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Share-Based Payments

3 Months Ended

Mar. 29, 2025

Share-Based Payments

Share-Based Payments

(16)

Share-Based Payments

The following table details our stock option activity for the first quarter of fiscal 2025 (dollars in thousands, except per share data):


				Weighted			Weighted Average
				Average			Contractual Life		Aggregate
		Options		Exercise Price			Remaining (Years)		Intrinsic Value
Outstanding at December 28, 2024		1,773,573		$	24.35		6.70		$	—
Granted		—		$	—
Exercised		—		$	—
Forfeited		—		$	—
Expired		(34,773)		$	29.23
Outstanding at March 29, 2025		1,738,800		$	24.25		6.58		$	—
Exercisable at March 29, 2025		767,532		$	30.12		4.84		$	—

We did not grant any stock options during the first quarter of 2025 or the first quarter of 2024.

The following table details the activity in our performance share long-term incentive awards (LTIAs) for the first quarter of 2025:


				Weighted Average
		Number of		Grant Date Fair Value
		Performance Shares⁽¹⁾		(per share)⁽²⁾
Outstanding at December 28, 2024		2,684,106		$	12.03
Granted		2,321,319		$	4.44
Vested		—		$	—
Forfeited		(345,461)		$	20.69
Outstanding at March 29, 2025		4,659,964		$	7.61

(1)	Solely for purposes of this table, the number of performance shares is based on the participants earning the maximum number of performance shares (i.e., 233.333% or 300%, as applicable, of the target number of performance shares).

(2)

The fair value of the awards was determined based upon the closing price of our common stock on the applicable measurement dates (i.e., the deemed grant dates for accounting purposes), reduced by the present value of expected dividends using the risk-free interest-rate, as the award holders are not entitled to dividends or dividend equivalents during the vesting period.

The following table details the activity in our restricted stock for the first quarter of 2025:


				Weighted Average
		Number of Shares		Grant Date Fair Value
		of Restricted Stock		(per share)⁽¹⁾
Outstanding at December 28, 2024		689,137		$	12.86
Granted		767,569		$	6.82
Vested		(279,717)		$	13.63
Forfeited		(2,719)		$	13.01
Outstanding at March 29, 2025		1,174,270		$	8.73

(1)	The fair value of the awards was determined based upon the closing price of our common stock on the applicable measurement dates (i.e., the deemed grant dates for accounting purposes).

The following table details the number of shares of common stock issued by our company during the first quarter of 2025 and 2024 upon the vesting of performance share LTIAs, the exercise of stock options, the issuance of restricted stock and other share-based compensation net of cancellations:


	Thirteen Weeks Ended
	March 29,			March 30,
	2025			2024
Number of performance shares vested		—			—
Shares withheld for tax withholding		—			—
Shares of common stock issued for performance share LTIAs		—			—
Shares of restricted common stock issued to employees		767,569			479,746
Shares of restricted stock withheld and cancelled for tax withholding upon vesting		(111,762)			(51,997)
Shares of restricted stock cancelled upon forfeiture		(2,719)			(676)
Net shares of common stock issued		653,088			427,073

The following table sets forth the compensation expense recognized for share-based payments (performance share LTIAs, restricted stock, stock options, non-employee director stock grants and other share-based payments) during the first quarter of 2025 and 2024 and where that expense is reflected in our consolidated statements of operations (in thousands):


	Thirteen Weeks Ended
	March 29,			March 30,
Consolidated Statements of Operations Location	2025			2024
Compensation expense included in cost of goods sold	$	395		$	162
Compensation expense included in selling, general and administrative expenses		2,776			1,621
Total compensation expense for share-based payments	$	3,171		$	1,783

As of March 29, 2025, there was $9.5 million of unrecognized compensation expense related to performance share LTIAs, which is expected to be recognized over the next 2.8 years, $9.4 million of unrecognized compensation expense related to restricted stock, which is expected to be recognized over the next 3.0 years, and $1.4 million of unrecognized compensation expense related to stock options, which is expected to be recognized over the next 2.8 years.