ | 19.06 |
Deferred and Restricted Stock Activity | The deferred and restricted stock activity for fiscal years 2019, 2018, and 2017 is set forth below (amounts in thousands, except price data):
|  | Fiscal 2019 |  |  | Fiscal 2018 |  |  | Fiscal 2017 |
|  | Number of Shares |  |  | Weighted Average Fair Value |  |  | Number of Shares |  |  | Weighted Average Fair Value |  |  | Number of Shares |  |  | Weighted Average Fair Value |
Nonvested shares at beginning of year |  |  | 66 |  |  | $ | 19.93 |  |  |  | 87 |  |  | $ | 18.70 |  |  |  | 149 |  |  | $ | 20.39 |
Granted |  |  | 49 |  |  | $ | 22.31 |  |  |  | 78 |  |  | $ | 19.90 |  |  |  | 87 |  |  | $ | 18.70 |
Vested |  |  | (66 | ) |  | $ | 19.93 |  |  |  | (99 | ) |  | $ | 18.70 |  |  |  | (149 | ) |  | $ | 20.39 |
Nonvested shares at end of year |  |  | 49 |  |  | $ | 22.31 |  |  |  | 66 |  |  | $ | 19.93 |  |  |  | 87 |  |  | $ | 18.70 |
Vested and deferred shares at end of year |  |  | 197 |  |  |  |  |  |  |  | 198 |  |  |  |  |  |  |  | 192 |  |  |  |  |
Summary of Company's Stock Based Compensation Expense | The following table summarizes the company’s stock-based compensation expense, all of which was recognized in selling, distribution, and administration expense, for fiscal years 2019, 2018, and 2017 (amounts in thousands):
|  | Fiscal 2019 |  |  | Fiscal 2018 |  |  | Fiscal 2017 |
Performance-contingent restricted stock awards |  | $ | 4,767 |  |  | $ | 6,504 |  |  | $ | 14,326 |
TBRSU shares |  |  | 1,520 |  |  |  | — |  |  |  | — |
Deferred stock awards |  |  | 1,143 |  |  |  | 1,644 |  |  |  | 1,767 |
Total stock-based compensation expense |  | $ | 7,430 |  |  | $ | 8,148 |  |  | $ | 16,093 |
Total Shareholders Return |
Payout Percentage of Total Shareholder Return Shares | The table below presents the payout percentage for each of the TSR awards:
Award |  | Fiscal year vested |  | Payout (%) |
2015 award |  | Fiscal 2017 |  | 0 |
2016 award |  | Fiscal 2018 |  |  | 12.5 |
2017 award |  | Fiscal 2019 |  |  | 153.0 |
Performance Contingent Return On Invested Capital Shares |
Payout Percentage of Total Shareholder Return Shares | The table below presents the payout percentage for each of the ROIC awards:
Award |  | Fiscal year vested |  | Payout (%) |
2015 award |  | Fiscal 2017 |  |  | 87 |
2016 award |  | Fiscal 2018 |  |  | 70 |
2017 award |  | Fiscal 2019 |  |  | 75 |
Stock Option |
Stock Option Activity | The stock option activity for fiscal years 2018 and 2017 pursuant to the EPIP is set forth below (amounts in thousands, except price data):
|  | Fiscal 2018 |  |  | Fiscal 2017 |
|  | Options |  |  | Weighted Average Exercise Price |  |  | Options |  |  | Weighted Average Exercise Price |
Outstanding at beginning of year |  |  | 73 |  |  | $ | 10.87 |  |  |  | 1,846 |  |  | $ | 10.89 |
Exercised |  |  | (73 | ) |  | $ | 10.87 |  |  |  | (1,773 | ) |  | $ | 10.89 |
Outstanding at end of year |  |  | — |  |  | $ | — |  |  |  | 73 |  |  | $ | 10.87 |
Exercisable at end of year |  |  | — |  |  |  |  |  |  |  | 73 |  |  |  |  |
Performance-Contingent Total Shareholder Return Shares |
Performance Contingent TSR Shares, ROIC Shares and Restricted Stock Awards | The following performance-contingent TSR Shares have been granted under the Omnibus Plan and have service period remaining (amounts in thousands, except price data):
Grant date |  | December 30, 2018 |  |  | May 23, 2019 |  |  | July 14, 2019 |  |  | October 6, 2019 |
Shares granted |  |  | 440 |  |  |  | 11 |  |  |  | 5 |  |  |  | 2 |
Assumed vesting date |  | 3/1/2022 |  |  | 3/1/2022 |  |  | 3/1/2022 |  |  | 3/1/2022 |
Fair value per share |  | $ | 21.58 |  |  | $ | 27.23 |  |  | $ | 23.32 |  |  | $ | 22.52 |
Return On Invested Capital |
Performance Contingent TSR Shares, ROIC Shares and Restricted Stock Awards | The following performance-contingent ROIC Shares have been granted under the Omnibus Plan and have service period remaining (amounts in thousands, except price data):
Grant date |  | December 30, 2018 |  |  | May 23, 2019 |  |  | July 14, 2019 |  |  | October 6, 2019 |
Shares granted |  |  | 440 |  |  |  | 11 |  |  |  | 5 |  |  |  | 2 |
Assumed vesting date |  | 3/1/2022 |  |  | 3/1/2022 |  |  | 3/1/2022 |  |  | 3/1/2022 |
Fair value per share |  | $ | 18.29 |  |  | $ | 23.08 |  |  | $ | 23.32 |  |  | $ | 22.52 |

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