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STOCK-BASED COMPENSATION | 3 Months Ended
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Mar. 29, 2025
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 29, 2025 |  | March 30, 2024 |  |  |  |
Restricted stock: |  |  |  |  |  |  |
Time-based awards | $ | 9,072 |  |  | $ | 4,761 |  |  |  |  |
Performance-based awards | 283 |  |  | 330 |  |  |  |  |
Market-based awards | 398 |  |  | 79 |  |  |  |  |
Total | $ | 9,753 |  |  | $ | 5,170 |  |  |  |  |
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. A total of 227,861 restricted stock awards (time-based) vested during the first quarter of fiscal 2025. There were no vestings of performance-based restricted stock awards in the first quarter of fiscal 2025. During the first quarter of fiscal 2025, the Company’s Board of Directors approved a retirement agreement for our former Chief Executive Officer (“CEO”), under which all outstanding time-based restricted stock awards were accelerated to vest as of February 28, 2025, resulting in an additional expense of $4.9 million. This accelerated vesting was a term of the retirement agreement with the former CEO and approved by the Board of Directors. Additionally, in the first quarter of fiscal 2025, 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: 406,054 shares of time-based restricted stock awards with a weighted average grant-date fair value of $42.44 per award. On April 3, 2025, subsequent to the first quarter of fiscal 2025, the Company granted the following awards to Douglas C. Palladini in connection with his appointment as CEO and President of the Company and a member of the Board of Directors: 98,400 shares of time-based restricted stock awards; and 98,400 shares of market-based restricted stock awards. The number of shares granted was based on the closing price of the Company’s stock on the grant date, which was $35.57, with the time-based restricted stock awards having a grant-date fair value of $35.57 per share and the market-based restricted stock awards having a grant-date fair value of $10.67 per share. A Monte-Carlo simulation was utilized to determine the grant-date fair value of the market-based restricted stock awards. The market-based restricted stock awards issued to Mr. Palladini are eligible to be earned upon achieving share price hurdles for 20 consecutive trading days over a three-year period, starting on the award grant date. The share price hurdles were set based on growth rates of 30%, 60%, and 90% above the closing stock price on grant date, which was $35.57. One-third of the award will be earned upon achievement of each of the applicable share price hurdles, but no earned shares will vest until the end of the three-year period, subject to Mr. Palladini’s continued employment through the end of the three-year period.

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