Stock-Based Compensation (Tables)

4 Months Ended

Apr. 22, 2023

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	%

Performance-Contingent Restricted Stock Awards

The table below presents the TSR modifier share adjustment (a 148% 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
	2020		2023		151,513		78,893	$	2,154	$	1,424	$	24,652

Performance-Contingent Restricted Stock Activity

The company’s performance-contingent restricted stock activity for the sixteen weeks ended April 22, 2023 is presented below (amounts in thousands, except price data):

	Shares			Weighted Average Grant Date Fair Value
Nonvested shares at December 31, 2022		2,009		$	25.83
Granted		676		$	31.13
Grant increase for achieving the ROIC modifier		79		$	31.13
Grant increase for achieving the TSR modifier		151		$	31.13
Vested		(868	)	$	23.51
Forfeited		(59	)	$	27.96
Nonvested shares at April 22, 2023		1,988		$	28.32

Time-Based Restricted Stock Units Awards

The following TBRSU Shares have been granted under the Omnibus Plan during the sixteen weeks ended April 22, 2023 (amounts in thousands, except price data):

Grant Date	Shares Granted		Vesting Date	Fair Value per Share
1/1/2023		220	Equally over 3 years	$	28.74

Time-Based Restricted Stock Units Activity

The TBRSU Shares activity for the sixteen weeks ended April 22, 2023 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 31, 2022		462		$	24.62
Vested		(208	)	$	23.92
Granted		220		$	28.74
Forfeitures		(9	)	$	26.77
Nonvested shares at April 22, 2023		465		$	26.82		2.15	$	9,784

Vesting of Time-Based Restricted Stock Units

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

Award Granted		Fiscal Year Vested		Dividends at Vesting		Tax Benefit		Fair Value at Vesting
	2022		2023	$	58	$	20	$	1,949
	2021		2023	$	133	$	118	$	2,232
	2020		2023	$	153	$	108	$	1,782

Deferred Stock Activity

The deferred stock activity for the sixteen weeks ended April 22, 2023 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 31, 2022		62		$	27.37
Vested		(3	)	$	27.47
Granted		3		$	28.74
Nonvested shares at April 22, 2023		62		$	27.44		0.29	$	218

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 22, 2023 and April 23, 2022, respectively (amounts in thousands):

	For the Sixteen Weeks Ended
	April 22, 2023		April 23, 2022
Performance-contingent restricted stock awards	$	7,510	$	6,915
TBRSU Shares		1,837		1,647
Deferred and restricted stock		489		519
Total stock-based compensation	$	9,836	$	9,081

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 22, 2023 under the Omnibus Plan (amounts in thousands, except price data):

Grant Date	Shares Granted		Vesting Date	Fair Value per Share
1/1/2023		338	3/1/2026	$	33.52

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 22, 2023 (amounts in thousands, except price data):

Grant Date	Shares Granted		Vesting Date	Fair Value per Share
1/1/2023		338	3/1/2026	$	28.74