Stock Based Compensation

6 Months Ended

Jul. 01, 2022

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

8. Stock Based Compensation

During the quarter and six months ended July 1, 2022, the Company issued 29,538 and 712,319 restricted stock units at a weighted average grant-date fair value of $23.42 and $19.41 per share, respectively. As of July 1, 2022, the Company had 1,322,995 restricted stock units outstanding at a weighted average grant-date fair value of $17.80 per share. As of July 1, 2022, $16.4 million of total restricted stock unit compensation expense related to unvested awards had not been recognized and is expected to be recognized over a weighted average period of approximately 2.6 years.

As of July 1, 2022, the Company had 2,945 shares of common stock subject to vesting requirements outstanding at a weighted average grant-date fair value of $16.17 per share. As of July 1, 2022, $19 thousand of compensation expense related to common stock subject to vesting requirements had not been recognized and is expected to be recognized over a weighted average period of approximately 1.3 years.

Forfeitures for all of the Company’s outstanding equity awards are recognized as incurred.