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.


	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.

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.


	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 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 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).


	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 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 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.

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

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.

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: