Stock Incentive Plans (Tables)
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12 Months Ended |
Dec. 30, 2023 |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| Schedule of Stock Compensation Expense |
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 thousands | Fiscal Year 2023 | | Fiscal Year 2022 | | Fiscal Year 2021 | | Stock options | $ | 763 | | | $ | 1,579 | | | $ | 2,632 | | | RSUs and PSUs | 19,260 | | | 11,460 | | | 11,217 | | | RSAs | — | | | 314 | | | 852 | | | Associate stock purchase plan | 151 | | | 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 options | | RSUs and PSUs | Unrecognized compensation cost (in thousands) | $ | 126 | | | $ | 30,791 | | | Expected remaining weighted-average period of expense recognition (in years) | 0.20 | | 1.91 | | | | | | | | |
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| Schedule of RSU, PSU, and RSA Activity |
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, 2022 | 786 | | $ | 35.36 | | | 361 | | $ | 38.86 | | | | | | Granted | 725 | | 22.65 | | | 451 | | 22.35 | | | | | | Vested | (352) | | 34.35 | | | (112) | | 34.28 | | | | | | Forfeited | (99) | | 30.19 | | | (28) | | 35.45 | | | | | | Outstanding at December 30, 2023 | 1,060 | | $ | 27.50 | | | 672 | | $ | 28.68 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | Fiscal Year 2023 | | Fiscal Year 2022 | | Fiscal 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 | |
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| Service-based options |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| Schedule of Stock Option Activity |
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, 2022 | 628 | | | $ | 29.07 | | | 5.95 | | $ | 6,733 | | | Exercised | (16) | | | 15.59 | | | | | | | Forfeited | (13) | | | 40.91 | | | | | | | Outstanding options at December 30, 2023 | 599 | | | $ | 29.20 | | | 4.93 | | $ | 981 | | | Vested and exercisable at December 30, 2023 | 569 | | | $ | 28.35 | | | 4.82 | | $ | 981 | |
| | | | | | | | | | | | | | | | | | | In thousands except per share values | Fiscal Year 2023 | | Fiscal Year 2022 | | Fiscal 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 | |
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| Schedule of Valuation Assumptions for Stock Option Grants |
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% | | |
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| Performance-based options |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| Schedule of Stock Option Activity |
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, 2022 | 49 | | | $ | 15.74 | | | 4.56 | | $ | 1,132 | | | Exercised | — | | | — | | | | | | | | | | | | | | | Outstanding options at December 30, 2023 | 49 | | | $ | 15.74 | | | 3.56 | | $ | 255 | | | Vested and exercisable at December 30, 2023 | 49 | | | $ | 15.74 | | | 3.56 | | $ | 255 | |
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