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Stock-Based Compensation (Tables)

12 Months Ended

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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