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Stock-Based Compensation | 4 Months Ended
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Apr. 19, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Note 12 – Stock-Based Compensation Stock-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, employees, or contractors of the Company, as determined by the Compensation Committee of the Board of Directors. Stock-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:
| 16 Weeks Ended |
(In thousands) | April 19, 2025 |  |  | April 20, 2024 |
Restricted stock expense | $ |  | 1,112 |  |  | $ |  | 2,082 |
Restricted stock unit expense |  |  | 3,347 |  |  |  |  | 2,790 |
Performance share unit expense (benefit) |  |  | 1,186 |  |  |  |  | (1,152 | )
Income tax benefit |  |  | (1,451 | ) |  |  |  | (925 | )
Stock-based compensation expense, net of tax | $ |  | 4,194 |  |  | $ |  | 2,795 |
The following table summarizes activity in the stock incentive plans for the 16 weeks ended April 19, 2025:
|  |  |  |  | Weighted |  |  |  |  |  |  | Weighted |  |  |  |  |  |  | Weighted |
| Restricted |  |  | Average |  |  | Restricted |  |  | Average |  |  | Performance |  |  | Average |
| Stock |  |  | Grant-Date |  |  | Stock |  |  | Grant-Date |  |  | Share |  |  | Grant-Date |
| Awards |  |  | Fair Value |  |  | Units |  |  | Fair Value |  |  | Units |  |  | Fair Value |
Outstanding at December 28, 2024 |  |  | 325,228 |  |  | $ |  | 27.32 |  |  |  |  | 563,471 |  |  | $ |  | 20.27 |  |  |  |  | 678,565 |  |  | $ |  | 23.18 |
Granted |  |  | — |  |  |  |  | — |  |  |  |  | 623,749 |  |  |  |  | 19.60 |  |  |  |  | 482,795 |  |  |  |  | 19.54 |
Vested |  |  | (206,731 | ) |  |  |  | 27.49 |  |  |  |  | (213,464 | ) |  |  |  | 20.32 |  |  |  |  | — |  |  |  |  | — |
Cancelled/Forfeited |  |  | (5,602 | ) |  |  |  | 27.35 |  |  |  |  | (38,904 | ) |  |  |  | 19.59 |  |  |  |  | (49,707 | ) |  |  |  | 21.46 |
Outstanding at April 19, 2025 |  |  | 112,895 |  |  | $ |  | 27.00 |  |  |  |  | 934,852 |  |  | $ |  | 19.84 |  |  |  |  | 1,111,653 |  |  | $ |  | 21.68 |
The following table summarizes the unrecognized compensation cost and weighted average recognition period for awards granted under the Company's stock incentive plans as of April 19, 2025:
|  |  |  |  | Weighted
| Unrecognized |  |  | Average
| Compensation |  |  | Recognition
| Cost |  |  | Period
| (In thousands) |  |  | (in years)
Restricted stock awards | $ |  | 1,860 |  |  |  | 0.9
Restricted stock units |  |  | 14,515 |  |  |  | 2.2
Performance share units |  |  | 14,025 |  |  |  | 2.2
Total | $ |  | 30,400 |  |  |  |
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 totaling 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 totaling up to 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 Warrant contains customary anti-dilution, down-round and change-in-control provisions. The right to purchase shares in connection with the Warrant expires on October 7, 2027. 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. Warrant expense recognized as a reduction of "Net sales" in the condensed consolidated statements of earnings, and related tax benefits were as follows:
| 16 Weeks Ended |
(In thousands) | April 19, 2025 |  |  | April 20, 2024 |
Warrant expense | $ |  | 188 |  |  | $ |  | 326 |
Income tax benefit |  |  | (26 | ) |  |  |  | (42 | )
Warrant expense, net of tax | $ |  | 162 |  |  | $ |  | 284 |
As of April 19, 2025, total unrecognized cost related to nonvested warrant shares was $15.9 million, which may be expensed as vesting conditions are satisfied over the remaining term of the agreement, or 2.5 years. Warrants representing 2,392,407 shares are vested and exercisable. Warrants representing 3,044,865 were outstanding and nonvested as of April 19, 2025 and December 28, 2024. As of April 19, 2025, nonvested warrant shares had an intrinsic value of $6.3 million, and vested warrant shares had an intrinsic value of $4.9 million.

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