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Stock-Based Compensation (Tables)

9 Months Ended

Oct. 07, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Allocation of Stock-Based Compensation Expense in Condensed Consolidated Statements of Operations

-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										40 Weeks Ended
(In thousands)	October 7, 2023					October 8, 2022					October 7, 2023					October 8, 2022
Restricted stock expense	$		1,771			$		1,280			$		8,468			$		6,972
Performance share unit expense			577					—					1,492					—
Income tax benefit			(593	)				(582	)				(3,502	)				(3,630	)
Stock-based compensation expense, net of tax	$		1,755			$		698			$		6,458			$		3,342

Summary of Stock Incentive Plans Activity

The following table summarizes activity in the stock incentive plans for the 40 weeks ended October 7, 2023:

						Weighted										Weighted
	Restricted					Average					Performance					Average
	Stock					Grant-Date					Share Unit					Grant-Date
	Awards					Fair Value					Awards					Fair Value
Outstanding at December 31, 2022			863,063			$		22.05					—			$		—
Granted			445,762					26.97					299,840					27.01
Vested			(432,150	)				21.16					—					—
Cancelled/Forfeited			(38,062	)				26.22					(2,803	)				27.24
Outstanding at October 7, 2023			838,613			$		24.94					297,037			$		27.01

Summary of Share-based Payment Expense Recognized as a Reduction of Net Sales in Condensed Consolidated Statements of Operations

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										40 Weeks Ended
(In thousands)	October 7, 2023					October 8, 2022					October 7, 2023					October 8, 2022
Warrant expense	$		319			$		505			$		1,279			$		1,659
Income tax benefit			(43	)				(46	)				(138	)				(187	)
Warrant expense, net of tax	$		276			$		459			$		1,141			$		1,472

Summary of Stock Warrant Activity

The following table summarizes stock warrant activity for the 40 weeks ended October 7, 2023:

								Warrant
Outstanding and nonvested at December 31, 2022									3,479,849
Vested									(217,492	)
Outstanding and nonvested at October 7, 2023									3,262,357

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Summary of shared-based payment expense recognized as reduction of net sales.

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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-1

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