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Share-Based Payments | 6 Months Ended
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Jul. 16, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Share-Based Payments | Note 10 – Share-Based Payments Share-Based Employee Awards The Company sponsors shareholder-approved stock incentive plans that provide for the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance share units, dividend equivalent rights, and other stock-based and stock-related awards to directors, officers and other key associates. Share-based compensation expense recognized and included in “Selling, general and administrative expenses” in the condensed consolidated statements of earnings, and related tax impacts were as follows:
| 12 Weeks Ended |  |  | 28 Weeks Ended |
(In thousands) | July 16, 2022 |  |  | July 17, 2021 |  |  | July 16, 2022 |  |  | July 17, 2021 |
Restricted stock expense | $ |  | 1,397 |  |  | $ |  | 872 |  |  | $ |  | 5,692 |  |  | $ |  | 5,057 |
Income tax benefit |  |  | (458 | ) |  |  |  | (223 | ) |  |  |  | (3,048 | ) |  |  |  | (1,230 | )
Restricted stock expense, net of tax | $ |  | 939 |  |  | $ |  | 649 |  |  | $ |  | 2,644 |  |  | $ |  | 3,827 |
The following table summarizes activity in the stock incentive plans for the 28 weeks ended July 16, 2022:
|  |  |  |  | Weighted |
|  | Restricted |  |  | Average |
|  | Stock |  |  | Grant-Date |
|  | Awards |  |  | Fair Value |
Outstanding at January 1, 2022 |  |  | 1,031,837 |  |  | $ |  | 17.56 |
Granted |  |  | 383,285 |  |  |  |  | 28.58 |
Vested |  |  | (468,162 | ) |  |  |  | 17.90 |
Cancelled/Forfeited |  |  | (65,575 | ) |  |  |  | 20.06 |
Outstanding at July 16, 2022 |  |  | 881,385 |  |  | $ |  | 21.98 |
As of July 16, 2022, total unrecognized compensation cost related to non-vested restricted stock awards granted under the Company’s stock incentive plans is $11.3 million and is expected to be recognized over a weighted average period of 2.2 years. Stock Warrant On October 7, 2020, in connection with its entry into a commercial agreement with Amazon.com, Inc. (“Amazon”), the Company issued Amazon.com NV Investment Holdings LLC, a subsidiary of Amazon, a warrant to acquire up to an aggregate of 5,437,272 shares of the Company’s common stock (the “Warrant”), subject to certain vesting conditions. Warrant shares equivalent to 2.5% of the Company’s outstanding and issuable shares, or 1,087,455 shares, vested upon the signing of the commercial agreement, and had a grant date fair value of $5.51 per share. Warrant shares equivalent to up to 10.0% of the Company’s outstanding and issuable shares, or 4,349,817 shares, may vest in connection with conditions defined by the terms of the Warrant, as Amazon makes payments to the Company in connection with the commercial supply agreement, in increments of $200 million, and had a grant date fair value of $5.33 per share. Upon vesting, shares may be acquired at an exercise price of $17.7257. The right to purchase shares in connection with the Warrant expires on October 7, 2027. Share-based payment expense recognized as a reduction of “Net sales” in the condensed consolidated statements of earnings, and related tax benefits were as follows:
| 12 Weeks Ended |  |  | 28 Weeks Ended |
(In thousands) | July 16, 2022 |  |  | July 17, 2021 |  |  | July 16, 2022 |  |  | July 17, 2021 |
Warrant expense | $ |  | 481 |  |  | $ |  | 430 |  |  | $ |  | 1,154 |  |  | $ |  | 1,075 |
Income tax benefit |  |  | (42 | ) |  |  |  | (37 | ) |  |  |  | (126 | ) |  |  |  | (95 | )
Warrant expense, net of tax | $ |  | 439 |  |  | $ |  | 393 |  |  | $ |  | 1,028 |  |  | $ |  | 980 |
The following table summarizes stock warrant activity for the 28 weeks ended July 16, 2022:
|  |  |  |  | Warrant |
Outstanding and nonvested at January 1, 2022 |  |  |  |  |  | 3,914,833 |
Vested |  |  |  |  |  | (217,492 | )
Outstanding and nonvested at July 16, 2022 |  |  |  |  |  | 3,697,341 |
As of July 16, 2022, total unrecognized cost related to non-vested warrant shares was $19.5 million, which may be expensed as vesting conditions are satisfied over the remaining term of the agreement, or 5.2 years. Warrants representing 1,739,931 shares are vested and exercisable. As of July 16, 2022, nonvested warrant shares had an intrinsic value of $51.5 million, and vested warrant shares had an intrinsic value of $24.2 million.

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