Under the Company’s Amended and Restated Equity Incentive Plan (the “Plan”), the Compensation Committee of the Board of Directors may award incentive stock options, stock appreciation rights, restricted stock, unrestricted stock, stock deliverable on a deferred basis (including restricted stock units), and performance-based stock awards.

As of January 1, 2022, the maximum number of shares of stock available under the Plan was 18,778,392, and there were 3,027,361 remaining shares available for grant under the Plan. The Plan makes a provision for the treatment of awards upon termination of service or in the case of a merger or similar corporate transaction. Participation in the Plan is limited to members of the Company’s Board of Directors, executive officers and other key employees.

The limit on shares available under the Plan, the individual limits, and other award terms are subject to adjustment to reflect stock splits or stock dividends, combinations, and certain other events. All stock options issued under the Plan expire no later than ten years from the date of grant. The Company believes that the current level of authorized shares is sufficient to satisfy future grants for the foreseeable future.


	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.

Stock options vest in equal annual installments over a four-year period. The Company issues new shares to satisfy stock option exercises. There were no stock options granted in fiscal 2021, 2020, and 2019.


	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

The intrinsic value of stock options exercised during the fiscal years ended January 1, 2022, January 2, 2021, and December 28, 2019 was approximately $7.8 million, $8.2 million, and $13.3 million, respectively. At January 1, 2022, there was approximately $0.2 million of unrecognized compensation cost (net of estimated forfeitures) related to stock options, which is expected to be recognized over a weighted-average period of approximately 0.2 years.

Restricted stock awards issued under the Plan vest based upon: 1) continued service (time-based) or 2) a combination of continued service and performance targets (performance-based).


	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

During fiscal 2020, a total of 140,345 shares of restricted stock vested with a weighted-average fair value of $89.80 per share. During fiscal 2019, a total of 131,924 shares of restricted stock vested with a weighted-average fair value of $93.03 per share.

At January 1, 2022, there was approximately $30.9 million of unrecognized compensation cost (net of estimated forfeitures) related to all restricted stock awards which is expected to be recognized over a weighted-average period of approximately 2.5 years.

Time-based restricted stock awards vest in equal annual installments or cliff vest after a three-year or four-year period. During fiscal years 2021, 2020, and 2019, a total of 116,238 shares, 125,209 shares, and 102,492 shares, respectively, of time-based restricted stock vested with a weighted-average fair value of $99.32 per share, $90.52 per share, and $93.70 per share, respectively. At January 1, 2022, there was approximately $30.7 million of unrecognized compensation cost (net of estimated forfeitures) related to time-based restricted stock which is expected to be recognized over a weighted-average period of approximately 2.5 years.

Performance-based restricted stock awards cliff vest after a three-year period, subject to the achievement of the performance target. During the fiscal year ended January 1, 2022, no performance shares vested. As of January 1, 2022, a total of 56,814 performance shares were unvested with a weighted-average fair value of $88.87 per share. Vesting of these 56,814 performance shares is based on the performance targets for the shares granted in fiscal 2019. As of January 1, 2022, there was $0.2 million unrecognized compensation cost related to the unvested performance-based restricted stock awards based on the current estimates of the number of awards that will vest.

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. For performance awards containing retirement provisions, stock-based compensation expense is recognized over the period from the grant date to the date retirement eligibility is achieved and required performance has been met, if that is expected to occur during the nominal service period. For awards containing retirement provisions that are granted to retirement eligible employees, stock-based compensation expense is recognized over the period in which the required performance has been met.

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