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Stock-Based Compensation | 6 Months Ended
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Jul. 04, 2020
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | Note 10 – Stock-Based Compensation The Company has various stockholder-approved programs which allow for the grant of stock-based compensation to officers, employees, and non-employee directors of the Company. The amount of compensation cost related to stock-based payment transactions is measured based on the grant-date fair value of the equity instruments issued. The Company determines compensation cost for restricted stock units (“RSUs”) and phantom stock units based on the grant-date fair value of the underlying common stock adjusted for expected dividends paid over the required vesting period for non-participating awards. Compensation cost is recognized over the period that an officer, employee, or non-employee director provides service in exchange for the award. The following table summarizes stock-based compensation expense recognized:
|  | Fiscal quarters ended |  |  | Six fiscal months ended |
|  | July 4, 2020 |  |  | June 29, 2019 |  |  | July 4, 2020 |  |  | June 29, 2019 |
Restricted stock units |  | $ | 875 |  |  | $ | 890 |  |  | $ | 3,658 |  |  |  | 4,249 |
Phantom stock units |  |  | - |  |  |  | - |  |  |  | 215 |  |  |  | 177 |
Total |  | $ | 875 |  |  | $ | 890 |  |  | $ | 3,873 |  |  |  | 4,426 |
The Company recognizes compensation cost for RSUs that are expected to vest and records cumulative adjustments in the period that the expectation changes. The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at July 4, 2020 (amortization periods in years):
|  | Unrecognized Compensation Cost |  |  | Weighted Average Remaining Amortization Periods |
Restricted stock units |  | $ | 4,162 |  |  |  | 0.9 |
Phantom stock units |  |  | - |  |  |  | n/a |
Total |  | $ | 4,162 |  |  |  |  |
The Company currently expects all performance-based RSUs to vest and all of the associated unrecognized compensation cost for performance-based RSUs presented in the table above to be recognized. 2007 Stock Incentive Plan The Company’s 2007 Stock Incentive Program (the “2007 Program”), as amended and restated, permits the grant of up to 6,500,000 shares of restricted stock, unrestricted stock, RSUs, stock options, and phantom stock units, to officers, employees, and non-employee directors of the Company. Such instruments are available for grant until May 20, 2024. Restricted Stock Units RSU activity under the 2007 Program as of July 4, 2020 and changes during the six fiscal months then ended are presented below (number of RSUs in thousands):
|  | Number of RSUs |  |  | Weighted Average Grant-date Fair Value per Unit |
Outstanding: |  |  |  |  |  |
January 1, 2020 |  |  | 842 |  |  | $ | 17.93 |
Granted |  |  | 272 |  |  |  | 18.30 |
Vested* |  |  | (308 | ) |  |  | 15.70 |
Cancelled or forfeited |  |  | (13 | ) |  |  | 19.06 |
Outstanding at July 4, 2020 |  |  | 793 |  |  | $ | 18.90 |
Expected to vest at July 4, 2020 |  |  | 793 |  |  |  |  |
* The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. The number of performance-based RSUs that are scheduled to vest increases ratably based on the achievement of defined performance criteria between the established target and maximum levels. RSUs with performance-based vesting criteria are expected to vest as follows (number of RSUs in thousands):
Vesting Date |  | Expected to Vest |  |  | Not Expected to Vest |  |  | Total |
January 1, 2021 |  |  | 141 |  |  |  | - |  |  |  | 141 |
January 1, 2022 |  |  | 174 |  |  |  | - |  |  |  | 174 |
January 1, 2023 |  |  | 152 |  |  |  | - |  |  |  | 152 |
Phantom Stock Units The 2007 Program authorizes the grant of phantom stock units to the extent provided for in the Company’s employment agreements with certain executives. Each phantom stock unit entitles the recipient to receive a share of common stock at the individual’s termination of employment or any other future date specified in the applicable employment agreement. Phantom stock units participate in dividend distribution on the same basis as the Company's common stock and Class B common stock. Dividend equivalents are issued in the form of additional units of phantom stock. The phantom stock units are fully vested at all times. Phantom stock unit activity under the phantom stock plan as of July 4, 2020 and changes during the six fiscal months then ended are presented below (number of phantom stock units in thousands):
|  | Number of units |  |  | Grant-date Fair Value per Unit |
Outstanding: |  |  |  |  |  |
January 1, 2020 |  |  | 183 |  |  |  |
Granted |  |  | 10 |  |  | $ | 21.49 |
Dividend equivalents issued |  |  | 2 |  |  |  |  |
Outstanding at July 4, 2020 |  |  | 195 |  |  |  |  |

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