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Share-Based Payments (Tables) | 12 Months Ended
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Dec. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Restricted Stock Activity | The following table summarizes restricted stock activity for 2023, 2022 and 2021:
| Restricted |  |  | Weighted Average |
| Stock |  |  | Grant-Date |
| Awards |  |  | Fair Value |
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 |
Granted |  |  | 447,910 |  |  |  |  | 26.95 |
Vested |  |  | (432,549 | ) |  |  |  | 21.16 |
Forfeited |  |  | (58,967 | ) |  |  |  | 25.96 |
Outstanding and nonvested at December 30, 2023 |  |  | 819,457 |  |  | $ |  | 24.92 |
Summary of Allocation of Stock-Based Compensation Expense in Consolidated Statements of Operations | -based compensation expense recognized and included in “Selling, general and administrative expenses” in the consolidated statements of earnings, and related tax benefits were as follows:
(In thousands) |  |  |  | 2023 |  |  | 2022 |  |  | 2021 |
Restricted stock expense |  |  |  | $ |  | 10,220 |  |  | $ |  | 8,308 |  |  | $ |  | 6,868 |
Performance share unit expense |  |  |  |  |  | 2,048 |  |  |  |  | — |  |  |  |  | — |
Income tax benefit |  |  |  |  |  | (4,199 | ) |  |  |  | (4,094 | ) |  |  |  | (1,744 | )
Stock-based compensation expense, net of tax |  |  |  | $ |  | 8,069 |  |  | $ |  | 4,214 |  |  | $ |  | 5,124 |
Stock-based compensation expense is recognized net of estimated forfeitures, determined based on historical experience.
Summary of Stock Warrant Activity | The following table summarizes the Warrant activity for 2023, 2022 and 2021:
|  |  |  |  |  |  |  | Warrant |
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 |
Vested |  |  |  |  |  |  |  |  | (217,492 | )
Outstanding and nonvested at December 30, 2023 |  |  |  |  |  |  |  |  | 3,262,357 |
Warrant
Summary of Stock-Based Payment Expense Recognized Included as a Reduction of Net Sales in Consolidated Statements of Operations | expense recognized as a reduction of “Net sales” in the consolidated statements of earnings, and related tax benefits were as follows:
(In thousands) |  |  |  | 2023 |  |  | 2022 |  |  | 2021 |
Warrant expense |  |  |  | $ |  | 1,559 |  |  | $ |  | 2,158 |  |  | $ |  | 1,958 |
Tax benefits |  |  |  |  |  | (133 | ) |  |  |  | (203 | ) |  |  |  | (152 | )
Warrant expense, net of tax |  |  |  | $ |  | 1,426 |  |  | $ |  | 1,955 |  |  | $ |  | 1,806 |

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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 -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 + 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 -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 + 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 -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 + Details
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