Share-Based Compensation Plans (Tables)

12 Months Ended

Jan. 01, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Share Option Awards

The following table details the Company’s share option awards activity for the current fiscal year:

	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	(83,400)	4.18
Forfeited	(9,600)	2.81
Outstanding at January 1, 2023	300,035	$4.24	6.80	$1,580,147
Exercisable at January 1, 2023	112,472	$4.32	6.36	$547,268
Vested and Expected to Vest at January 1, 2023	299,492	$4.24	6.80	$1,577,728

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 was estimated using the Black-Scholes method based on the following weighted-average assumptions:

	Fiscal Year Ended
	January 1, 2023			January 2, 2022			January 3, 2021
Risk-free interest rate		2.7	%		1.3	%		0.9	%
Expected term	6.5 years			6.5 years			5.7 years
Expected volatility		80.8	%		75.7	%		63.0	%
Expected dividend yield		7.4	%		4.0	%		—

Summary of Nonvested Share Awards Activity

The following table details the Company’s nonvested share awards activity for the current fiscal year:

	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		(31,955	)		11.18
Balance at January 1, 2023		587,675		$	11.64