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STOCK-BASED COMPENSATION
 3 Months Ended
Apr. 01, 2023
Share-based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
The Company recorded stock-based compensation cost as follows:
Fiscal quarter ended
(dollars in thousands)April 1, 2023April 2, 2022
Stock options$— $166 
Restricted stock:
   Time-based awards4,362 5,159 
   Performance-based awards(19)534 
Total$4,343 $5,859 
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 the first quarter of fiscal 2023, the achievement of performance target estimates related to certain performance-based grants were revised resulting in a reversal of $0.4 million of previously recognized stock compensation expense.
During the first quarter of fiscal 2023, the Company’s Board of Directors approved the issuance of the following new awards to certain key employees under the Company’s existing stock-based compensation plan, subject to vesting: 254,086 shares of time-based restricted stock awards with an average grant-date fair value of $73.91 and 112,284 shares of performance-based restricted stock awards with an average grant-date fair value of $74.06.
Additionally, a total of 151,564 restricted stock awards (time-based) vested during the first quarter of fiscal 2023. There were no vestings of performance-based restricted stock in the first quarter of fiscal 2023.