v3.24.1.1.u2
Stock-Based Compensation (Tables)
 4 Months Ended
Apr. 20, 2024
Payout Determined from Total Shareholder Return Shares The Company TSR compared to the Peer Group TSR will determine the payout as set forth below:

 

Percentile

 

Payout as %
of Target

 

90th

 

 

200

%

70th

 

 

150

%

50th

 

 

100

%

30th

 

 

50

%

Below 30th

 

 

0

%
Schedule of ROIC Shares Earned Based on Ranges of Target The ROIC Shares can be earned based on a ranges of target as defined below:

 

Difference of ROIC minus WACC

 

2024 Award

Less than 150 basis points

 

0%

150 basis points

 

50%

300 basis points

 

100%

450+ basis points

 

150%

 

 

 

Difference of ROIC minus WACC

 

2023 and 2022 Award

Less than 175 basis points

 

0%

175 basis points

 

50%

375 basis points

 

100%

475+ basis points

 

125%
Performance-Contingent Restricted Stock Awards

The table below presents the TSR modifier share adjustment (a 127.69% final payout), ROIC modifier share adjustment (a 125% final payout), accumulated dividends on vested shares, and the tax benefit at vesting of the performance-contingent restricted stock awards (amounts in thousands, except per share data):

 

Award Granted

 

 

Fiscal Year
Vested

 

 

TSR Modifier
Increase
Shares

 

 

ROIC Modifier
Increase
Shares

 

 

Dividends at
Vesting

 

 

Tax
Benefit

 

 

Fair Value at
Vesting

 

 

2021

 

 

 

2024

 

 

 

92,775

 

 

 

83,835

 

 

$

2,173

 

 

$

40

 

 

$

19,159

 
Performance-Contingent Restricted Stock Activity

The company’s performance-contingent restricted stock activity for the sixteen weeks ended April 20, 2024 is presented below (amounts in thousands, except price data):

 

 

 

Shares

 

 

Weighted
Average
Grant Date
Fair Value

 

Nonvested shares at December 30, 2023

 

 

2,017

 

 

$

27.70

 

Granted

 

 

544

 

 

$

24.29

 

Grant increase for achieving the ROIC modifier

 

 

84

 

 

$

22.51

 

Grant increase for achieving the TSR modifier

 

 

93

 

 

$

26.07

 

Vested

 

 

(848

)

 

$

24.40

 

Forfeited

 

 

(8

)

 

$

28.94

 

Nonvested shares at April 20, 2024

 

 

1,882

 

 

$

27.89

 
Time-Based Restricted Stock Units Awards

The following TBRSU Shares have been granted under the Omnibus Plan during the sixteen weeks ended April 20, 2024 (amounts in thousands, except price data):

 

Grant Date

 

Shares Granted

 

 

Vesting Date

 

Fair Value
per Share

 

12/31/2023

 

 

818

 

 

Equally over 3 years

 

$

22.51

 

2/16/2024

 

 

7

 

 

Equally over 3 years

 

$

22.42

 

 
Time-Based Restricted Stock Units Activity

The TBRSU Shares activity for the sixteen weeks ended April 20, 2024 is set forth below (amounts in thousands, except price data):

 

 

 

TBRSU Shares

 

 

Weighted
Average
Fair
Value

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

 

Unrecognized
Compensation
Cost

 

Nonvested shares at December 30, 2023

 

 

473

 

 

$

26.67

 

 

 

 

 

 

 

Vested

 

 

(249

)

 

$

25.75

 

 

 

 

 

 

 

Granted

 

 

825

 

 

$

22.53

 

 

 

 

 

 

 

Forfeitures

 

 

(11

)

 

$

24.55

 

 

 

 

 

 

 

Nonvested shares at April 20, 2024

 

 

1,038

 

 

$

23.62

 

 

 

2.40

 

 

$

21,345

 
Vesting of Time-Based Restricted Stock Units

The table below presents the accumulated dividends on vested shares and the tax (expense)/benefit at vesting of the time-based restricted stock units (amounts in thousands).

 

Award Granted

 

 

Fiscal Year
Vested

 

 

Dividends at
Vesting

 

 

Tax
(Expense) Benefit

 

 

Fair Value at
Vesting

 

 

2023

 

 

 

2024

 

 

$

73

 

 

$

(137

)

 

$

2,612

 

 

2022

 

 

 

2024

 

 

$

103

 

 

$

(69

)

 

$

1,348

 

 

2021

 

 

 

2024

 

 

$

197

 

 

$

3

 

 

$

1,734

 
Deferred Stock Activity

The deferred stock activity for the sixteen weeks ended April 20, 2024 is set forth below (amounts in thousands, except price data):

 

 

 

Shares

 

 

Weighted
Average
Fair
Value

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

 

Unrecognized
compensation
cost

 

Nonvested shares at December 30, 2023

 

 

68

 

 

$

26.26

 

 

 

 

 

 

 

Vested

 

 

(4

)

 

$

28.74

 

 

 

 

 

 

 

Granted

 

 

7

 

 

$

22.51

 

 

 

 

 

 

 

Nonvested shares at April 20, 2024

 

 

71

 

 

$

25.75

 

 

 

0.35

 

 

$

253

 
Summary of Company's Stock Based Compensation Expense

The following table summarizes the company’s stock-based compensation expense for the sixteen weeks ended April 20, 2024 and April 22, 2023, respectively (amounts in thousands):

 

 

 

For the Sixteen Weeks Ended

 

 

 

April 20, 2024

 

 

April 22, 2023

 

Performance-contingent restricted stock awards

 

$

7,250

 

 

$

7,510

 

TBRSU Shares

 

 

3,360

 

 

 

1,837

 

Deferred and restricted stock

 

 

519

 

 

 

489

 

Total stock-based compensation

 

$

11,129

 

 

$

9,836

 
Performance-Contingent Total Shareholder Return Shares  
Performance Contingent TSR Shares, ROIC Shares and Restricted Stock Awards

The following performance-contingent TSR Shares have been granted during the sixteen weeks ended April 20, 2024 under the Omnibus Plan (amounts in thousands, except price data):

 

Grant Date

 

Shares
Granted

 

 

Vesting Date

 

Fair Value
per Share

 

12/31/2023

 

 

272

 

 

2/28/2027

 

$

26.07

 
Return On Invested Capital  
Performance Contingent TSR Shares, ROIC Shares and Restricted Stock Awards

The following performance-contingent ROIC Shares have been granted under the Omnibus Plan during the sixteen weeks ended April 20, 2024 (amounts in thousands, except price data):

 

Grant Date

 

Shares
Granted

 

 

Vesting Date

 

Fair Value
per Share

 

12/31/2023

 

 

272

 

 

2/28/2027

 

$

22.51