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Stock-Based Compensation (Tables)

12 Months Ended

Jan. 02, 2021

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 2019 and 2018 are set forth below (amounts in thousands):

		Fiscal 2018
Cash received from option exercises		$	791
Cash tax windfall benefit, net		$	111
Intrinsic value of stock options exercised		$	609

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 (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

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 2020, 2019, and 2018 is set forth below (amounts in thousands, except price data):

		Fiscal 2020								Fiscal 2019								Fiscal 2018
		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			662			$	20.16				779			$	21.64				1,575			$	22.20
Initial grant			693			$	23.37				917			$	20.10				—			$	—
Vested			—			$	—				(885	)		$	22.21				(314	)		$	21.89
Grant reduction for not achieving the ROIC modifier			—			$	—				(97	)		$	19.97				(114	)		$	21.49
Grant increase (reduction) for not achieving the TSR    modifier			—			$	—				206			$	23.31				(333	)		$	24.17
Forfeitures			(91	)		$	21.26				(258	)		$	20.18				(35	)		$	22.83
Balance at end of year			1,264			$	21.85				662			$	20.16				779			$	21.64

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		Shares Granted				Vesting Date		Fair Value per Share
12/30/2018			244			Equally over 3 years		$	18.29
5/23/2019			43			5/23/2023		$	23.08
12/29/2019			220			Equally over 3 years		$	21.74

Time-Based Restricted Stock Units Activity

The TBRSU Shares activity for Fiscal 2020 and Fiscal 2019 is set forth below (amounts in thousands, except price data):  

		Fiscal 2020								Fiscal 2019
		Number of Shares				Weighted Average Fair Value				Number of Shares				Weighted Average Fair Value
Nonvested shares at beginning of year			270			$	19.06				—			$	—
Granted			220			$	21.74				288			$	19.01
Vested			(74	)		$	18.29
Forfeitures			(29	)		$	20.14				(18	)		$	18.29
Nonvested shares at end of year			387			$	20.64				270			$	19.06

Deferred and Restricted Stock Activity

The deferred and restricted stock activity for Fiscal 2020, 2019, and 2018 is set forth below (amounts in thousands, except price data):

		Fiscal 2020								Fiscal 2019								Fiscal 2018
		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			49			$	22.31				66			$	19.93				87			$	18.70
Granted			54			$	23.15				49			$	22.31				78			$	19.90
Vested			(51	)		$	22.28				(66	)		$	19.93				(99	)		$	18.70
Nonvested shares at end of year			52			$	23.21				49			$	22.31				66			$	19.93
Vested and deferred shares at end of year			198								197								198

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 2020, 2019, and 2018 (amounts in thousands):

		Fiscal 2020				Fiscal 2019				Fiscal 2018
Performance-contingent restricted stock awards		$	8,656			$	4,767			$	6,504
TBRSU shares			3,039				1,520				—
Deferred stock awards			1,160				1,143				1,644
Total stock-based compensation expense		$	12,855			$	7,430			$	8,148

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 (%)
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 (%)
2016 award		Fiscal 2018			70
2017 award		Fiscal 2019			75

Stock Option

Stock Option Activity

The stock option activity for Fiscal 2018 pursuant to the EPIP is set forth below (amounts in thousands, except price data):

		Fiscal 2018
		Options				Weighted Average Exercise Price
Outstanding at beginning of year			73			$	10.87
Exercised			(73	)		$	10.87
Outstanding at end of year			—			$	—
Exercisable at end of year			—

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		Shares Granted				Vesting Date		Fair Value per Share
12/30/2018			440			3/1/2022		$	21.58
5/23/2019			11			3/1/2022		$	27.23
7/14/2019			5			3/1/2022		$	23.32
10/6/2019			2			3/1/2022		$	22.52
12/29/2019			331			2/28/2023		$	25.00
4/19/2020			8			2/28/2023		$	23.14
07/12/2020			2			2/28/2023		$	21.97
10/4/2020			5			2/28/2023		$	24.63

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		Shares Granted				Vesting Date		Fair Value per Share
12/30/2018			440			3/1/2022		$	18.29
5/23/2019			11			3/1/2022		$	23.08
7/14/2019			5			3/1/2022		$	23.32
10/6/2019			2			3/1/2022		$	22.52
12/29/2019			331			2/28/2023		$	21.74
4/19/2020			8			2/28/2023		$	23.14
07/12/2020			2			2/28/2023		$	21.97
10/4/2020			5			2/28/2023		$	24.63

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