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Share-Based Payments (Tables)

12 Months Ended

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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Summary of stock-based payment expense recognized included as a 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

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-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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