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Stockholders' Equity | 12 Months Ended
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Dec. 27, 2024
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | Stockholders’ Equity Warrants In connection with an acquisition during fiscal 2022, the Company issued warrants with a fair value of $1,701 to purchase up to 150,000 shares of the Company’s common stock at an exercise price of $31.55 per share. These warrants expire on December 26, 2025. At December 27, 2024, there were 27,908 warrants outstanding. 2023 Employee Stock Purchase Plan On May 12, 2023, the Company’s stockholders adopted the Company’s Employee Stock Purchase Plan (the “ESPP”), which permits participants to purchase a total of 793,402 shares of the Company’s common stock through payroll deductions of up to 10% of eligible compensation. The purchase price of the shares will be 85% of the fair market value of the common stock on the date of purchase. The plan does not include any look-back or reset provisions. The offering periods run bi-annually from January 1st to June 30th and July 1st to December 31st. At December 27, 2024, there were 763,494 shares of common stock available for issuance under the ESPP. The ESPP did not have a material impact on the Company’s consolidated financial statements in fiscal years 2024 and 2023. The Company may amend, suspend or terminate the ESPP at any time. Equity Incentive Plan On May 17, 2019, the Company’s stockholders approved the 2019 Omnibus Equity Incentive Plan (the “2019 Plan”). The purpose of the 2019 Plan is to promote the interests of the Company and its stockholders by (i) attracting and retaining key officers, employees and directors of, and consultants to, the Company and its Subsidiaries and Affiliates; (ii) motivating such individuals by means of performance-related incentives to achieve long-range performance goals; (iii) enabling such individuals to participate in the long-term growth and financial success of the Company; (iv) encouraging ownership of stock in the Company by such individuals; and (v) linking their compensation to the long-term interests of the Company and its stockholders. The 2019 Plan is administered by the Compensation and Human Capital Committee (the “Committee”) of the Board of Directors and allows for the issuance of stock options, stock appreciation rights (“SARs”), RSAs, RSUs, performance awards, or other stock-based awards. Stock option exercise prices are fixed by the Committee but shall not be less than the fair market value of a common share on the date of the grant of the option, except in the case of substitute awards. Similarly, the grant price of an SAR may not be less than the fair market value of a common share on the date of the grant. The Committee will determine the expiration date of each stock option and SAR, but in no case shall the stock option or SAR be exercisable after the expiration of 10 years from the date of the grant. The 2019 Plan provides for 4,230,000 shares available for grant. As of December 27, 2024, there were 824,912 shares available for grant. Stock compensation expense was $17,778, $20,042 and $13,602 for the fiscal years ended December 27, 2024, December 29, 2023 and December 30, 2022, respectively. The related tax expense (benefit) for stock-based compensation was $(211), $580 and $(22) for the fiscal years ended December 27, 2024, December 29, 2023 and December 30, 2022, respectively. The following table reflects the activity of RSAs and RSUs during the fiscal year ended December 27, 2024:
|  | Time-Based |  | Performance-Based |  | Market-Based
|  | Shares |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value
Unvested at December 29, 2023 |  | 461,752 |  |  | $ | 32.13 |  |  | 1,078,169 |  |  | $ | 32.88 |  |  | 421,056 |  |  | $ | 30.00 |
Granted |  | 274,004 |  |  | 38.22 |  |  | 313,188 |  |  | 38.53 |  |  | 55,270 |  |  | 34.68 |
Vested |  | (239,652) |  |  | 31.79 |  |  | (172,232) |  |  | 32.07 |  |  | (166,343) |  |  | 31.43 |
Forfeited |  | (12,820) |  |  | 34.82 |  |  | (337,625) |  |  | 33.55 |  |  | (6,947) |  |  | 31.39 |
Unvested at December 27, 2024 |  | 483,284 |  |  | $ | 35.68 |  |  | 881,500 |  |  | $ | 34.79 |  |  | 303,036 |  |  | $ | 30.04 |
The fair value of RSAs and RSUs vested during the fiscal years ended December 27, 2024, December 29, 2023 and December 30, 2022, was $18,370, $7,170 and $8,719, respectively. The Company granted 642,462 RSAs and RSUs to its employees and directors at a weighted average grant date fair value of $38.07 during the fiscal year ended December 27, 2024. These awards are a mix of time-, market- and performance-based grants awarded to key employees and non-employee directors that generally vest over a range of periods up to five years. The market- and performance-based RSAs and RSUs generally cliff vest, if at all, after the conclusion of a three-year performance period and vesting is subject to the award recipient’s continued service to the Company as of the vesting date. The number of performance-based RSAs and RSUs that ultimately vest is based on the Company’s attainment of certain profitability and return on invested capital targets. At December 27, 2024, the total unrecognized compensation cost for the unvested RSAs and RSUs was $19,797 to be recognized over a weighted-average period of approximately 1.7 years. Of this total, $10,936 related to awards with time-based vesting provisions to be recognized over a weighted average period of 1.6 years and $8,861 related to awards with performance- or market-based vesting provisions to be recognized over a weighted average period of 1.8 years. The following table summarizes stock option activity during the fiscal year ended December 27, 2024:
|  | Shares |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value |  | Weighted Average Remaining Contractual Term (in years)
Outstanding December 29, 2023 |  | 109,527 |  |  | $ | 20.23 |  |  | $ | 1,008 |  |  | 2.2
Exercised |  | (8,651) |  |  | 20.23 |  |  |  |  |
Outstanding December 27, 2024 |  | 100,876 |  |  | $ | 20.23 |  |  | $ | 2,870 |  |  | 1.1
Exercisable at December 27, 2024 |  | 100,876 |  |  | 20.23 |  |  | $ | 2,870 |  |  | 1.1
The total intrinsic value of options exercised during fiscal 2024, 2023 and 2022 was $194, $22 and $63, respectively. The Company issues new shares upon the exercise of stock options. No stock option expense was recognized during the fiscal years ended December 27, 2024, December 29, 2023 and December 30, 2022. In connection with the CME acquisition, the Company issued stock awards to certain members of the CME management team which were classified as liabilities. These awards vest over a period of up to four years. Stock-based compensation expense for these awards was $2,175, $2,175 and $362 during the fiscal years ended December 27, 2024, December 29, 2023 and December 30, 2022, respectively. As of December 27, 2024 and December 29, 2023, the fair value of these awards was $4,712 and $2,537, respectively, and they are presented within accrued liabilities on the Company’s consolidated balance sheets. Share Repurchase Program In November 2023, the Company announced a two-year share repurchase program in an amount up to $100,000. The remaining share purchase authorization was $82,617 at December 27, 2024. The Company is not obligated to repurchase any specific number of shares and may suspend or discontinue the program at any time.

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