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Stock-Based Compensation | 6 Months Ended
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Jul. 03, 2022
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation For the second quarter of 2022, the Company recognized stock compensation expense of $1.7 million, and a related tax benefit of $0.2 million. For the second quarter of 2021, the Company recognized stock compensation expense of $1.4 million, and a related tax benefit of $0.3 million. For June year-to-date 2022, the Company recognized stock compensation expense of $3.8 million, and a related tax benefit of $0.5 million. For June year-to-date 2021, the Company recognized stock compensation expense of $2.8 million, and a related tax benefit of $0.4 million. Performance Shares During the first quarter of 2022, the Company granted performance share awards associated with the Company’s Class A common stock to certain senior officers. The payment of performance share awards, which will be satisfied with the issuance of shares out of treasury stock, is contingent upon the achievement of specific revenue growth and earnings before interest, taxes, depreciation and amortization ("EBITDA") margin performance goals ("financial measure performance share awards") over a stated period of time. The maximum number of performance shares that may be earned is 200% of the target shares originally granted. These awards have three one-year performance periods: 2022, 2023 and 2024, with the payout for each performance period based on separate financial measure goals that are set in February of each of the three performance periods. Earned shares during each performance period will cliff vest in February 2025 after approval of the financial results by the Compensation Committee, if not forfeited by the recipient. No dividends are paid on these performance shares. A summary of the status of all nonvested performance shares at target as of second quarter-end 2022 and year-to-date changes is presented as follows below (in thousands of shares except per share data). The vesting adjustment in the table below represents the 2019 and a portion of the 2021 financial measure performance shares that did not vest because actual achievement was below the threshold level and resulted in no payout.
| Financial Measure Performance Shares |  |
| Shares |  | Weighted Average Grant Date Fair Value |  |  |  |
Nonvested at year-end 2021 | 708 |  |  | $ | 20.03 |  |  |  |  |
Granted | 186 |  |  | 21.19 |  |  |  |  |
Vested | (48) |  |  | 22.55 |  |  |  |  |
Forfeited | (6) |  |  | 16.81 |  |  |  |  |
Vesting adjustment | (142) |  |  | 24.45 |  |  |  |  |
Nonvested at second quarter-end 2022 | 698 |  |  | $ | 19.39 |  |  |  |  |
Restricted Stock A summary of the status of nonvested restricted stock as of second quarter-end 2022 and year-to-date changes is presented as follows below (in thousands of shares except per share data). During the second quarter of 2022, the Company granted 128,000 shares with a weighted average grant date fair value of $17.92 as a special retention stock award to certain key employees and is reflected in the granted line item below.
| Shares |  | Weighted Average Grant Date Fair Value
Nonvested at year-end 2021 | 403 |  |  | $ | 21.24 |
Granted | 388 |  |  | 20.47 |
Vested | (101) |  |  | 22.43 |
Forfeited | (72) |  |  | 21.62 |
Nonvested at second quarter-end 2022 | 618 |  |  | $ | 20.52 |

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