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Stock-based and Deferred Compensation Plans | 12 Months Ended
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Dec. 29, 2024
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 as follows for the periods indicated:
| FISCAL YEAR
(dollars in thousands) | 2024 |  | 2023 |  | 2022
Stock-based compensation expense, net of capitalized expense (1) | $ | 7,415 |  |  | $ | 11,613 |  |  | $ | 16,134 |
________________ (1)For 2024, 2023 and 2022, includes a cumulative life-to-date adjustment to decrease expense for PSUs granted in fiscal years 2024 and 2023, 2022 and 2020, respectively, based on updated assumptions regarding the criteria set forth in the award agreements. PSUs and Restricted Stock Units (“RSUs”) - 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. RSUs generally vest over a period of three years in an equal number of shares each year. The following table presents a summary of the Company’s PSU and RSU 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 | 290 |  |  | 807 |  |  | $ | 27.26 |  |  | $ | 18.76 |  |  |  |  |
Performance adjustment (2) | 237 |  |  | — |  |  | $ | 25.40 |  |  | $ | — |  |  |  |  |
Vested | (473) |  |  | (321) |  |  | $ | 25.40 |  |  | $ | 23.73 |  |  |  |  |
Forfeited | (150) |  |  | (73) |  |  | $ | 27.55 |  |  | $ | 23.93 |  |  |  |  |
Outstanding as of December 29, 2024 | 722 |  |  | 1,044 |  |  | $ | 27.42 |  |  | $ | 19.80 |  |  | $ | 8,860 |  |  | $ | 12,814 |
Expected to vest as of December 29, 2024 (3) | 132 |  |  | 1,044 |  |  |  |  |  |  | $ | 1,618 |  |  | $ | 12,814 |
________________ (1)Based on the $28.15 and $12.27 share price of the Company’s common stock on December 29, 2023 and December 27, 2024, the last trading day of the years ended December 31, 2023 and December 29, 2024, respectively. (2)Represents adjustment to 200% payout for PSUs granted during 2021. (3)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. The Company granted PSUs subject to final payout modification by a Relative TSR modifier for all periods presented. 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
| 2024 |  | 2023 |  | 2022 |  |
Assumptions: |  |  |  |  |  |  |
Risk-free interest rate (1) | 4.37 | % |  | 4.26 | % |  | 1.64 | % |  |
Dividend yield (2) | 3.49 | % |  | 3.47 | % |  | 2.31 | % |  |
Volatility (3) | 51.41 | % |  | 51.02 | % |  | 49.11 | % |  |
________________ (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. The following represents PSU and RSU compensation information for the periods indicated:
| FISCAL YEAR
| 2024 |  | 2023 |  | 2022
(dollars in thousands, except per unit data) | PSUs |  | RSUs |  | PSUs |  | RSUs |  | PSUs |  | RSUs
Grant date fair value per unit (1) | $ | 27.26 |  |  | $ | 18.76 |  |  | $ | 29.01 |  |  | $ | 24.18 |  |  | $ | 26.10 |  |  | $ | 21.59 |
Intrinsic value for vested units | $ | 12,593 |  |  | $ | 8,072 |  |  | $ | 12,908 |  |  | $ | 10,275 |  |  | $ | 7,626 |  |  | $ | 9,070 |
Grant date fair value of vested units | $ | 12,025 |  |  | $ | 7,603 |  |  | $ | 9,332 |  |  | $ | 8,257 |  |  | $ | 6,646 |  |  | $ | 8,025 |
Tax benefits for compensation expense | $ | 622 |  |  | $ | 1,152 |  |  | $ | 745 |  |  | $ | 1,528 |  |  | $ | 348 |  |  | $ | 1,113 |
Unrecognized expense | $ | 2,595 |  |  | $ | 14,309 |  |  |  |  |  |  |  |  |
Remaining weighted average vesting period | 2.2 years |  | 2.0 years |  |  |  |  |  |  |  |
________________ (1)For PSUs, represents a (discount) premium above the grant date per share value of the Company’s common stock for the Relative TSR modifier of (1.6)%, 2.7% and 7.9% for grants during 2024, 2023 and 2022, respectively. For RSUs, the weighted average dividend yield was 4.83%, 3.63% and 2.43% for 2024, 2023 and 2022, respectively. 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 31, 2023 | 1,725 |  |  | $ | 21.04 |  |  | 3.2 |  | $ | 12,263 |
Exercised | (298) |  |  | $ | 23.74 |  |  |  |  |
Forfeited or expired | (227) |  |  | $ | 22.58 |  |  |  |  |
Outstanding and exercisable as of December 29, 2024 (1) | 1,200 |  |  | $ | 20.08 |  |  | 2.1 |  | $ | — |
________________ (1)No stock options were granted during 2024. The following represents stock option compensation information for the periods indicated:
| FISCAL YEAR
(dollars in thousands) | 2024 |  | 2023 |  | 2022
Intrinsic value of options exercised | $ | 718 |  |  | $ | 6,200 |  |  | $ | 6,367 |
Cash received from option exercises, net of tax withholding | $ | 4,354 |  |  | $ | 31,778 |  |  | $ | 17,888 |
Grant date fair value of stock options vested | $ | — |  |  | $ | 1,037 |  |  | $ | 7,645 |
Tax benefits for stock option compensation expense | $ | 111 |  |  | $ | 757 |  |  | $ | 1,495 |
As of December 29, 2024, the maximum number of shares of common stock available for issuance for equity instruments pursuant to the 2020 Omnibus Incentive Compensation Plan was 5,305,102. 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 $5.7 million, $5.6 million and $5.6 million for the 401(k) Plan for 2024, 2023 and 2022, 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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