Stock-Based Compensation

3 Months Ended

Apr. 02, 2022

Share-based Payment Arrangement [Abstract]

In October 2011, the Company's stockholders approved the 2011 Equity Incentive Plan, which was subsequently amended and restated in March 2013 (as amended, the “2011 Equity Plan”). The 2011 Equity Plan provides directors, executive officers, and other employees of the Company with additional incentives by allowing them to acquire ownership interest in the business and, as a result, encouraging them to contribute to the Company’s success. The Company may provide these incentives through the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and units, and other cash-based or stock-based awards. As of April 2, 2022, 567,564 shares of common stock are authorized and reserved for issuance under the 2011 Equity Plan. This reserve automatically increases on each January 1 from 2014 through 2023, by an amount equal to the smaller of (i) 3.5% of the number of shares issued and outstanding on the immediately preceding December 31, or (ii) an amount determined by the Company's Board of Directors. The restricted shares of common stock granted generally provide for service-based vesting after two to four years following the grant date.

The following summarizes the activity of restricted stock awards during the three months ended April 2, 2022:


	Number of Unvested Restricted Shares of Common Stock and Restricted Stock Units	Weighted Average Grant Date Fair Value
January 1, 2022	744,490	$	66.34
Granted	70,608	$	118.08
Vested	(12,132)	$	65.85
Forfeited	(1,681)	$	64.59
April 2, 2022	801,285	$	70.29

Stock-based compensation expense relating to restricted stock awards during the three months ended April 2, 2022 and April 3, 2021 was $4,789 and $3,696, respectively. Approximately $32,747 of deferred compensation, which is expected to be recognized over the remaining weighted average vesting period of 1.5 years, is unrecognized at April 2, 2022. The total fair value of restricted shares vested during the three months ended April 2, 2022 and April 3, 2021 was $1,376 and $841, respectively.