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Stock-based Compensation | 6 Months Ended
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Jun. 29, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-based Compensation | Stock-based Compensation Stock-based Compensation Stock-based compensation expense for the twenty-six weeks ended June 29, 2024 and July 1, 2023 was $40.8 million and $1.9 million, respectively. Time-based options Stock option awards containing only a service condition (“time-based options”) generally vest in equal annual installments over a three-year or five-year period from the date of grant provided the participant continues to be employed by, or provide service to, the Company through each vesting date. The following table summarizes activity related to time-based options:
(in thousands, except per share and remaining term amounts) |  | Number of options |  | Weighted average exercise price per share |  | Weighted average remaining contractual term (in years) |  | Aggregate intrinsic value
Outstanding at December 30, 2023 |  | 7,530 |  |  | $ | 5.99 |  |  | 6.93 |  | $ | 85,774 |
Granted |  | 520 |  |  | 19.18 |  |  |  |
Exercised |  | (1,287) |  |  | 2.30 |  |  |  |
Outstanding at June 29, 2024 |  | 6,763 |  |  | 7.71 |  | 6.91 |  | 38,459 |
Exercisable at June 29, 2024 |  | 3,513 |  |  | 4.02 |  | 5.97 |  | 29,759 |
Performance-based options Stock option awards containing a performance condition (“performance-based options”) vest in 25% increments as performance conditions are achieved through the term of the options. Twenty-five percent of the outstanding performance-based options vested upon completion of the Company's IPO, with the remainder scheduled to vest in equal increments over three years starting on June 30, 2024 provided market-specific conditions are achieved. The vesting of performance-based options is subject to continued employment through the vesting date. Upon completion of our IPO on July 3, 2023, we commenced recognition of stock-based compensation for our performance-based options as the underlying performance-based condition was satisfied. During the twenty-six weeks ended June 29, 2024, we recognized $35.5 million of expense related to amortization of the remaining outstanding performance-based options that are recognized on a graded vesting basis over their expected vesting period. The following table summarizes activity related to performance-based options:
(in thousands, except per share and remaining term amounts) |  | Number of Options |  | Weighted average exercise price per share |  | Weighted average remaining contractual term (in years) |  | Aggregate intrinsic value
Outstanding at December 30, 2023 |  | 7,948 |  |  | $ | 2.05 |  |  | 5.78 |  | $ | 121,750 |
Exercised |  | (107) |  |  | 1.63 |  |  |  |  |
Forfeited or expired |  | (278) |  |  | 1.61 |  |  |  |  |
Outstanding at June 29, 2024 |  | 7,563 |  |  | 2.09 |  |  | 5.55 |  | 76,803 |
Exercisable at June 29, 2024 |  | 1,880 |  |  | 2.09 |  |  | 5.55 |  | 19,082 |
Restricted stock units Restricted stock units (“RSUs”) contain a service condition and generally vest in equal annual installments over a one-year or three-year period from the date of grant, provided the participant continues to be employed by, or provides service to, the Company through each vesting date. The following table summarizes activity related to RSUs:
(in thousands, except per share amounts) |  | Number of units |  | Weighted average grant-date fair value per share
Unvested at December 30, 2023 |  | 547 |  |  | $ | 22.81 |
Granted |  | 552 |  |  | 18.80 |
Vested |  | (186) |  |  | 22.67 |
Forfeited |  | (10) |  |  | 22.79 |
Unvested at June 29, 2024 |  | 903 |  |  | 20.39 |

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