XML 31 R21.htm IDEA: XBRL DOCUMENT
v3.22.2.2

STOCK-BASED COMPENSATION | 9 Months Ended
--- | ---
Oct. 01, 2022
STOCK-BASED COMPENSATION |
STOCK-BASED COMPENSATION | ​ 13. STOCK-BASED COMPENSATION On April 12, 2021, the Company’s stockholders approved the 2021 Omnibus Incentive Plan (the “Omnibus Incentive Plan”), which became effective on April 22, 2021, upon pricing of the IPO. The Omnibus Incentive Plan provides for the issuance of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based and cash-based awards. The maximum aggregate number of shares reserved for issuance under the Omnibus Incentive Plan is 13,170,212 shares. The maximum grant date fair value of cash and equity awards that may be awarded to a non-employee director under the Omnibus Incentive Plan during any one fiscal year, together with any cash fees paid to such non-employee director during such fiscal year, is $750,000. The following table summarizes the Company’s stock-based compensation expense: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fiscal Quarter Ended | ​ | Three Fiscal Quarters Ended | ​
​ |  | October 1, 2022 |  | October 2, 2021 | ​ | October 1, 2022 |  | October 2, 2021 | ​
Cost of sales | ​ | $ | 730 | ​ | $ | 1,914 | ​ | $ | 3,046 | ​ | $ | 6,837 | ​
Selling, general and administrative | ​ |  | 6,331 | ​ |  | 25,689 | ​ |  | 37,369 | ​ |  | 97,741 | ​
​ | ​ | $ | 7,061 | ​ | $ | 27,603 | ​ | $ | 40,415 | ​ | $ | 104,578 | ​
​ As of October 1, 2022, total unrecognized stock-based compensation expense related to all unvested stock-based awards was $32.7 million, which is expected to be recognized over a weighted-average period of 1.21 years. ​ The following table sets forth the significant assumptions used in the Black-Scholes option-pricing model on a weighted-average basis to determine the fair value of option awards granted: ​
​ | ​ | ​ | ​
​ | ​ | Three Fiscal Quarters Ended | ​
​ | ​ | October 1, 2022 |
Risk-free interest rate |  | 2.04 | %
Expected volatility |  | 39.67 | %
Expected term (in years) |  | 6.25 | ​
Expected dividend yield |  | 0.00 | %
​ Restricted Stock Awards The following table represents the Company’s restricted stock awards activity during the three fiscal quarters ended October 1, 2022: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted-
​ | ​ | ​ | ​ | Average Grant-
​ |  | Shares |  | Date Fair Value
Outstanding at January 1, 2022 |  | 5,803,124 | ​ | $ | 19.00
Granted |  | — | ​ |  | —
Vested |  | (1,373,260) | ​ |  | 19.00
Forfeited |  | (480,385) | ​ |  | 19.00
Outstanding at October 1, 2022 |  | 3,949,479 | ​ | $ | 19.00
​ Restricted Stock Units The following table represents the Company’s restricted stock units activity during the three fiscal quarters ended October 1, 2022: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted-
​ | ​ | ​ | ​ | Average Grant-
​ | ​ | Shares | ​ | Date Fair Value
Outstanding at January 1, 2022 |  | 278,591 | ​ | $ | 19.08
Granted |  | 210,012 | ​ |  | 10.81
Vested |  | (182,383) | ​ |  | 19.00
Forfeited |  | (17,324) | ​ |  | 19.00
Outstanding at October 1, 2022 |  | 288,896 | ​ | $ | 13.12
​ Stock Options The following table represents the Company’s stock option activity during the three fiscal quarters ended October 1, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ |  | ​ | Weighted- |  | Weighted- |  | ​ | ​
​ | ​ | ​ | ​ | ​ | Average | ​ | Average | ​ | ​ | ​
​ | ​ | ​ | ​ | Exercise Price | ​ | Remaining | ​ | Aggregate
​ |  | Shares |  | per Share |  | Contract Term |  | Intrinsic Value
​ |  | ​ |  | ​ | ​ | ​ | (in years) | ​ | (in thousands)
Outstanding on January 1, 2022 |  | 822,886 | ​ | $ | 19.08 |  | ​ | ​ | ​ | ​
Granted |  | 1,500,149 | ​ | ​ | 13.30 |  |  | ​ |  |
Exercised |  | — | ​ |  | — |  |  | ​ |  |
Expired | ​ | (1,557) | ​ | ​ | 19.00 | ​ | ​ | ​ | ​ | ​
Forfeited |  | (240,420) | ​ |  | 17.38 |  |  | ​ |  |
Outstanding at October 1, 2022 |  | 2,081,058 | ​ | $ | 15.11 |  | 9.15 | ​ | $ | —
Vested and expected to vest at October 1, 2022 |  | 2,081,058 | ​ | $ | 15.11 |  | 9.15 | ​ | $ | —
Options exercisable at October 1, 2022 |  | 179,714 | ​ |  | 19.00 |  | 8.26 | ​ |  | —
​ The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. The weighted average grant-date fair value of stock options granted during the three fiscal quarters ended October 1, 2022 was $5.56 per share.

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

X
- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
Name: | us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration