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Share-Based Payments (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Restricted Stock Activity

The following table summarizes restricted stock activity for 2022, 2021 and 2020:

												Weighted Average
												Grant-Date
							Shares					Fair Value
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
Granted									562,653					18.96
Vested									(388,403	)				19.81
Forfeited									(116,361	)				18.19
Outstanding and nonvested at January 1, 2022									1,031,837					17.56
Granted									391,334					28.63
Vested									(470,145	)				17.92
Forfeited									(89,963	)				20.71
Outstanding and nonvested at December 31, 2022									863,063			$		22.05

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:

				2022					2021					2020
(In thousands)				(52 Weeks)					(52 Weeks)					(53 Weeks)
Restricted stock				$		8,308			$		6,868			$		6,299
Tax benefits						(4,094	)				(1,744	)				(839	)
Stock-based compensation stock expense, net of tax				$		4,214			$		5,124			$		5,460

Summary of Assumptions Made for Purposes of Estimating Fair Value under Lattice Model for Warrants

Non-cash share-based payment expense associated with the Warrant is recognized as vesting conditions are achieved, based on the grant date fair value of the Warrant. The fair value of the Warrant 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 Warrant 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 the Warrant activity for 2022, 2021 and 2020:

								Warrant
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
Vested									(434,984	)
Outstanding and nonvested at January 1, 2022									3,914,833
Vested									(434,984	)
Outstanding and nonvested at December 31, 2022									3,479,849

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:

				2022					2021					2020
(In thousands)				(52 Weeks)					(52 Weeks)					(53 Weeks)
Warrant expense				$		2,158			$		1,958			$		6,549
Tax benefits						(203	)				(152	)				(2,051	)
Warrant expense, net of tax				$		1,955			$		1,806			$		4,498

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Summary of stock-based payment expense recognized included as a reduction of net sales.

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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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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-Paragraph 3
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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

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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.

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5047-113901

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