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STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 30, 2023
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
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 December 30, 2023, the maximum number of shares of stock available under the Plan was 18,778,392, and there were 2,221,612 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.
The Company recorded stock-based compensation cost as follows:
For the fiscal years ended
(dollars in thousands)December 30, 2023December 31, 2022January 1, 2022
Stock options$— $189 $1,347 
Restricted stock:
   Time-based awards17,243 17,893 14,756 
   Performance-based awards(*)
670 2,091 3,608 
   Stock awards1,550 1,706 1,318 
Total$19,463 $21,879 $21,029 
(*)Decrease in fiscal 2023 relates to the downward revision of estimates for the achievement of performance targets related to certain performance-based grants.
As of December 30, 2023, and December 31, 2022, there was no unrecognized compensation costs remaining related to stock options.
Stock Options
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 2023, 2022, and 2021.
Changes in the Company’s stock options for the fiscal year ended December 30, 2023 were as follows:
Number of sharesWeighted- average exercise priceWeighted-average remaining contractual terms (years)Aggregate intrinsic value
(in thousands)
Outstanding, December 31, 2022563,048 $92.99 
Granted(*)
— $— 
Exercised(64,700)$68.29 
Forfeited— $— 
Expired(51,517)$96.18 
Outstanding, December 30, 2023446,831 $96.20 2.95$— 
Vested and expected to vest, December 30, 2023446,831 $96.20 2.95$— 
Exercisable, December 30, 2023446,831 $96.20 2.95$— 
(*)The Company did not grant any stock options in fiscal 2023.
The intrinsic value of stock options exercised during the fiscal years ended December 30, 2023, December 31, 2022, and January 1, 2022 was approximately $0.3 million, $1.4 million, and $7.8 million, respectively.
Restricted Stock Awards
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).
The following table summarizes activity related to all restricted stock awards during the fiscal year ended December 30, 2023:
Restricted
stock
awards		Weighted-average grant-date
fair value
Outstanding, December 31, 2022629,686 $94.71 
Granted408,643 $73.33 
Vested(184,803)$91.84 
Forfeited(98,237)$88.70 
Outstanding, December 30, 2023755,289 $84.63 
During fiscal 2022, a total of 205,120 shares of restricted stock vested with a weighted-average fair value of $95.54 per share. During fiscal 2021, a total of 116,238 shares of restricted stock vested with a weighted-average fair value of $99.32 per share.
At December 30, 2023, there was approximately $31.1 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 2.3 years.
Time-based Restricted Stock Awards
Time-based restricted stock awards vest in equal annual installments or cliff vest after a three-year or four-year period. During fiscal years 2023, 2022, and 2021, a total of 184,803 shares, 162,508 shares, and 116,238 shares, respectively, of time-based restricted stock vested with a weighted-average fair value of $91.84 per share, $97.29 per share, and $99.32 per share, respectively. At December 30, 2023, there was approximately $26.7 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 2.4 years.
Performance-based Restricted Stock Awards
Fiscal year Number of shares granted Weighted-average fair value per share
2021(*)
— $— 
202289,760 $91.12 
2023112,284 $74.06 
(*)The Company did not grant any performance-based restricted stock awards in fiscal 2021.
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 December 30, 2023, no performance shares vested. As of December 30, 2023, a total of 184,008 performance shares were unvested with a weighted-average fair value of $81.21 per share. Vesting of these 184,008 performance shares is based on the performance targets for the shares granted in fiscal 2023 and 2022. As of December 30, 2023, there was $4.4 million unrecognized compensation cost (net of estimated forfeitures) related to the unvested performance-based restricted stock awards based which is expected to be recognized over a weighted-average period of approximately 2.0 years. 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.
Stock Awards
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. The Company records the stock-based compensation expense immediately as there are no vesting terms. During fiscal years 2023, 2022, and 2021, such awards were as follows:
Fiscal year Number of shares issuedFair value per shareAggregate value
(in thousands)
202113,037$101.09 $1,318 
202221,725$78.51 $1,706 
202323,850$65.01 $1,550 
The Company received no proceeds from the issuance of these shares.