Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Payout Determined from Total Shareholder Return Shares

The Company TSR compared to the Peer Group TSR will determine the payout as set forth below (the “TSR Modifier”):

Percentile	Payout as % of Target
90th		200	%
70th		150	%
50th		100	%
30th		50	%
Below 30th		0	%

Performance-Contingent Restricted Stock Awards

The table below presents the TSR Modifier share adjustment, ROIC Modifier share adjustment, accumulated dividends on vested shares, and the tax windfall/shortfall at vesting of the performance-contingent restricted stock awards (amounts in thousands except for share data):

Award granted	Fiscal year vested	TSR Modifier increase shares		ROIC Modifier increase shares		Dividends at vesting (thousands)		Tax benefit		Fair value at vesting
2019	2022		109,729		74,154	$	1,843	$	2,196	$	22,143

Performance-Contingent Restricted Stock Activity

A summary of the status of all of the company’s nonvested shares for performance-contingent restricted stock (including the TSR Shares and the ROIC Shares) for Fiscal 2022, 2021, and 2020 is set forth below (amounts in thousands, except price data):

	Fiscal 2022					Fiscal 2021					Fiscal 2020
	Number of Shares			Weighted Average Fair Value		Number of Shares			Weighted Average Fair Value		Number of Shares			Weighted Average Fair Value
Balance at beginning of year		1,972		$	22.89		1,264		$	21.85		662		$	20.16
Initial grant		706		$	29.41		766		$	24.66		693		$	23.37
Vested		(778	)	$	20.25		—		$	—		—		$	—
Grant increase for achieving the ROIC modifier		74		$	29.41		—		$	—		—		$	—
Grant increase for achieving the TSR    modifier		110		$	29.41		—		$	—		—		$	—
Forfeitures		(75	)	$	25.48		(58	)	$	23.27		(91	)	$	21.26
Balance at end of year		2,009		$	25.83		1,972		$	22.89		1,264		$	21.85

Time-Based Restricted Stock Units Awards

The following TBRSU Shares have been granted under the Omnibus Plan and have service periods remaining (amounts in thousands, except price data):

Grant Date	Shares Granted		Vesting Date	Fair Value per Share
5/23/2019		43	5/23/2023	$	23.08
12/29/2019		220	Equally over 3 years	$	21.74
1/03/2021		256	Equally over 3 years	$	22.63
10/10/2021		6	Equally over 3 years	$	24.79
01/02/2022		205	Equally over 3 years	$	27.47

Time-Based Restricted Stock Units Activity

The TBRSU Shares activity for Fiscal 2022, 2021 and Fiscal 2020 is set forth below (amounts in thousands, except price data):

	Fiscal 2022					Fiscal 2021					Fiscal 2020
	Number of Shares			Weighted Average Fair Value		Number of Shares			Weighted Average Fair Value		Number of Shares			Weighted Average Fair Value
Nonvested shares at beginning of year		492		$	21.87		387		$	20.64		270		$	19.06
Granted		205		$	27.47		262		$	22.68		220		$	21.74
Vested		(215	)	$	21.03		(137	)	$	19.98		(74	)	$	18.29
Forfeitures		(20	)	$	24.39		(20	)	$	21.56		(29	)	$	20.14
Nonvested shares at end of year		462		$	24.62		492		$	21.87		387		$	20.64

Deferred and Restricted Stock Activity

The deferred and restricted stock activity for Fiscal 2022, 2021, and 2020 is set forth below (amounts in thousands, except price data):

	Fiscal 2022					Fiscal 2021					Fiscal 2020
	Number of Shares			Weighted Average Fair Value		Number of Shares			Weighted Average Fair Value		Number of Shares			Weighted Average Fair Value
Nonvested shares at beginning of year		67		$	24.00		52		$	23.21		49		$	22.31
Granted		62		$	27.37		69		$	23.96		54		$	23.15
Vested		(67	)	$	24.00		(54	)	$	23.19		(51	)	$	22.28
Nonvested shares at end of year		62		$	27.37		67		$	24.00		52		$	23.21
Vested and deferred shares at end of year (1)		212					208					194

(1)The vested and deferred shares at the end of the year include 82,779 shares, 89,949 shares, and 97,509 shares granted and deferred under the EPIP for Fiscal 2022, Fiscal 2021, and Fiscal 2020, respectively.

The vested and deferred shares at the end of the year include 128,978 shares, 118,360 shares, and 96,924 shares granted and deferred under the Omnibus Plan for Fiscal 2022, Fiscal 2021, and Fiscal 2020, respectively.

Summary of Company's Stock Based Compensation Expense

The following table summarizes the company’s stock-based compensation expense, all of which was recognized in selling, distribution, and administrative expense, for Fiscal 2022, 2021, and 2020 (amounts in thousands):

	Fiscal 2022		Fiscal 2021		Fiscal 2020
Performance-contingent restricted stock awards	$	18,943	$	15,061	$	8,656
TBRSU shares		5,184		4,747		3,039
Deferred stock awards		1,695		1,535		1,160
Total stock-based compensation expense	$	25,822	$	21,343	$	12,855

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 under the Omnibus Plan and have service period remaining (amounts in thousands, except price data):

Grant Date	Shares Granted		Vesting Date	Fair Value per Share
12/29/2019		331	2/28/2023	$	25.00
4/19/2020		8	2/28/2023	$	23.14
07/12/2020		2	2/28/2023	$	21.97
10/4/2020		5	2/28/2023	$	24.63
01/03/2021		365	3/1/2024	$	26.75
10/10/2021		18	3/1/2024	$	24.47
1/2/2022		331	3/1/2025	$	31.97
4/24/2022		16	3/1/2025	$	27.38
07/17/2022		3	3/1/2025	$	27.06
10/9/2022		3	3/1/2025	$	24.55

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 and have service period remaining (amounts in thousands, except price data):

Grant Date	Shares Granted		Vesting Date	Fair Value per Share
12/29/2019		331	2/28/2023	$	21.74
4/19/2020		8	2/28/2023	$	23.14
07/12/2020		2	2/28/2023	$	21.97
10/4/2020		5	2/28/2023	$	24.63
01/03/2021		365	3/1/2024	$	22.63
10/10/2021		18	3/1/2024	$	24.47
1/2/2022		331	3/1/2025	$	27.47
4/24/2022		16	3/1/2025	$	27.38
07/17/2022		3	3/1/2025	$	27.06
10/9/2022		3	3/1/2025	$	24.55

Total Shareholders Return

Payout Percentage of Vested Total Shareholder Return Shares

The table below presents the payout percentage for vested TSR awards:

Award	Fiscal year vested	Payout (%)
2019 award	Fiscal 2022	137%

Performance Contingent Return On Invested Capital Shares

Payout Percentage of Vested Total Shareholder Return Shares

The table below presents the payout percentage for vested ROIC awards:

Award	Fiscal year vested	Payout (%)
2019 award	Fiscal 2022	125%