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Share-Based Payments (Tables) | 12 Months Ended
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Jan. 02, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Summary of Stock Option Activity | There was no stock option activity in 2020. The following table summarizes stock option activity for 2019 and 2018:
|  |  |  |  |  |  |  |  |  |  | Weighted |  |  |  |  |  |
|  |  |  |  |  | Weighted |  |  | Average |  |  |  |  |  |
|  |  |  |  |  | Average |  |  | Remaining |  |  | Aggregate |
| Shares |  |  | Exercise |  |  | Contractual |  |  | Intrinsic Value |
| Under Options |  |  | Price |  |  | Life Years |  |  | (in thousands) |
Options outstanding and exercisable at December 30, 2017 |  |  | 47,928 |  |  | $ |  | 16.52 |  |  |  |  | 1.07 |  |  | $ |  | 487 |
Exercised |  |  | (20,476 | ) |  |  |  | 13.87 |  |  |  |  |  |  |  |  |  | 1,043 |
Cancelled/Expired |  |  | (14,400 | ) |  |  |  | 22.69 |  |  |  |  |  |  |  |  |  |  |
Options outstanding and exercisable at December 29, 2018 |  |  | 13,052 |  |  |  |  | 13.87 |  |  |  |  | 0.37 |  |  |  |  | 39 |
Exercised |  |  | (13,052 | ) |  |  |  | 13.87 |  |  |  |  |  |  |  |  |  | 51 |
Options outstanding and exercisable at December 28, 2019 |  |  | — |  |  | $ |  | — |  |  |  |  | — |  |  | $ |  | — |
Summary of Restricted Stock Activity | The following table summarizes restricted stock activity for 2020, 2019 and 2018:
|  |  |  |  |  |  |  |  |  |  |  | Weighted Average |
|  |  |  |  |  |  |  |  |  |  |  | Grant-Date |
|  |  |  |  |  |  | Shares |  |  | Fair Value |
Outstanding and nonvested at December 30, 2017 |  |  |  |  |  |  |  |  | 613,744 |  |  | $ |  | 30.32 |
Granted |  |  |  |  |  |  |  |  | 482,572 |  |  |  |  | 17.00 |
Vested |  |  |  |  |  |  |  |  | (260,644 | ) |  |  |  | 28.89 |
Forfeited |  |  |  |  |  |  |  |  | (12,853 | ) |  |  |  | 23.52 |
Outstanding and nonvested at December 29, 2018 |  |  |  |  |  |  |  |  | 822,819 |  |  |  |  | 23.07 |
Granted |  |  |  |  |  |  |  |  | 488,063 |  |  |  |  | 17.84 |
Vested |  |  |  |  |  |  |  |  | (346,721 | ) |  |  |  | 23.47 |
Forfeited |  |  |  |  |  |  |  |  | (35,428 | ) |  |  |  | 20.11 |
Outstanding and nonvested at December 28, 2019 |  |  |  |  |  |  |  |  | 928,733 |  |  |  |  | 20.28 |
Granted |  |  |  |  |  |  |  |  | 521,566 |  |  |  |  | 15.96 |
Vested |  |  |  |  |  |  |  |  | (396,219 | ) |  |  |  | 21.65 |
Forfeited |  |  |  |  |  |  |  |  | (80,132 | ) |  |  |  | 16.48 |
Outstanding and nonvested at January 2, 2021 |  |  |  |  |  |  |  |  | 973,948 |  |  | $ |  | 17.72 |
Summary of Allocation of Stock-Based Compensation Expense in Consolidated Statements of Operations | Share-based payment expense recognized and included in “Selling, general and administrative expenses” in the consolidated statements of earnings, and related tax benefits were as follows:
|  |  |  | 2020 |  |  | 2019 |  |  | 2018 |
(In thousands) |  |  |  | (53 Weeks) |  |  | (52 Weeks) |  |  | (52 Weeks) |
Restricted stock |  |  |  | $ |  | 6,299 |  |  | $ |  | 7,312 |  |  | $ |  | 7,646 |
Tax benefits |  |  |  |  |  | (839 | ) |  |  |  | (1,303 | ) |  |  |  | (2,242 | )
Stock-based compensation expense, net of tax |  |  |  | $ |  | 5,460 |  |  | $ |  | 6,009 |  |  | $ |  | 5,404 |
Summary of Assumptions Made for Purposes of Estimating Fair Value under Lattice Model for Warrants | Non-cash share-based payment expense associated with the stock warrants is recognized as vesting conditions are achieved, based on the grant date fair value of the warrants. The fair value of the stock warrants was determined as of the grant date in accordance with ASC 718, Compensation – Stock Compensation, using the binomial lattice pricing model (the “lattice model”). The lattice model is based, in part, upon assumptions for which management is required to use judgment. The assumptions made for purposes of estimating fair value under the lattice model for the Warrants were as follows:
|  |  | Selected Assumption |  | Methodology
Risk free interest rate | 0.56% |  | Derived from the Constant Maturity Treasury Rate with maturity matching time to expiration of the Warrants
Volatility | 47.00% |  | Based on historical equity volatility of Company stock over a period matching the assumed warrants term
Dividend yield | 4.57% |  | Based on the historical dividends paid by the Company
Summary of Stock Warrant Activity | The following table summarizes stock warrant activity for 2020:
|  |  |  |  |  |  |  | Warrants |
Outstanding and nonvested at December 28, 2019 |  |  |  |  |  |  |  |  | — |
Granted |  |  |  |  |  |  |  |  | 5,437,272 |
Vested |  |  |  |  |  |  |  |  | (1,087,455 | )
Outstanding and nonvested at January 2, 2021 |  |  |  |  |  |  |  |  | 4,349,817 |
Summary of Stock-Based Payment Expense Recognized Included as a Reduction of Net Sales in Consolidated Statements of Operations | Share-based payment expense recognized, included as a reduction of “Net sales” in the consolidated statements of earnings, and related tax benefits were as follows:
|  |  |  |  |  |  | 2020 |
(In thousands) |  |  |  |  |  |  | (53 Weeks) |
Warrants expense |  |  |  |  |  |  | $ |  | 6,549 |
Tax benefits |  |  |  |  |  |  |  |  | (2,051 | )
Stock-based compensation expense, net of tax |  |  |  |  |  |  | $ |  | 4,498 |

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 + Details
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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775 + Details
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