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Stock-based Compensation Plans | 9 Months Ended
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Sep. 29, 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 |  | THIRTY-NINE WEEKS ENDED
(dollars in thousands) | SEPTEMBER 29, 2024 |  | SEPTEMBER 24, 2023 |  | SEPTEMBER 29, 2024 |  | SEPTEMBER 24, 2023
Stock-based compensation expense, net of capitalized expense (1) | $ | 2,342 |  |  | $ | 4,392 |  |  | $ | 5,237 |  |  | $ | 12,395 |
________________ (1)The thirty-nine weeks ended September 29, 2024 includes 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. The following table presents a summary of the Company’s performance-based share units (“PSUs”) and restricted stock units (“RSUs”) activity:
|  |  |  |  | WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNIT |  | AGGREGATE INTRINSIC VALUE (1)
(in thousands, except per unit data) | PSUs |  | RSUs |  | PSUs |  | RSUs |  | PSUs |  | RSUs
Outstanding as of December 31, 2023 | 818 |  |  | 631 |  |  | $ | 26.92 |  |  | $ | 23.58 |  |  | $ | 23,026 |  |  | $ | 17,757 |
Granted (2) | 290 |  |  | 619 |  |  | $ | 27.26 |  |  | $ | 20.25 |  |  |  |  |
Performance adjustment (3) | 237 |  |  | — |  |  | $ | 25.40 |  |  | $ | — |  |  |  |  |
Vested | (473) |  |  | (288) |  |  | $ | 25.40 |  |  | $ | 24.26 |  |  |  |  |
Forfeited | (150) |  |  | (73) |  |  | $ | 27.55 |  |  | $ | 23.93 |  |  |  |  |
Outstanding as of September 29, 2024 | 722 |  |  | 889 |  |  | $ | 27.42 |  |  | $ | 21.02 |  |  | $ | 12,133 |  |  | $ | 14,937 |
Expected to vest as of September 29, 2024 (4) | 264 |  |  | 889 |  |  |  |  |  |  | $ | 4,432 |  |  | $ | 14,937 |
________________ (1)Based on the $28.15 and $16.80 share price of the Company’s common stock on December 29, 2023 and September 27, 2024, the last trading day of the year ended December 31, 2023 and thirty-nine weeks ended September 29, 2024, respectively. (2)The weighted average dividend yield for RSUs granted during 2024 is 4.53%. (3)Represents adjustment to 200% payout for PSUs granted during 2021. (4)For PSUs, 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:
| THIRTY-NINE WEEKS ENDED |
| SEPTEMBER 29, 2024 |  | SEPTEMBER 24, 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 thirty-nine weeks ended September 29, 2024 and September 24, 2023, respectively. The following represents unrecognized stock-based compensation expense and the remaining weighted average recognition period as of September 29, 2024:
| UNRECOGNIZED COMPENSATION EXPENSE (dollars in thousands) |  | REMAINING WEIGHTED AVERAGE RECOGNITION PERIOD (in years)
Performance-based share units | $ | 5,787 |  |  | 2.4
Restricted stock units | $ | 14,308 |  |  | 1.9

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