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Share-Based Compensation | 9 Months Ended
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Sep. 27, 2023
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based Compensation Total share-based compensation included as a component of general and administrative expenses was as follows:
| Quarter Ended |  | Three Quarters Ended
| September 27, 2023 |  | September 28, 2022 |  | September 27, 2023 |  | September 28, 2022
| (In thousands)
Employee share awards | $ | 2,659 |  |  | $ | 1,706 |  |  | $ | 7,793 |  |  | $ | 8,784 |
Restricted stock units for board members | 205 |  |  | 241 |  |  | 684 |  |  | 683 |
Total share-based compensation | $ | 2,864 |  |  | $ | 1,947 |  |  | $ | 8,477 |  |  | $ | 9,467 |
Employee Share Awards During the year-to-date period ended September 27, 2023, we granted certain employees 0.3 million performance share units ("PSUs") with a weighted average grant date fair value of $18.39 per share that vest based on the total shareholder return (“TSR”) of our common stock compared to the TSRs of a group of peer companies and 0.3 million PSUs with a weighted average grant date fair value of $11.90 per share that vest based on our Adjusted EPS growth rate versus plan, as defined under the terms of the award. As the TSR based PSUs contain a market condition, a Monte Carlo valuation was used to determine the grant date fair value. The performance period for these PSUs is the three-year fiscal period beginning December 29, 2022 and ending December 31, 2025. The PSUs will vest and be earned at the end of the performance period at which point the relative TSR and Adjusted EPS growth rate achievement percentages will be applied to the vested units (from 0% to 200% of the target award). We recognize compensation cost associated with 0.5 million of these PSU awards over the entire performance period on a straight-line basis, with compensation cost for the remaining 0.1 million PSU awards recognized on a graded-vesting basis due to the accelerated vesting terms for certain retirement eligible individuals. During the year-to-date period ended September 27, 2023, we also granted certain employees 0.7 million restricted stock units ("RSUs") with a weighted average grant date fair value of $11.83 per share. These RSUs generally vest evenly over the three-year fiscal period beginning December 29, 2022 and ending December 31, 2025. We recognize compensation cost associated with these RSU awards on a straight-line basis over the entire performance period of the award. During the year-to-date period ended September 27, 2023, we issued 0.5 million shares of common stock related to vested PSUs and RSUs. In addition, 0.3 million shares of common stock were withheld in lieu of taxes related to vested PSUs and RSUs. As of September 27, 2023, we had $16.3 million of unrecognized compensation cost related to unvested PSU awards and RSU awards outstanding, which have a weighted average remaining contractual term of 1.9 years. Restricted Stock Units for Board Members During the year-to-date period ended September 27, 2023, we granted less than 0.1 million RSUs (which are equity classified) with a grant date fair value of $10.71 per unit to non-employee members of our Board of Directors. The RSUs vest after a one year service period. A director may elect to convert these awards into shares of common stock either on a specific date in the future (while still serving as a member of our Board of Directors), upon termination as a member of our Board of Directors, or in three equal annual installments commencing after termination of service as a member of our Board of Directors. During the year-to-date period ended September 27, 2023, 0.2 million RSUs were converted into shares of common stock. As of September 27, 2023, we had $0.5 million of unrecognized compensation cost related to unvested RSU awards outstanding, which have a weighted average remaining contractual term of 0.6 years.

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