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Stock-based Compensation Plans (Tables) | 9 Months Ended
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Sep. 29, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of compensation cost for stock-based payment arrangements | 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.
Schedule of nonvested performance-based units and restricted stock units activity | 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.
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 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.
Schedule of unrecognized compensation cost, nonvested awards | 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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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of cost not yet recognized and weighted-average period over which cost is expected to be recognized for nonvested award under share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (i) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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