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Common Stock and Stock-Based Compensation | 3 Months Ended
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Mar. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Common Stock and Stock-Based Compensation | M. Common Stock and Stock-Based Compensation Option Activity Information related to stock options under the Restated Employee Equity Incentive Plan and the Stock Option Plan for Non-Employee Directors is summarized as follows:
|  | Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term in Years |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at December 30, 2023 |  |  | 207,810 |  |  | $ | 361.53 |  |  |  |  |  |  |
Forfeited/ Expired |  |  | (15,487 | ) |  |  | 383.46 |  |  |  |  |  |  |
Outstanding at March 30, 2024 |  |  | 192,323 |  |  | $ | 359.76 |  |  |  | 4.92 |  |  | $ | 6,853 |
Exercisable at March 30, 2024 |  |  | 127,707 |  |  | $ | 322.94 |  |  |  | 4.26 |  |  | $ | 6,538 |
Vested and expected to vest at March 30, 2024 |  |  | 175,421 |  |  | $ | 363.04 |  |  |  | 4.80 |  |  | $ | 6,802 |
Of the total options outstanding at March 30, 2024, 28,033 shares were performance-based options for which the performance criteria had yet to be achieved. Non-Vested Shares Activity The following table summarizes vesting activities of shares issued under the investment share program and restricted stock units:
|  | Number of Shares |  |  | Weighted Average Fair Value |
Non-vested at December 30, 2023 |  |  | 114,797 |  |  | $ | 373.56 |
Granted |  |  | 76,715 |  |  |  | 289.14 |
Vested |  |  | (31,351 | ) |  |  | 385.07 |
Forfeited |  |  | (1,058 | ) |  |  | 352.88 |
Non-vested at March 30, 2024 |  |  | 159,103 |  |  | $ | 330.73 |
Of the total non-vested shares at March 30, 2024, 38,805 shares were performance-based shares for which the performance criteria had yet to be achieved. On March 1, 2024, the Company granted a combined 64,708 shares of restricted stock units to certain officers, senior managers and key employees. Of the restricted stock units granted, 8,384 had performance-based vesting criteria with potential achievement of 0% to 200% of the grant total and a three year service period. Additionally, 20,000 of the restricted stock units granted had performance based vesting criteria with potential vesting over a seven year service period, The remainder of restricted stock units granted on March 1, 2024 vest ratably over service periods of four years. Additionally on March 1, 2024, employees elected to purchase a combined 12,007 shares under the Company’s investment share program. The weighted average fair value of the restricted stock units and investment shares, which are sold to employees at discount under its investment share program, was $308.14 and $186.77 per share, respectively. Stock-Based Compensation The following table provides information regarding stock-based compensation expense included in operating expenses in the accompanying condensed consolidated statements of comprehensive operations:
|  | Thirteen weeks ended |
|  | March 30, 2024 |  |  | April 1, 2023 |
|  | (in thousands) |
Amounts included in advertising, promotional and selling expenses |  |  | 2,466 |  |  |  | 2,042 |
Amounts included in general and administrative expenses |  |  | 4,661 |  |  |  | 2,031 |
Total stock-based compensation expense |  | $ | 7,127 |  |  | $ | 4,073 |
Stock Repurchases In 1998, the Company began a share repurchase program. Under this program, the Company's Board of Directors has authorized the repurchase of the Company's Class A Stock. On May 18, 2023, the Board of Directors authorized an increase in the aggregate expenditure limit for the Company’s stock repurchase program by $269.0 million, increasing the limit from $931.0 million to $1.2 billion. The Board of Directors did not specify a date upon which the total authorization would expire and, in the future, can further increase the authorized amount. Share repurchases under this program for the periods included herein were effected through open market transactions. During the thirteen weeks ended March 30, 2024, the Company repurchased and subsequently retired 148,183 shares of its Class A Common Stock for an aggregate purchase price of $50.0 million. As of March 30, 2024, the Company had repurchased a cumulative total of approximately 14.2 million shares of its Class A Common Stock for an aggregate purchase price of approximately $983.5 million and had approximately $216.5 million remaining on the $1.2 billion stock repurchase expenditure limit set by the Board of Directors.

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