Share-Based Compensation

3 Months Ended

Mar. 26, 2025

Share-Based Payment Arrangement [Abstract]

Total share-based compensation included as a component of general and administrative expenses was as follows:


	Quarter Ended
		March 26, 2025		March 27, 2024
		(In thousands)
Employee share awards		$	2,552	$	2,571
Restricted stock units for board members		233		205
Total share-based compensation		$	2,785	$	2,776

Employee Share Awards

During the quarter ended March 26, 2025, we granted certain employees 0.9 million performance share units (“PSUs”) with a weighted average grant date fair value of $6.73 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. Half of these PSUs will be settled in cash, net of taxes (liability-classified awards) and half will be settled in shares of stock, net of shares withheld for taxes (equity-classified awards). 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 26, 2024 and ending December 29, 2027. The PSUs will vest and be earned at the end of the performance period at which point the relative TSR achievement percentages will be applied to the vested units (from 0% to 150% of the target award).

During the quarter ended March 26, 2025, we also granted certain employees 1.3 million restricted stock units ("RSUs") with a weighted average grant date fair value of $6.26 per share. These RSUs generally vest evenly over the three-year fiscal period beginning December 26, 2024 and ending December 29, 2027. We recognize compensation cost associated with these RSU awards on a straight-line basis over the entire performance period of the award.

During the quarter ended March 26, 2025, we issued 0.3 million shares of common stock related to vested PSUs and RSUs. In addition, 0.2 million shares of common stock were withheld in lieu of taxes related to vested PSUs and RSUs.

As of March 26, 2025, we had $24.1 million of unrecognized compensation cost related to unvested PSU awards and RSU awards outstanding, which have a weighted average remaining contractual term of 2.2 years.

Restricted Stock Units for Board Members

As of March 26, 2025, we had $0.1 million of unrecognized compensation cost related to unvested RSU awards outstanding, which have a weighted average remaining contractual term of 0.1 years.