XML 28 R15.htm IDEA: XBRL DOCUMENT v3.24.1.u1
STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 30, 2024
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)March 30, 2024April 1, 2023
Restricted stock:
   Time-based awards$4,761 $4,362 
   Performance-based awards330 (19)
Market-based awards79 — 
Total$5,170 $4,343 
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.
On February 28, 2024, 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: 194,464 shares of time-based restricted stock awards with a grant-date fair value of $81.95, 55,089 shares of performance-based restricted stock awards with a grant-date fair value of $81.95, and 28,375 shares of market-based restricted stock awards with a grant-date fair value of $117.28.
The market-based restricted stock awards cliff vest after a three-year period, subject to the performance of the Company’s total shareholder return (“TSR”) relative to the TSR of a select group of peer companies over the three-year period. A Monte-Carlo simulation was utilized to determine the grant-date fair value of the market-based restricted stock awards.
Additionally, a total of 218,945 restricted stock awards (time-based) vested during the first quarter of fiscal 2024. There were no vestings of performance-based restricted stock awards in the first quarter of fiscal 2024.