Stock-Based Compensation

6 Months Ended

Jun. 29, 2024

Stock-Based Compensation [Abstract]

Stock-Based Compensation

Note 10 – Stock-Based Compensation

The following table summarizes stock-based compensation expense recognized:

	Fiscal quarters ended						Six fiscal months ended
	June 29, 2024			July 1, 2023			June 29, 2024			July 1, 2023
Restricted stock units ("RSUs")		$	3,949		$	3,117		$	9,175		5,975
Phantom stock units			-			-			118		107
Total		$	3,949		$	3,117		$	9,293		6,082

The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at June 29, 2024 (amortization periods in years):

	Unrecognized Compensation Cost			Weighted Average Remaining Amortization Periods
Restricted stock units		$	38,497		2.3
Phantom stock units			-		n/a
Total		$	38,497

Restricted Stock Units

RSU activity under the Company's stock incentive programs as of June 29, 2024 and changes during the six fiscal months then ended are presented below (number of RSUs in thousands):

	Number of RSUs			Weighted Average Grant-date Fair Value per Unit
Outstanding:
January 1, 2024		1,717		$	23.03
Granted*		1,638			20.47
Vested**		(571	)		23.02
Cancelled or forfeited		(44	)		23.88
Outstanding at June 29, 2024		2,740		$	21.49
Expected to vest at June 29, 2024		2,467

* Employees in certain countries are granted equity-linked awards that will be settled in cash and are accounted for as liability awards.  The liability awards are not material.  The number of RSUs granted excludes these awards.

** The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements.

The number of performance-based RSUs that are scheduled to vest increases ratably based on the achievement of defined performance and market criteria between the established target and maximum levels.  RSUs with performance-based and market-based vesting criteria are expected to vest as follows (number of RSUs in thousands):

Vesting Date	Expected to Vest		Not Expected to Vest		Total
January 1, 2025		168		-		168
January 1, 2026		95		72		167
January 1, 2027		400		201		601
March 1, 2029		175		-		175

Phantom Stock Units

Phantom stock unit activity as of June 29, 2024 and changes during the six fiscal months then ended are presented below (number of phantom stock units in thousands):

	Number of units		Grant-date Fair Value per Unit
Outstanding:
January 1, 2024		120
Granted		5		$	23.51
Dividend equivalents issued		1
Outstanding at June 29, 2024		126