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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 28, 2024
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 |
90 th |  |  | 200 | %
70 th |  |  | 150 | %
50 th |  |  | 100 | %
30 th |  |  | 50 | %
Below 30 th |  |  | 0 | %
Schedule of ROIC Shares Earned Based on Ranges of Target | The ROIC Shares can be earned based on the ranges of target as defined below:
Difference of ROIC minus WACC |  | 2024 Award
Less than 150 basis points |  | 0%
150 basis points |  | 50%
300 basis points |  | 100%
450+ basis points |  | 150%
Difference of ROIC minus WACC |  | 2023 and 2022 Award
Less than 175 basis points |  | 0%
175 basis points |  | 50%
375 basis points |  | 100%
475+ basis points |  | 125%
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 shares |  |  | ROIC Modifier increase shares |  |  | Dividends at vesting (thousands) |  |  | Tax benefit |  |  | Fair value at vesting |
2021 |  | 2024 |  |  | 92,775 |  |  |  | 83,835 |  |  | $ | 2,173 |  |  | $ | 286 |  |  | $ | 19,419 |
2020 |  | 2023 |  |  | 151,513 |  |  |  | 78,893 |  |  | $ | 2,154 |  |  | $ | 1,424 |  |  | $ | 24,652 |
2019 |  | 2022 |  |  | 109,729 |  |  |  | 74,154 |  |  | $ | 1,843 |  |  | $ | 2,196 |  |  | $ | 22,143 |
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 2024, 2023, and 2022 is set forth below (amounts in thousands, except price data):
|  | Fiscal 2024 |  |  | Fiscal 2023 |  |  | Fiscal 2022 |
|  | 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 |  |  | 2,017 |  |  | $ | 27.70 |  |  |  | 2,009 |  |  | $ | 25.83 |  |  |  | 1,972 |  |  | $ | 22.89 |
Initial grant |  |  | 544 |  |  | $ | 24.29 |  |  |  | 824 |  |  | $ | 29.37 |  |  |  | 706 |  |  | $ | 29.41 |
Vested |  |  | (846 | ) |  | $ | 24.40 |  |  |  | (868 | ) |  | $ | 23.51 |  |  |  | (778 | ) |  | $ | 20.25 |
Grant increase for achieving the ROIC modifier |  |  | 84 |  |  | $ | 22.51 |  |  |  | 79 |  |  | $ | 29.37 |  |  |  | 74 |  |  | $ | 29.41 |
Grant increase for achieving the TSR modifier |  |  | 93 |  |  | $ | 26.07 |  |  |  | 152 |  |  | $ | 29.37 |  |  |  | 110 |  |  | $ | 29.41 |
Forfeitures |  |  | (57 | ) |  | $ | 27.94 |  |  |  | (179 | ) |  | $ | 27.80 |  |  |  | (75 | ) |  | $ | 25.48 |
Balance at end of year |  |  | 1,835 |  |  | $ | 27.85 |  |  |  | 2,017 |  |  | $ | 27.70 |  |  |  | 2,009 |  |  | $ | 25.83 |
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 |
1/2/2022 |  |  | 205 |  |  | Equally over 3 years |  | $ | 27.47 |
1/1/2023 |  |  | 220 |  |  | Equally over 3 years |  | $ | 28.74 |
2/27/2023 |  |  | 11 |  |  | 1/5/2024 |  | $ | 28.33 |
9/1/2023 |  |  | 54 |  |  | Equally over 3 years |  | $ | 23.04 |
9/17/2023 |  |  | 10 |  |  | Equally over 3 years |  | $ | 22.90 |
12/31/2023 |  |  | 818 |  |  | Equally over 3 years |  | $ | 22.51 |
2/16/2024 |  |  | 7 |  |  | Equally over 3 years |  | $ | 22.42 |
7/14/2024 |  |  | 23 |  |  | Equally over 3 years |  | $ | 21.92 |
Time-Based Restricted Stock Units Activity | The TBRSU Shares activity for Fiscal 2024, 2023 and 2022 is set forth below (amounts in thousands, except price data):
|  | Fiscal 2024 |  |  | Fiscal 2023 |  |  | Fiscal 2022 |
|  | 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 |  |  | 473 |  |  | $ | 26.67 |  |  |  | 462 |  |  | $ | 24.62 |  |  |  | 492 |  |  | $ | 21.87 |
Granted |  |  | 848 |  |  | $ | 22.51 |  |  |  | 295 |  |  | $ | 27.47 |  |  |  | 205 |  |  | $ | 27.47 |
Vested |  |  | (255 | ) |  | $ | 25.75 |  |  |  | (251 | ) |  | $ | 23.78 |  |  |  | (215 | ) |  | $ | 21.03 |
Forfeitures |  |  | (79 | ) |  | $ | 24.07 |  |  |  | (33 | ) |  | $ | 26.87 |  |  |  | (20 | ) |  | $ | 24.39 |
Nonvested shares at end of year |  |  | 987 |  |  | $ | 23.56 |  |  |  | 473 |  |  | $ | 26.67 |  |  |  | 462 |  |  | $ | 24.62 |
Deferred and Restricted Stock Activity | The deferred and restricted stock activity for Fiscal 2024, 2023, and 2022 is set forth below (amounts in thousands, except price data):
|  | Fiscal 2024 |  |  | Fiscal 2023 |  |  | Fiscal 2022 |
|  | 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 |  |  | 68 |  |  | $ | 26.26 |  |  |  | 62 |  |  | $ | 27.37 |  |  |  | 67 |  |  | $ | 24.00 |
Granted |  |  | 77 |  |  | $ | 23.38 |  |  |  | 68 |  |  | $ | 26.26 |  |  |  | 62 |  |  | $ | 27.37 |
Vested |  |  | (66 | ) |  | $ | 25.70 |  |  |  | (62 | ) |  | $ | 27.37 |  |  |  | (67 | ) |  | $ | 24.00 |
Nonvested shares at end of year |  |  | 79 |  |  | $ | 23.52 |  |  |  | 68 |  |  | $ | 26.26 |  |  |  | 62 |  |  | $ | 27.37 |
Vested and deferred shares at end of year (1) |  |  | 218 |  |  |  |  |  |  | 214 |  |  |  |  |  |  | 212 |  |  |  |
(1) The vested and deferred shares at the end of the year include 58,772 shares, 71,237 shares, and 82,779 shares granted and deferred under the EPIP for Fiscal 2024, Fiscal 2023, and Fiscal 2022, respectively. The vested and deferred shares at the end of the year include 159,335 shares, 142,582 shares, and 128,978 shares granted and deferred under the Omnibus Plan for Fiscal 2024, Fiscal 2023, and Fiscal 2022, respectively.
Summary of Company's Stock Based Compensation Expense | The following table summarizes the company’s stock-based compensation expense, which was primarily recognized in selling, distribution, and administrative expense, for Fiscal 2024, 2023, and 2022 (amounts in thousands):
|  | Fiscal 2024 |  |  | Fiscal 2023 |  |  | Fiscal 2022 |
Performance-contingent restricted stock awards |  | $ | 18,076 |  |  | $ | 19,654 |  |  | $ | 18,943 |
TBRSU shares |  |  | 9,871 |  |  |  | 6,381 |  |  |  | 5,184 |
Deferred stock awards |  |  | 1,796 |  |  |  | 910 |  |  |  | 1,695 |
Total stock-based compensation expense |  | $ | 29,743 |  |  | $ | 26,945 |  |  | $ | 25,822 |
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 |
1/2/2022 |  |  | 331 |  |  | 3/1/2025 |  | $ | 31.97 |
4/24/2022 |  |  | 16 |  |  | 3/1/2025 |  | $ | 27.38 |
7/17/2022 |  |  | 3 |  |  | 3/1/2025 |  | $ | 27.06 |
10/9/2022 |  |  | 3 |  |  | 3/1/2025 |  | $ | 24.55 |
1/1/2023 |  |  | 338 |  |  | 3/1/2026 |  | $ | 33.52 |
4/23/2023 |  |  | 9 |  |  | 3/1/2026 |  | $ | 26.11 |
9/1/2023 |  |  | 25 |  |  | 3/1/2026 |  | $ | 23.04 |
10/8/2023 |  |  | 40 |  |  | 3/1/2026 |  | $ | 21.43 |
12/31/2023 |  |  | 272 |  |  | 2/28/2027 |  | $ | 26.07 |
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 |
1/2/2022 |  |  | 331 |  |  | 3/1/2025 |  | $ | 27.47 |
4/24/2022 |  |  | 16 |  |  | 3/1/2025 |  | $ | 27.38 |
7/17/2022 |  |  | 3 |  |  | 3/1/2025 |  | $ | 27.06 |
10/9/2022 |  |  | 3 |  |  | 3/1/2025 |  | $ | 24.55 |
1/1/2023 |  |  | 338 |  |  | 3/1/2026 |  | $ | 28.74 |
4/23/2023 |  |  | 9 |  |  | 3/1/2026 |  | $ | 26.11 |
9/1/2023 |  |  | 25 |  |  | 3/1/2026 |  | $ | 23.04 |
10/8/2023 |  |  | 40 |  |  | 3/1/2026 |  | $ | 21.43 |
12/31/2023 |  |  | 272 |  |  | 2/28/2027 |  | $ | 22.51 |
Total Shareholders Return |
Payout Percentage of Vested Total Shareholder Return Shares | The table below presents the payout percentage for vested TSR awards:
Award |  | Fiscal year vested |  | Payout (%)
2021 award |  | Fiscal 2024 |  | 128%
2020 award |  | Fiscal 2023 |  | 148%
2019 award |  | Fiscal 2022 |  | 137%
Performance Contingent Return On Invested Capital Shares |
Payout Percentage of Vested Total Shareholder Return Shares | The table below presents the payout percentage for vested ROIC awards:
Award |  | Fiscal year vested |  | Payout (%)
2021 award |  | Fiscal 2024 |  | 125%
2020 award |  | Fiscal 2023 |  | 125%
2019 award |  | Fiscal 2022 |  | 125%

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