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Stock-Based Compensation | 3 Months Ended
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Mar. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Stock options We have awarded stock options to certain employees, with the most recent options granted in December 2018. The number of options and exercise price of each option is determined by an independent committee designated by our Board of Directors. The options granted are generally exercisable over a 10-year period from the date of the grant. Outstanding options expire on various dates through the year 2028. The range of exercise prices for the outstanding options as of March 30, 2025 is $12.90 and $13.73 per option, and the options generally vest in one-fourth and one-fifth increments over four and five-year periods, respectively. A summary of stock option activity for the quarter to date ended March 30, 2025 is as follows:
Options |  | Shares |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value |  | Weighted Average Remaining Term (Years)
Outstanding—December 29, 2024 |  | 58 |  |  | $ | 13.16 |  |  | $ | — |  |  | 1.86
Granted |  | — |  |  | — |  |  |  |  |
Exercised |  | — |  |  | — |  |  |  |  |
Canceled |  | (10) |  |  | 12.99 |  |  |  |  |
Outstanding—March 30, 2025 |  | 48 |  |  | $ | 13.20 |  |  | $ | — |  |  | 1.95
Exercisable—March 30, 2025 |  | 48 |  |  | $ | 13.20 |  |  | $ | — |  |  | 1.95
Stock-based compensation related to stock options is measured at the grant date based on the calculated fair value of the award, and is recognized as expense over the requisite employee service period, which is generally the vesting period of the grant with a corresponding increase to additional paid-in capital. We did not recognize stock-based compensation expense related to stock options for the quarter ended March 30, 2025 or the quarter ended March 31, 2024. As of March 30, 2025, we had no unrecognized stock-based compensation expense related to stock options. Restricted stock units We award restricted stock units ("RSUs") to certain employees, including our senior leadership, and certain non-employee members of our Board of Directors. Grants of RSUs to our Board of Directors fully vest on the first anniversary of the grant date, or upon termination from the Board of Directors for any reason other than for cause, a pro rata portion of the shares vest on the termination date. The employee grants generally vest in one-third increments over a three-year period. A summary of RSU activity for the quarter ended March 30, 2025 is as follows:
RSUs |  | Number of RSUs |  | Weighted Average Fair Value per Share
Non-vested as of December 29, 2024 |  | 740 |  |  | $ | 8.54 |
Granted |  | 59 |  |  | 9.37 |
Vested |  | (16) |  |  | 7.95 |
Canceled |  | — |  |  | — |
Non-vested as of March 30, 2025 |  | 783 |  |  | $ | 8.64 |
For the quarters ended March 30, 2025 and March 31, 2024, we recognized stock-based compensation expense related to RSUs of $0.8 million and $0.8 million, respectively. We record expense related to RSUs within general and administrative expenses in the condensed consolidated statements of operations. As of March 30, 2025, unrecognized stock-based compensation expense for RSUs was $4.0 million, which will be recognized through the first quarter of 2028. Performance stock units We award performance stock units ("PSUs") to certain of our employees, including our executive officers. We have PSUs that have certain vesting conditions based upon our stock price and relative stock performance. Because these PSUs are subject to service and market vesting conditions, we determine the fair market value of each grant using a Monte Carlo simulation model. Participants are entitled to receive a specified number of shares of our common stock contingent on achievement of a stock return on our common stock. For the quarters ended March 30, 2025 and March 31, 2024, we recognized stock-based compensation expense for PSUs with market vesting conditions of $0.7 million and $0.9 million, respectively. We record expense related to PSUs within general and administrative expenses in the condensed consolidated statements of operations. As of March 30, 2025, unrecognized stock-based compensation expense for PSUs was $3.1 million, which will be recognized through the second quarter of 2027. A summary of activity for PSUs with market vesting conditions for the quarter to date ended March 30, 2025 is as follows:
PSUs |  | Number of PSUs |  | Weighted Average Fair Value per Share
Non-vested as of December 29, 2024 |  | 493 |  |  | $ | 11.83 |
Granted |  | 59 |  |  | 9.37 |
Vested |  | (35) |  |  | 9.12 |
Canceled |  | — |  |  | — |
Non-vested as of March 30, 2025 |  | 517 |  |  | $ | 11.67 |

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