XML 55 R22.htm IDEA: XBRL DOCUMENT
v3.25.0.1

STOCK-BASED COMPENSATION | 12 Months Ended
--- | ---
Dec. 28, 2024
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 (including time-based awards, performance-based awards, and market-based awards), unrestricted stock, stock deliverable on a deferred basis (including restricted stock units). As of December 28, 2024, the maximum number of shares of stock available under the Plan was 18,778,392, and there were 1,805,675 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:
| Fiscal year ended
(dollars in thousands) | December 28, 2024 |  | December 30, 2023 |  | December 31, 2022
Stock options | $ | — |  |  | $ | — |  |  | $ | 189 |
Restricted stock: |  |  |  |  |
Time-based awards | 16,388 |  |  | 17,243 |  |  | 17,893 |
Performance-based awards(*) | (935) |  |  | 670 |  |  | 2,091 |
Market-based awards | 788 |  |  | — |  |  | — |
Stock awards | 1,600 |  |  | 1,550 |  |  | 1,706 |
Total | $ | 17,841 |  |  | $ | 19,463 |  |  | $ | 21,879 |
(*)Decrease in fiscal 2024 and fiscal 2023 relates to the downward revision of estimates for the achievement of performance targets related to certain performance-based grants. During fiscal 2024, the revision of performance target estimates resulted in a reversal of previously recognized stock-based compensation expense for outstanding performance-based awards. As of December 28, 2024, and December 30, 2023, 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 2024, 2023, and 2022. Changes in the Company’s stock options for the fiscal year ended December 28, 2024 were as follows:
| Number of shares |  | Weighted- average exercise price |  | Weighted-average remaining contractual terms (years) |  | Aggregate intrinsic value (in thousands)
Outstanding, December 30, 2023 | 446,831 |  |  | $ | 96.20 |  |  |  |  |
Granted(*) | — |  |  | $ | — |  |  |  |  |
Exercised | (4,408) |  |  | $ | 83.32 |  |  |  |  |
Forfeited | — |  |  | $ | — |  |  |  |  |
Expired | (53,397) |  |  | $ | 95.26 |  |  |  |  |
Outstanding, December 28, 2024 | 389,026 |  |  | $ | 96.47 |  |  | 1.96 |  | $ | — |
Vested and expected to vest, December 28, 2024 | 389,026 |  |  | $ | 96.47 |  |  | 1.96 |  | $ | — |
Exercisable, December 28, 2024 | 389,026 |  |  | $ | 96.47 |  |  | 1.96 |  | $ | — |
(*)The Company did not grant any stock options in fiscal 2024. The intrinsic value of stock options exercised during the fiscal years ended December 28, 2024, December 30, 2023, and December 31, 2022 was $0.1 million, $0.3 million, and $1.4 million, respectively. Restricted Stock Awards Restricted stock awards issued under the Plan vest based upon: 1) continued service (time-based) 2) a combination of continued service and performance targets (performance-based) or 3) a combination of continued service and the Company’s relative total shareholder return (market-based). The following table summarizes activity related to all restricted stock awards during the fiscal year ended December 28, 2024:
| Restricted stock awards |  | Weighted-average grant date fair value per award
Outstanding, December 30, 2023 | 755,289 |  |  | $ | 84.63 |
Granted | 372,933 |  |  | $ | 80.32 |
Vested | (254,244) |  |  | $ | 89.57 |
Forfeited | (51,327) |  |  | $ | 82.04 |
Outstanding, December 28, 2024 | 822,651 |  |  | $ | 81.31 |
During fiscal 2023, a total of 184,803 shares of restricted stock vested with a weighted-average fair value of $91.84 per share. During fiscal 2022, a total of 205,120 shares of restricted stock vested with a weighted-average fair value of $95.54 per share. At December 28, 2024, there was $30.8 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
Fiscal year |  | Number of awards granted |  | Weighted-average grant date fair value per award
2022 |  | 230,625 |  |  | $ | 90.06 |
2023 |  | 272,509 |  |  | $ | 73.80 |
2024 |  | 266,539 |  |  | $ | 77.00 |
Time-based restricted stock awards vest in equal annual installments or cliff vest after a three-year or four-year period. During fiscal years 2024, 2023, and 2022, a total of 254,244 shares, 184,803 shares, and 162,508 shares, respectively, of time-based restricted stock vested with a weighted-average fair value of $89.57 per share, $91.84 per share, and $97.29 per share, respectively. At December 28, 2024, there was $26.4 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
Fiscal year |  | Number of awards granted |  | Weighted-average grant date fair value per award
2022 |  | 89,760 |  |  | $ | 91.12 |
2023 |  | 112,284 |  |  | $ | 74.06 |
2024 |  | 55,089 |  |  | $ | 81.95 |
Performance-based restricted stock awards cliff vest after a three-year period, subject to the achievement of the performance target. During the fiscal years 2024 and 2023, no performance shares vested. During fiscal 2022, 42,612 performance shares vested. As of December 28, 2024, a total of 237,697 performance shares were unvested with a weighted-average fair value of $81.38 per share. As of December 28, 2024, there was $2.3 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 1.9 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. Market-based Restricted Stock Awards
Fiscal year |  | Number of awards granted |  | Weighted-average grant date fair value per award
2024 |  | 28,375 |  |  | $ | 117.28 |
The market-based restricted stock awards cliff vest after a three-year period, subject to the performance of the Company’s 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, using the following assumptions: beginning TSR price of $73.60, grant date share price of $81.95, simulation term of 3 years, expected volatility of 32.9%, and risk-free interest rate of 4.5%. As of December 28, 2024, a total of 28,375 market-based restricted shares were unvested with a weighted-average fair value of $117.28 per share. As of December 28, 2024, there was $2.2 million unrecognized compensation cost (net of estimated forfeitures) related to the unvested market-based restricted stock awards based which is expected to be recognized over a weighted-average period of approximately 2.2 years. 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 2024, 2023, and 2022, such awards were as follows:
Fiscal year |  | Number of shares issued |  | Weighted-average grant date fair value per share
2022 |  | 21,725 |  | $ | 78.51 |
2023 |  | 23,850 |  | $ | 65.01 |
2024 |  | 22,930 |  | $ | 69.78 |
The Company received no proceeds from the issuance of these shares.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration