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Incentive Stock Plans
 3 Months Ended
Mar. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Incentive Stock Plans
11. Incentive Stock Plans
Stock-based compensation expense was as follows:
Three Months Ended
March 30, 2024April 1, 2023
Stock-based compensation expense
$1,780 $1,478 
The Company made new grants of restricted stock units, performance-based stock units and performance-based cash awards during the first quarter of 2024. The 2024 restricted stock unit awards cliff vest after three years. The 2024 performance-based awards cliff vest after three years and are based equally on TSR relative to peers and three-year cumulative adjusted EBITDA. Participants can earn between 0 percent and 200 percent of the target award for each of the TSR and adjusted EBITDA metrics. Performance below threshold for each metric would result in zero payout. The performance-based cash award is paid in cash and is classified as a liability and remeasured to fair value at the end of each reporting period until settlement.
In March 2024, the performance-based awards granted in 2021 vested without meeting the performance thresholds, resulting in no stock units or cash being awarded.
The following table summarizes the 2024 activity of the Company’s incentive stock awards:
Stock OptionsRestricted Stock UnitsPerformance-Based Stock Units
OptionsWeighted Average Exercise PriceAwardsWeighted Average Grant Date Fair ValueAwardsWeighted Average Grant Date Fair Value
Outstanding at December 31, 2023
46,798 $37.77 1,886,694 $6.01 1,370,601 $7.83 
Granted— — 389,799 3.79 568,812 4.50 
Forfeited— — (41,348)5.17 (293,790)11.41 
Exercised or settled— — (245,389)10.52 — — 
Expired or cancelled(46,798)29.52 — — — — 
Outstanding at March 30, 2024
— $— 1,989,756 $5.04 1,645,623 $6.12