Share-based Compensation (Tables)

6 Months Ended

Jul. 03, 2022

Share-based Payment Arrangement [Abstract]

Summary of Share Option Awards

A summary of the status of the Company’s share option awards is presented below:

	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (In Years)		Aggregate Intrinsic Value
Outstanding at January 2, 2022		383,035		$	3.96
Granted		10,000			13.35
Exercised		(67,750	)		4.03
Forfeited		(9,600	)		2.81
Outstanding at July 3, 2022		315,685		$	4.27		7.01	$	2,287,308
Exercisable at July 3, 2022		114,059		$	4.11		6.01	$	787,493
Vested and Expected to Vest at July 3, 2022		314,718		$	4.27		7.00	$	2,281,141

Weighted-Average Assumptions Used to Estimate the Fair Value of Each Share Option Award

The fair value of each share option award on the date of grant is estimated using the Black-Scholes method based on the following weighted-average assumptions:

	13 Weeks Ended					26 Weeks Ended
	July 3, 2022			July 4, 2021		July 3, 2022			July 4, 2021
Risk-free interest rate		2.7	%		—		2.7	%		—
Expected term	6.5 years				—	6.5 years				—
Expected volatility		80.8	%		—		80.8	%		—
Expected dividend yield		7.4	%		—		7.4	%		—

Summary of Nonvested Share Awards Activity

A summary of the status of the Company’s nonvested share awards is presented below:

	Shares			Weighted- Average Grant- Date Fair Value
Balance at January 2, 2022		551,700		$	8.51
Granted		284,630			15.03
Vested		(216,700	)		8.19
Forfeited		(25,210	)		11.19
Balance at July 3, 2022		594,420		$	11.64