Stock-Based Compensation (Tables)

9 Months Ended

Oct. 07, 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 forty weeks ended October 7, 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		744		$	30.32
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		(146	)	$	27.71
Nonvested shares at October 7, 2023		1,969		$	28.04

Time-Based Restricted Stock Units Awards

The following TBRSU Shares have been granted under the Omnibus Plan during the forty weeks ended October 7, 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
2/27/2023		11	1/5/2024	$	28.33
9/1/2023		54	Equally over 18 months	$	23.04
9/17/2023		10	Equally over 3 years	$	22.90

Time-Based Restricted Stock Units Activity

The TBRSU Shares activity for the forty weeks ended October 7, 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		(249	)	$	23.77
Granted		295		$	27.47
Forfeitures		(29	)	$	26.88
Nonvested shares at October 7, 2023		479		$	26.67		1.71	$	8,256

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
	2019		2023	$	142	$	32	$	1,127

Deferred Stock Activity

The deferred stock activity for the forty weeks ended October 7, 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		(62	)	$	27.37
Granted		68		$	26.26
Nonvested shares at October 7, 2023		68		$	26.26		0.62	$	1,103

Summary of Company's Stock Based Compensation Expense

The following table summarizes the company’s stock-based compensation expense for the twelve and forty weeks ended October 7, 2023 and October 8, 2022, respectively (amounts in thousands):

	For the Twelve Weeks Ended
	October 7, 2023		October 8, 2022
Performance-contingent restricted stock awards	$	3,915	$	3,917
TBRSU Shares		1,536		1,179
Deferred and restricted stock		432		389
Total stock-based compensation	$	5,883	$	5,485
	For the Forty Weeks Ended
	October 7, 2023		October 8, 2022
Performance-contingent restricted stock awards	$	15,482	$	14,778
TBRSU Shares		4,611		4,040
Deferred and restricted stock		1,289		1,306
Total stock-based compensation	$	21,382	$	20,124

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 forty weeks ended October 7, 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
4/23/2023		9	3/1/2026	$	26.11
9/1/2023		25	3/1/2026	$	23.04

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 forty weeks ended October 7, 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
4/23/2023		9	3/1/2026	$	26.11
9/1/2023		25	3/1/2026	$	23.04