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Stock Incentive Plans
 12 Months Ended
Dec. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stock Incentive Plans Stock Incentive Plans
The Company has provided equity-based compensation awards to its associates under three plans. In connection with the initial public offering of our common stock (the “IPO”), on October 23, 2017, the Company’s Board of Directors adopted, and its stockholders approved, the National Vision Holdings, Inc. 2017 Omnibus Incentive Plan (the “2017 Omnibus Incentive Plan”). The total number of shares of common stock that may be issued under the 2017 Omnibus Incentive Plan is 4,000,000. The plan authorizes the grant of stock options, stock appreciation rights, restricted stock awards (“RSAs”), RSUs, PSUs, other equity-based awards and other cash-based awards to our associates, non-employee directors, officers, consultants and advisers. The Vision Holding Corp. 2013 Amended and Restated Stock Incentive Plans provided for the issuance of stock options to directors, certain associates and consultants of Vision Holding Corp., its subsidiaries and affiliates. In 2014, our Board of Directors and stockholders of the Company approved the 2014 Stock Incentive Plan for Key Employees of National Vision Holdings, Inc. (formerly known as Nautilus Parent, Inc.) and its subsidiaries (the “2014 Stock Incentive Plan”). There were 10,988,827 stock options authorized for issuance pursuant to the 2014 Stock Incentive Plan. All stock awards under these plans vest through continued service. All options under these plans have a contractual life of 10 years.
The Company also provides associates the opportunity to purchase Company common shares through the Associate Stock Purchase Plan (the “ASPP”), which the Company’s Board of Directors adopted and its stockholders approved on June 6, 2018. The ASPP provides that up to 850,000 shares of common stock, at par value of $0.01 per share, may be offered and issued under the ASPP.
The following table summarizes stock compensation expense under the Company’s plans, which is included in SG&A in the accompanying Consolidated Statements of Operations:
In thousandsFiscal Year 2023Fiscal Year 2022Fiscal Year 2021
Stock options$763 $1,579 $2,632 
RSUs and PSUs19,260 11,460 11,217 
RSAs— 314 852 
Associate stock purchase plan151 159 185 
Pre-tax stock-based compensation expense
$20,174 $13,512 $14,886 
Income tax benefit(5,085)(3,428)(3,788)
After-tax stock-based compensation expense
$15,089 $10,084 $11,098 
Stock optionsRSUs and PSUs
Unrecognized compensation cost (in thousands)
$126 $30,791 
Expected remaining weighted-average period of expense recognition (in years)0.201.91
Service-based options
The following tables summarize service-based stock option activity. No service-based options were granted in fiscal years 2023 and 2022.

Number of Options Outstanding (In thousands)Weighted Average Exercise Price ($)Weighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value (In thousands) ($)
Outstanding options at December 31, 2022628 $29.07 5.95$6,733 
Exercised(16)15.59 
Forfeited(13)40.91 
Outstanding options at December 30, 2023599 $29.20 4.93$981 
Vested and exercisable at December 30, 2023569 $28.35 4.82$981 
In thousands except per share valuesFiscal Year 2023Fiscal Year 2022Fiscal Year 2021
Weighted average grant date fair value per share of options granted$— $— $23.39 
Fair value of options vested$1,251 $3,073 $3,138 
Aggregate intrinsic value of options exercised$147 $979 $23,091 

The fair value of service-based options was estimated using the Black-Scholes-Merton option pricing model. The following is a summary of the assumptions used in this model for service-based options:
2021
Expected volatility
52.49% to 54.03%
Expected term range (in years)
6.00
Expected risk-free interest rate
0.97% to 1.07%
The expected term was based on the mid-point between the weighted average time to vesting and the contractual time to maturity. Most service-based options vest in three equal installments on the first, second and third anniversaries of the grant date. The risk-free interest rate was based on the U.S. Treasury yield curve. The dividend yield was based on our expectation of not paying dividends on our common stock for the foreseeable future.
Performance-based options
The following table summarizes performance-based stock option activity:
Number of Options Outstanding (In thousands)Weighted Average Exercise Price ($)Weighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value (In thousands) ($)
Outstanding options at December 31, 202249 $15.74 4.56$1,132 
Exercised— — 
Outstanding options at December 30, 202349 $15.74 3.56$255 
Vested and exercisable at December 30, 202349 $15.74 3.56$255 
There were no grants of performance-based options during fiscal years 2023, 2022, and 2021. There were no vests of performance-based options during fiscal years 2023, 2022, and 2021. There were no exercises of performance-based options during fiscal year 2023. The aggregate intrinsic value of performance-based options exercised during fiscal years 2022 and 2021 was immaterial and $37.3 million, respectively.
The following tables summarize RSU and PSU awards activity:
 RSUs
(In thousands)		Weighted average grant date fair value ($)PSUs
(In thousands)		Weighted average grant date fair value ($)
Outstanding at December 31, 2022786 $35.36 361 $38.86 
Granted725 22.65 451 22.35 
Vested(352)34.35 (112)34.28 
Forfeited(99)30.19 (28)35.45 
Outstanding at December 30, 20231,060 $27.50 672 $28.68 

Fiscal Year 2023Fiscal Year 2022Fiscal Year 2021
RSUs
Weighted average grant date fair value of RSUs granted$22.65 $34.83 $46.52 
Total fair value of RSUs vested (In thousands)$12,084 $6,176 $6,154 
PSUs
Weighted average grant date fair value of PSUs granted$22.35 $37.96 $46.17 
Total fair value of PSUs vested (In thousands)$3,852 $3,118 $— 
RSAs
Weighted average grant date fair value of RSAs granted$— $— $48.39 
Total fair value of RSAs vested (In thousands)$— $800 $700 
Restricted stock units (RSUs)
Most RSUs vest in three equal annual installments on the first, second and third anniversary of the grant date. The RSUs outstanding as of December 30, 2023 have $22.2 million intrinsic value. Non-employee directors were granted RSUs in fiscal year 2023.
Performance stock units (PSUs)
PSUs are settled after the end of a three-year performance period (i.e., cliff vesting), which begins on the first day of the grant year and are based on the Company’s achievement of certain performance targets. The performance stock units outstanding as of December 30, 2023 have $14.1 million intrinsic value. While the PSU amounts shown in the tables above reflect achievement at target, the number of PSUs ultimately vested will be based on a comparison of certified performance results to predefined performance criteria that include threshold, target and maximum attainment levels.
Associate Stock Purchase Plan
Under the ASPP, eligible associates receive a 10% discount from the market trading value of common stock of the Company at the time of purchase. Participants may contribute to the ASPP, not to exceed $25,000 under the ASPP in any calendar year. During fiscal year 2023, the amount of shares issued to eligible participants through the ASPP was not material.