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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Jan. 01, 2022
Share-based Payment Arrangement [Abstract] |
Summary of recorded stock-based compensation cost | The Company recorded stock-based compensation cost as follows:
| For the fiscal years ended
(dollars in thousands) | January 1, 2022 |  | January 2, 2021 |  | December 28, 2019
Stock options | $ | 1,347 |  |  | $ | 2,694 |  |  | $ | 4,070 |
Restricted stock: |  |  |  |  |
Time-based awards | 14,756 |  |  | 10,468 |  |  | 9,432 |
Performance-based awards | 3,608 |  |  | (1,927) |  |  | 1,552 |
Stock awards | 1,318 |  |  | 1,595 |  |  | 1,475 |
Total | $ | 21,029 |  |  | $ | 12,830 |  |  | $ | 16,529 |
The Company recognizes compensation cost ratably over the applicable performance periods based on the estimated probability of achievement of its performance targets at the end of each period. During fiscal 2020, the achievement of performance target estimates was revised resulting in a reversal of previously recognized stock-based compensation expense for outstanding performance-based awards.
Summary of stock option activity | Changes in the Company’s stock options for the fiscal year ended January 1, 2022 were as follows:
| Number of shares |  | Weighted- average exercise price |  | Weighted-average remaining contractual terms (years) |  | Aggregate intrinsic value (in thousands)
Outstanding, January 2, 2021 | 860,711 |  |  | $ | 84.31 |  |  |  |  |
Granted(*) | — |  |  | $ | — |  |  |  |  |
Exercised | (178,803) |  |  | $ | 61.49 |  |  |  |  |
Forfeited | (7,019) |  |  | $ | 115.11 |  |  |  |  |
Expired | (16,223) |  |  | $ | 118.88 |  |  |  |  |
Outstanding, January 1, 2022 | 658,666 |  |  | $ | 89.32 |  |  | 4.25 |  | $ | 10,827 |
Vested and expected to vest, January 1, 2022 | 657,957 |  |  | $ | 89.29 |  |  | 4.25 |  | $ | 10,825 |
Exercisable, January 1, 2022 | 617,715 |  |  | $ | 87.34 |  |  | 4.12 |  | $ | 10,814 |
Summary of restricted stock award activity | The following table summarizes activity related to all restricted stock awards during the fiscal year ended January 1, 2022:
| Restricted stock awards |  | Weighted-average grant-date fair value
Outstanding, January 2, 2021 | 462,537 |  |  | $ | 101.87 |
Granted | 325,322 |  |  | $ | 98.28 |
Vested | (116,238) |  |  | $ | 99.32 |
Forfeited | (126,908) |  |  | $ | 110.21 |
Outstanding, January 1, 2022 | 544,713 |  |  | $ | 98.33 |
Summary of issued shares of common stock to non-management board members |
Fiscal year |  | Number of shares granted |  | Weighted-average fair value per share
2019 |  | 60,700 |  |  | $ | 88.87 |
2020 |  | 58,320 |  |  | $ | 108.76 |
2021(*) |  | — |  |  | $ | — |
(*)The Company did not grant any performance-based restricted stock awards in fiscal 2021. Included in restricted stock awards are grants to non-management members of the Company’s Board of Directors. At issuance, these awards were fully vested and issued as shares of the Company’s common stock. During fiscal years 2021, 2020, and 2019, such awards were as follows:
Fiscal year |  | Number of shares issued |  | Fair value per share |  | Aggregate value (in thousands)
2019 |  | 16,097 |  | $ | 91.63 |  |  | $ | 1,475 |
2020 |  | 21,362 |  | $ | 74.67 |  |  | $ | 1,595 |
2021 |  | 13,037 |  | $ | 101.09 |  |  | $ | 1,318 |
The Company received no proceeds from the issuance of these shares.

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