Information related to stock options under the Restated Employee Equity Incentive Plan and the Stock Option Plan for Non-Employee Directors and upper management is summarized as follows:


	Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term in Years		Aggregate Intrinsic Value (in thousands)
Outstanding at December 28, 2024		209,794	$	358.48
Granted		76,919		243.77
Outstanding at March 29, 2025		286,713	$	327.70		6.09	$	2,343
Exercisable at March 29, 2025		148,845	$	348.83		3.77	$	2,343
Vested and expected to vest at March 29, 2025		262,206	$	333.56		5.77	$	2,343

Of the total options outstanding as of March 29, 2025, 40,103 shares were performance-based options for which the performance criteria had yet to be achieved.

Weighted average assumptions used to estimate fair values of stock options on the date of grants are as follows:


	2025
Expected Volatility		40.4	%
Risk-free interest rate		4.3	%
Expected Dividends		0.0	%
Exercise factor		2.1
Discount for post-vesting restrictions		0.0	%

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 28, 2024		164,551		$	328.88
Granted		123,831			234.06
Vested		(39,998	)		363.04
Forfeited		(22,018	)		307.75
Non-vested at March 29, 2025		226,366		$	273.03

Of the total non-vested shares as of March 29, 2025, 85,209 shares were performance-based shares for which the performance criteria had yet to be achieved.

On March 1, 2025, the Company granted a combined 111,580 shares of restricted stock units to certain officers, senior managers and key employees. Of the restricted stock units granted, 61,182 had performance-based vesting criteria. The remainder of restricted stock units granted on March 1, 2025 vest ratably over service periods of four years. Additionally, on March 1, 2025, employees elected to purchase a combined 12,251 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 $243.77 and $145.64 per share, respectively.

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 29, 2025		March 30, 2024
	(in thousands)
Amounts included in advertising, promotional and selling expenses	$	2,240	$	2,466
Amounts included in general and administrative expenses		3,630		4,661
Total stock-based compensation expense	$	5,870	$	7,127

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 October 2, 2024, the Board of Directors authorized an increase in the aggregate expenditure limit for the Company’s stock repurchase program by $400.0 million, increasing the limit from $1.2 billion to $1.6 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 29, 2025, the Company repurchased and subsequently retired 201,247 shares of its Class A Common Stock for an aggregate purchase price of $49.2 million. As of March 29, 2025, the Company had repurchased a cumulative total of approximately 15.1 million shares of its Class A Common Stock for an aggregate purchase price of approximately $1.2 billion and had approximately $378 million remaining on the $1.6 billion stock repurchase expenditure limit set by the Board of Directors.