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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

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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