Stock-Based Compensation

9 Months Ended

Sep. 28, 2024

Stock-Based Compensation [Abstract]

Stock-Based Compensation

Note 12 – Stock-Based Compensation

The following table summarizes stock-based compensation expense recognized:

	Fiscal quarters ended						Nine fiscal months ended
	September 28, 2024			September 30, 2023			September 28, 2024			September 30, 2023
Restricted stock units ("RSUs")		$	5,635		$	5,528		$	14,810		11,503
Phantom stock units			-			-			118		107
Total		$	5,635		$	5,528		$	14,928		11,610

The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at September 28, 2024 (amortization periods in years):

	Unrecognized Compensation Cost			Weighted Average Remaining Amortization Periods
Restricted stock units		$	31,130		2.2
Phantom stock units			-		n/a
Total		$	31,130

Restricted Stock Units

RSU activity under the Company's stock incentive programs as of September 28, 2024 and changes during the nine 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*		1,641			20.47
Vested**		(587	)		23.05
Cancelled or forfeited		(125	)		23.18
Outstanding at September 28, 2024		2,646		$	21.43
Expected to vest at September 28, 2024		1,900

* 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		-		167		167
January 1, 2027		-		579		579
March 1, 2029		175		-		175

Phantom Stock Units

Phantom stock unit activity as of September 28, 2024 and changes during the nine 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		2
Outstanding at September 28, 2024		127