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Shareholders' Deficit | 12 Months Ended
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Dec. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Shareholders’ Deficit | Shareholders’ Deficit Stock-Based Compensation Expense Total stock-based compensation expense was as follows (in thousands):
| 2023 |  | 2022 |  | 2021
Stock awards(1) | $ | 11,053 |  |  | $ | 9,471 |  |  | $ | 20,216 |
Stock options | 3,802 |  |  | 3,752 |  |  | 2,998 |
Total stock-based compensation expense(1) | 14,855 |  |  | 13,223 |  |  | 23,214 |
Income tax benefit | 3,476 |  |  | 3,319 |  |  | 5,722 |
Total stock-based compensation expense, net of tax | $ | 11,379 |  |  | $ | 9,904 |  |  | $ | 17,492 |
____________________ (1) Changes in annual stock-based compensation expense includes the cumulative impact of the change in the expected achievements of certain performance targets. Stock Options A summary of the Company’s stock option activity was as follows (in thousands, except per share amounts and years):
| Stock Options |  | Weighted- Average Exercise Price per Share |  | Weighted- Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value (1)
Outstanding at December 31, 2022 | 787 |  |  | $ | 46.02 |  |  | 6.1 |  | $ | 829 |
Granted | 305 |  |  | 27.30 |  |  |  |  |
Exercised | (20) |  |  | 21.43 |  |  |  |  |
Canceled/Forfeited | (26) |  |  | 55.69 |  |  |  |  |
Outstanding at December 30, 2023 | 1,046 |  |  | $ | 40.80 |  |  | 6.2 |  | $ | — |
Exercisable at December 30, 2023 | 654 |  |  | $ | 42.08 |  |  | 4.5 |  | $ | — |
Vested and expected to vest at December 30, 2023 | 1,014 |  |  | $ | 40.87 |  |  | 6.1 |  | $ | — |
____________________ (1) Aggregate intrinsic value includes only those options where the current share price is equal to or greater than the share price on the date of grant. Other information pertaining to options was as follows (in thousands, except per share amounts):
| 2023 |  | 2022 |  | 2021
Weighted-average grant date fair value of stock options granted | $ | 16.41 |  |  | $ | 30.22 |  |  | $ | 71.93 |
Total intrinsic value (at exercise) of stock options exercised | $ | 298 |  |  | $ | 1,298 |  |  | $ | 16,003 |
Cash received from the exercise of stock options for the fiscal year ended December 30, 2023 was $0.4 million. The Company’s tax benefit related to the exercise of stock options for the fiscal year ended December 30, 2023 was $0.1 million. At December 30, 2023, there was $5.2 million of total stock option compensation expense related to non-vested stock options not yet recognized, which is expected to be recognized over a weighted-average period of 1.9 years. The assumptions used to calculate the fair value of options granted using the Black-Scholes-Merton option-pricing model were as follows:
Valuation Assumptions | 2023 |  | 2022 |  | 2021
Expected dividend yield | 0.0 | % |  | 0.0 | % |  | 0.0 | %
Expected volatility | 64 | % |  | 57 | % |  | 58 | %
Risk-free interest rate | 3.8 | % |  | 2.2 | % |  | 0.9 | %
Expected term (years) | 5.7 |  | 5.3 |  | 5.2
Stock Awards Stock award activity was as follows (in thousands, except per share amounts):
| Time- Based Stock Awards |  | Weighted-Average Grant Date Fair Value |  | Performance- Based Stock Awards |  | Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2022 | 261 |  |  | $ | 61.88 |  |  | 501 |  |  | $ | 66.33 |
Granted | 304 |  |  | 26.10 |  |  | 440 |  |  | 28.85 |
Vested | (127) |  |  | 57.10 |  |  | (201) |  |  | 36.84 |
Canceled/Forfeited | (41) |  |  | 48.64 |  |  | (41) |  |  | 61.15 |
Outstanding at December 30, 2023 | 397 |  |  | $ | 37.38 |  |  | 699 |  |  | $ | 51.74 |
At December 30, 2023, there was $8.7 million of unrecognized compensation expense related to non-vested time-based stock awards, which is expected to be recognized over a weighted-average period of 1.7 years, and $7.8 million of unrecognized compensation expense related to non-vested performance-based stock awards, which is expected to be recognized over a weighted-average period of 2.1 years. Repurchases of Common Stock Repurchases of the Company’s common stock were as follows (in thousands):
| 2023 |  | 2022 |  | 2021
Amount repurchased under Board-approved share repurchase program | $ | — |  |  | $ | 54,868 |  |  | $ | 364,479 |
Amount repurchased in connection with the vesting of employee restricted stock grants | 3,747 |  |  | 9,320 |  |  | 17,897 |
Total amount repurchased (based on trade dates) | $ | 3,747 |  |  | $ | 64,188 |  |  | $ | 382,376 |
As of December 30, 2023, the remaining authorization under the Board-approved $600 million share repurchase program was $348 million. Net (Loss) Income per Common Share The components of basic and diluted net (loss) income per share were as follows (in thousands, except per share amounts):
| 2023 |  | 2022 |  | 2021
Net (loss) income | $ | (15,287) |  |  | $ | 36,610 |  |  | $ | 153,746 |
Reconciliation of weighted-average shares outstanding: |  |  |  |  |
Basic weighted-average shares outstanding | 22,429 |  |  | 22,396 |  |  | 24,038 |
Dilutive effect of stock-based awards | — |  |  | 456 |  |  | 909 |
Diluted weighted-average shares outstanding | 22,429 |  |  | 22,852 |  |  | 24,947 |
Net (loss) income per share – basic | $ | (0.68) |  |  | $ | 1.63 |  |  | $ | 6.40 |
Net (loss) income per share – diluted | $ | (0.68) |  |  | $ | 1.60 |  |  | $ | 6.16 |
Additional potential dilutive stock-based awards totaling 1.3 million, 0.6 million and 0.9 million for 2023, 2022 and 2021, respectively, have been excluded from the diluted net (loss) income per share calculations because these stock-based awards were anti-dilutive. For 2023, otherwise dilutive stock-based awards of $0.1 million have been excluded from the calculation of diluted weighted-average shares outstanding, as their inclusion would have had an anti-dilutive effect on net loss per diluted share.

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