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Stock-based Compensation Plans (Tables)
 9 Months Ended
Sep. 24, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of compensation cost for stock-based payment arrangements, allocation of share-based compensation costs by plan
The Company recognized stock-based compensation expense, net of capitalized expense, as follows for the periods indicated:
THIRTEEN WEEKS ENDEDTHIRTY-NINE WEEKS ENDED
(dollars in thousands)SEPTEMBER 24, 2023SEPTEMBER 25, 2022SEPTEMBER 24, 2023SEPTEMBER 25, 2022
Performance-based share units (1)$2,298 $67 $5,518 $5,526 
Restricted stock units2,094 1,872 6,042 5,709 
Stock options— 38 835 470 
Total stock-based compensation expense, net$4,392 $1,977 $12,395 $11,705 
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(1)The thirteen and thirty-nine weeks ended September 25, 2022 include a cumulative life-to-date adjustment to decrease expense for PSUs granted in fiscal year 2020 based on revised Company projections of performance criteria set forth in the award agreements.
Schedule of nonvested performance-based units activity
The following table presents a summary of the Company’s PSU activity:
(in thousands, except per unit data)PERFORMANCE-BASED SHARE UNITSWEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNITAGGREGATE
INTRINSIC VALUE (1)
Outstanding as of December 25, 2022874 $24.83 $18,323 
Granted301 $29.01 
Performance adjustment (2)154 $19.84 
Vested(470)$19.84 
Forfeited(32)$26.39 
Outstanding as of September 24, 2023827 $26.92 $20,101 
Expected to vest as of September 24, 2023 (3)1,067 $25,928 
________________
(1)Based on the $20.96 and $24.30 share price of the Company’s common stock on December 23, 2022 and September 22, 2023, the last trading day of the year ended December 25, 2022 and the thirty-nine weeks ended September 24, 2023, respectively.
(2)Represents adjustment to 148% payout for PSUs granted during 2020.
(3)Estimated number of units to be issued upon the vesting of outstanding PSU awards based on Company performance projections of performance criteria set forth in the 2021, 2022 and 2023 PSU award agreements.
Monte Carlo schedule of assumptions used to calculate far value of PSUs
Assumptions used in the Monte Carlo simulation model and the grant date fair value of PSUs granted were as follows for the periods indicated:
THIRTY-NINE WEEKS ENDED
SEPTEMBER 24, 2023SEPTEMBER 25, 2022
Assumptions:
Risk-free interest rate (1)4.26 %1.64 %
Dividend yield (2)3.47 %2.31 %
Volatility (3)51.02 %49.11 %
Grant date fair value per unit (4)$29.01 $26.10 
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(1)Risk-free interest rate is the U.S. Treasury yield curve in effect as of the grant date for the performance period of the unit.
(2)Dividend yield is the level of dividends expected to be paid on the Company’s common stock over the expected term.
(3)Based on the historical volatility of the Company’s stock over the last seven years.
(4)Represents a premium above the grant date per share value of the Company’s common stock for the Relative TSR modifier of 2.7% and 7.9% during the thirty-nine weeks ended September 24, 2023 and September 25, 2022, respectively.
Schedule of unrecognized compensation cost, nonvested awards
The following represents unrecognized stock-based compensation expense and the remaining weighted average vesting period as of September 24, 2023:
UNRECOGNIZED COMPENSATION EXPENSE
(dollars in thousands)		REMAINING WEIGHTED AVERAGE VESTING PERIOD (in years)
Performance-based share units$11,995 1.5
Restricted stock units$10,306 1.9