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Stock-based Compensation Plans (Tables)
 6 Months Ended
Jun. 30, 2024
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 as follows for the periods indicated:
THIRTEEN WEEKS ENDEDTWENTY-SIX WEEKS ENDED
(dollars in thousands)JUNE 30, 2024JUNE 25, 2023JUNE 30, 2024JUNE 25, 2023
Performance-based share units (1)$(1,556)$2,297 $(1,063)$3,220 
Restricted stock units2,021 1,985 3,958 3,948 
Stock options— 835 — 835 
Total stock-based compensation expense, net of capitalized expense$465 $5,117 $2,895 $8,003 
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(1)The thirteen and twenty-six weeks ended June 30, 2024 include a cumulative life-to-date adjustment to decrease expense for PSUs granted in fiscal year 2023 based on updated assumptions regarding the criteria set forth in the award agreements.
Schedule of nonvested performance-based units activity
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 UNITSWEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNITAGGREGATE
INTRINSIC VALUE (1)
Outstanding as of December 31, 2023818 $26.92 $23,026 
Granted290 $27.26 
Performance adjustment (2)237 $25.40 
Vested(473)$25.40 
Forfeited(86)$27.57 
Outstanding as of June 30, 2024786 $27.43 $15,107 
Expected to vest as of June 30, 2024 (3)288 $5,543 
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(1)Based on the $28.15 and $19.23 share price of the Company’s common stock on December 29, 2023 and June 28, 2024, the last trading day of the year ended December 31, 2023 and twenty-six weeks ended June 30, 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.
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:
TWENTY-SIX WEEKS ENDED
JUNE 30, 2024JUNE 25, 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 
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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 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 twenty-six weeks ended June 30, 2024 and June 25, 2023, respectively.
Schedule of unrecognized compensation cost, nonvested awards
The following represents unrecognized stock-based compensation expense and the remaining weighted average recognition period as of June 30, 2024:
UNRECOGNIZED COMPENSATION EXPENSE
(dollars in thousands)		REMAINING WEIGHTED AVERAGE RECOGNITION PERIOD (in years)
Performance-based share units$6,976 2.7
Restricted stock units$12,302 2.1