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Stock-based and Deferred Compensation Plans | 12 Months Ended
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Dec. 31, 2023
Disclosure of Compensation Related Costs, Share-based Payments and Deferred Compensation [Abstract] |
Stock-based and Deferred Compensation Plans | Stock-based and Deferred Compensation Plans Stock-based Compensation Plans The Company recognized stock-based compensation expense, net of capitalized expense, as follows for the periods indicated:
| FISCAL YEAR
(dollars in thousands) | 2023 |  | 2022 |  | 2021
Performance-based share units (1) | $ | 3,089 |  |  | $ | 8,176 |  |  | $ | 13,821 |
Restricted stock units | 7,910 |  |  | 7,687 |  |  | 8,184 |
Stock options | 835 |  |  | 503 |  |  | 2,286 |
Total stock-based compensation expense, net of capitalized expense | $ | 11,834 |  |  | $ | 16,366 |  |  | $ | 24,291 |
________________ (1)For 2023 and 2022, includes a cumulative life-to-date adjustment to decrease expense for PSUs granted in fiscal years 2022 and 2020, respectively, based on revised Company projections of performance criteria set forth in the award agreements. For 2021, includes a cumulative life-to-date adjustment to increase expense for PSUs granted in fiscal years 2019, 2020 and 2021 based on Company performance against criteria set forth in the award agreements. Performance-based Share Units - The number of PSUs that vest is determined for each year based on the achievement of certain performance criteria as set forth in the award agreement and may range from zero to 200% of the annual target grant. The PSUs are settled in shares of common stock, with holders receiving one share of common stock for each performance-based share unit that vests. Compensation expense for PSUs is recognized over the vesting period when it is probable the performance criteria will be achieved. The following table presents a summary of the Company’s PSU activity:
(in thousands, except per unit data) | PERFORMANCE-BASED SHARE UNITS |  | WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNIT |  | AGGREGATE INTRINSIC VALUE (1)
Outstanding as of December 25, 2022 | 874 |  |  | $ | 24.83 |  |  | $ | 18,323 |
Granted | 301 |  |  | $ | 29.01 |  |  |
Performance adjustment (2) | 154 |  |  | $ | 19.84 |  |  |
Vested | (470) |  |  | $ | 19.84 |  |  |
Forfeited | (41) |  |  | $ | 26.48 |  |  |
Outstanding as of December 31, 2023 | 818 |  |  | $ | 26.92 |  |  | $ | 23,026 |
Expected to vest as of December 31, 2023 (3) | 765 |  |  |  |  | $ | 21,410 |
________________ (1)Based on the $20.96 and $28.15 share price of the Company’s common stock on December 23, 2022 and December 29, 2023, the last trading day of 2022 and 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 PSUs based on Company performance projections of performance criteria set forth in the 2021, 2022 and 2023 PSU award agreements. The Company grants PSUs subject to final payout modification by a Relative TSR modifier. This Relative TSR modifier can adjust the final payout outcome by 75%, 100% or 125% of the achieved performance metric, with the overall payout capped at 200% of the annual target grant. These PSUs have a three-year cliff vesting period and their fair value was estimated using the Monte Carlo simulation model. The Monte Carlo simulation model utilizes multiple input variables to estimate the probability that the market conditions will be achieved and is applied to the closing price of the Company’s common stock on the date of the grant. Assumptions used in the Monte Carlo simulation model and the grant date fair value of PSUs granted were as follows for the periods indicated:
| FISCAL YEAR
| 2023 |  | 2022 | 2021 |  |
Assumptions: |  |  |  |  |  |
Risk-free interest rate (1) | 4.26 | % |  | 1.64 | % | 0.20 | % |  |
Dividend yield (2) | 3.47 | % |  | 2.31 | % | — | % |  |
Volatility (3) | 51.02 | % |  | 49.11 | % | 48.45 | % |  |
Grant date fair value per unit (4) | $ | 29.01 |  |  | $ | 26.10 |  | $ | 29.73 |  |  |
________________ (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%, 7.9% and 14.3% for grants during 2023, 2022 and 2021, respectively. The following represents PSU compensation information for the periods indicated:
| FISCAL YEAR
(dollars in thousands) | 2023 |  | 2022 |  | 2021
Intrinsic value for PSUs vested | $ | 12,908 |  |  | $ | 7,626 |  |  | $ | 3,768 |
Grant date fair value of PSUs vested | $ | 9,332 |  |  | $ | 6,646 |  |  | $ | 3,401 |
Tax benefits for PSU compensation expense | $ | 745 |  |  | $ | 348 |  |  | $ | 134 |
Unrecognized PSU expense | $ | 6,520 |  |  |  |  |
Remaining weighted average vesting period | 1.2 years |  |  |  |
Restricted Stock Units (“RSUs”) - RSUs generally vest over a period of three years in an equal number of shares each year. Following is a summary of the Company’s RSU activity:
(in thousands, except per unit data) | RESTRICTED STOCK UNITS |  | WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNIT |  | AGGREGATE INTRINSIC VALUE (1)
Outstanding as of December 25, 2022 | 657 |  |  | $ | 21.72 |  |  | $ | 13,776 |
Granted | 406 |  |  | $ | 24.18 |  |  |
Vested | (393) |  |  | $ | 21.02 |  |  |
Forfeited | (39) |  |  | $ | 24.15 |  |  |
Outstanding as of December 31, 2023 (2) | 631 |  |  | $ | 23.58 |  |  | $ | 17,757 |
________________ (1)Based on the $20.96 and $28.15 share price of the Company’s common stock on December 23, 2022 and December 29, 2023, the last trading day of 2022 and 2023, respectively. (2)All RSUs outstanding as of December 31, 2023 are expected to vest. The following represents RSU compensation information for the periods indicated:
| FISCAL YEAR
(dollars in thousands, except grant date fair value data) | 2023 |  | 2022 |  | 2021
Weighted average grant date fair value for RSUs granted (1) | $ | 24.18 |  |  | $ | 21.59 |  |  | $ | 25.93 |
Intrinsic value of RSUs vested | $ | 10,275 |  |  | $ | 9,070 |  |  | $ | 13,482 |
Grant date fair value of RSUs vested | $ | 8,257 |  |  | $ | 8,025 |  |  | $ | 9,434 |
Tax benefits for RSU compensation expense | $ | 1,528 |  |  | $ | 1,113 |  |  | $ | 1,592 |
Unrecognized RSU expense | $ | 9,315 |  |  |  |  |
Remaining weighted average vesting period | 1.9 years |  |  |  |
________________ (1)The weighted average dividend yield was 3.63% and 2.43% for 2023 and 2022, respectively. There were no dividends in 2021. Stock Options - Stock options generally vest and become exercisable over a period of four years in an equal number of shares each year. Stock options have an exercisable life of no more than ten years from the date of grant. The Company settles stock option exercises with authorized but unissued shares of the Company’s common stock. The following table presents a summary of the Company’s stock option activity:
(in thousands, except exercise price and contractual life data) | OPTIONS |  | WEIGHTED AVERAGE EXERCISE PRICE |  | WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE (YEARS) |  | AGGREGATE INTRINSIC VALUE
Outstanding as of December 25, 2022 | 3,188 |  |  | $ | 21.43 |  |  | 4.0 |  | $ | 3,337 |
Exercised | (1,455) |  |  | $ | 21.86 |  |  |  |  |
Forfeited or expired | (8) |  |  | $ | 25.35 |  |  |  |  |
Outstanding and exercisable as of December 31, 2023 (1) | 1,725 |  |  | $ | 21.04 |  |  | 3.2 |  | $ | 12,263 |
________________ (1)No stock options were granted during 2023. The following represents stock option compensation information for the periods indicated:
| FISCAL YEAR
(dollars in thousands) | 2023 |  | 2022 |  | 2021
Intrinsic value of options exercised | $ | 6,200 |  |  | $ | 6,367 |  |  | $ | 8,419 |
Cash received from option exercises, net of tax withholding | $ | 31,778 |  |  | $ | 17,888 |  |  | $ | 14,951 |
Grant date fair value of stock options vested | $ | 1,037 |  |  | $ | 7,645 |  |  | $ | 19,246 |
Tax benefits for stock option compensation expense | $ | 757 |  |  | $ | 1,495 |  |  | $ | 1,942 |
As of December 31, 2023, the maximum number of shares of common stock available for issuance for equity instruments pursuant to the 2020 Omnibus Incentive Compensation Plan was 6,925,256. Deferred Compensation Plans 401(k) Plan - The Company has a qualified defined contribution plan that qualifies under Section 401(k) of the Internal Revenue Code of 1986, as amended. The Company incurred contribution costs of $5.6 million, $5.6 million and $6.1 million for the 401(k) Plan for 2023, 2022 and 2021, respectively. Highly Compensated Employee Plan - The Company provides a deferred compensation plan for its highly compensated employees who are not eligible to participate in the 401(k) Plan. The deferred compensation plan allows these employees to contribute a percentage of their base salary and cash bonus on a pre-tax basis. The deferred compensation plan is unsecured and funded through the Company’s voluntary contributions.

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