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Stock-based Compensation Plans | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-based Compensation Plans | Stock-based Compensation Plans The Company recognized stock-based compensation expense as follows for the periods indicated:
|  |  | THIRTEEN WEEKS ENDED
(dollars in thousands) |  |  |  |  | MARCH 31, 2024 |  | MARCH 26, 2023
Performance-based share units |  |  |  |  | $ | 493 |  |  | $ | 923 |
Restricted stock units |  |  |  |  | 1,937 |  |  | 1,963 |
Total stock-based compensation expense, net of capitalized expense |  |  |  |  | $ | 2,430 |  |  | $ | 2,886 |
The following table presents a summary of the Company’s performance-based share units (“PSUs”) 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 31, 2023 | 818 |  |  | $ | 26.92 |  |  | $ | 23,026 |
Granted | 290 |  |  | $ | 27.26 |  |  |
Performance adjustment (2) | 237 |  |  | $ | 25.40 |  |  |
Vested | (473) |  |  | $ | 25.40 |  |  |
Forfeited | (46) |  |  | $ | 27.54 |  |  |
Outstanding as of March 31, 2024 | 826 |  |  | $ | 27.44 |  |  | $ | 23,697 |
Expected to vest as of March 31, 2024 (3) | 489 |  |  |  |  | $ | 14,017 |
________________ (1)Based on the $28.15 and $28.68 share price of the Company’s common stock on December 29, 2023 and March 28, 2024, the last trading day of the year ended December 31, 2023 and thirteen weeks ended March 31, 2024, respectively. (2)Represents adjustment to 200% payout for PSUs granted during 2021. (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 2022, 2023 and 2024 PSU award agreements. Assumptions used in the Monte Carlo simulation model and the grant date fair value of PSUs granted were as follows for the periods indicated:
| THIRTEEN WEEKS ENDED |
| MARCH 31, 2024 |  | MARCH 26, 2023 |  |  |  |
Assumptions: |  |  |  |  |  |  |
Risk-free interest rate (1) | 4.37 | % |  | 4.26 | % |  |  |  |
Dividend yield (2) | 3.49 | % |  | 3.47 | % |  |  |  |
Volatility (3) | 51.41 | % |  | 51.02 | % |  |  |  |
Grant date fair value per unit (4) | $ | 27.26 |  |  | $ | 29.01 |  |  |  |  |
________________ (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 discount below and a premium above the grant date per share value of the Company’s common stock for the relative total shareholder return modifier of (1.6)% and 2.7% during the thirteen weeks ended March 31, 2024 and March 26, 2023, respectively. The following represents unrecognized stock-based compensation expense and the remaining weighted average vesting period as of March 31, 2024:
| UNRECOGNIZED COMPENSATION EXPENSE (dollars in thousands) |  | REMAINING WEIGHTED AVERAGE VESTING PERIOD (in years)
Performance-based share units | $ | 11,215 |  |  | 1.9
Restricted stock units | $ | 12,531 |  |  | 2.3

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