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Incentive Stock Plans
 9 Months Ended
Sep. 28, 2024
Share-Based Payment Arrangement [Abstract]  
Incentive Stock Plans
13. Incentive Stock Plans
Stock-based compensation expense was as follows:
Three Months EndedNine Months Ended
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Stock-based compensation expense
$3,090 $2,116 $7,500 $5,286 
(a)Included equity award expense of $2 million during each of the quarters ended September 28, 2024 and September 30, 2023, and $5 million during each of the nine months ended September 28, 2024 and September 30, 2023.
The Company made new grants of restricted stock units, performance-based stock units and performance-based cash awards during the first and second quarters of 2024. The 2024 restricted stock unit awards cliff vest after three years, except for director awards, which vest after one year. 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 either metric would result in zero payout for that metric. 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— — 633,603 4.11 582,442 4.52 
Forfeited— — (94,134)4.97 (329,411)10.87 
Exercised or settled— — (625,104)6.81 (5,000)2.41 
Expired or cancelled(46,798)29.52 — — — — 
Outstanding at September 28, 2024
— $— 1,801,059 $5.12 1,618,632 $6.06