Convertible Senior Notes

3 Months Ended

Mar. 30, 2025

The following table includes the outstanding principal amount and carrying value of the Company’s remaining 5.00% convertible senior notes due in 2025 (the “2025 Notes”) as of the periods indicated:


(dollars in thousands)	MARCH 30, 2025		DECEMBER 29, 2024
Principal	$	20,724	$	20,724
Less: unamortized debt issuance costs	(14)		(56)
Net carrying amount	$	20,710	$	20,668

Following is a summary of interest expense for the 2025 Notes by component for the periods indicated:


	THIRTEEN WEEKS ENDED
(dollars in thousands)		MARCH 30, 2025		MARCH 31, 2024
Coupon interest		$	259	$	1,006
Debt issuance cost amortization		42		158
Total interest expense (1)		$	301	$	1,164

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(1)The effective rate of the 2025 Notes over their expected life is 5.85%.

The 2025 Notes matured on May 1, 2025, and were settled in cash for $20.7 million, excluding accrued interest. In connection with the maturity of the 2025 Notes, the related convertible note hedges entered into with certain purchasers of the 2025 Notes and/or their respective affiliates and other financial institutions expired.

The warrants remain proportional to the 2025 Notes that matured May 1, 2025 and have a dilutive effect on the Company’s common stock to the extent that the price of its common stock exceeds the strike price of the warrants. The warrants expire on various dates following the maturity of the 2025 Notes through November 21, 2025, unless the Company terminates the warrants prior to their scheduled expiration. In connection with dividends paid during thirteen weeks ended March 30, 2025, the strike price for the remaining warrants decreased to $14.60.