Stock-Based Compensation

12 Months Ended

Dec. 31, 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 December 31, 2022, 1,995,274 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 fiscal years 2022, 2021, and 2020:


	Share Units	Weighted Average Grant Date Fair Value
Unvested shares as of December 28, 2019	652,677	$	58.20
Granted	390,833	$	47.00
Vested	(251,178)	$	44.95
Forfeited	(22,149)	$	64.00
Unvested shares as of January 2, 2021	770,183	$	57.20
Granted	265,644	$	91.31
Vested	(257,435)	$	65.14
Forfeited	(33,902)	$	58.25
Unvested shares as of January 1, 2022	744,490	$	66.34
Granted	203,149	$	118.33
Vested	(131,973)	$	63.72
Forfeited	(101,873)	$	67.08
Unvested shares as of December 31, 2022	713,793	$	81.25

Stock-based compensation expense is recognized on a straight-line basis over the vesting period, net of actual forfeitures. Stock-based compensation expense relating to restricted stock awards during fiscal years ended 2022, 2021, and 2020 was $19,326, $16,301, and $14,955, respectively. In connection with the Company's 401(k) Profit Sharing match, stock-based compensation expense during fiscal 2022 includes $1,131 of expense related to the Company's liability-classified awards.

The total estimated amount of the liability-classified awards for fiscal 2022 is approximately $4,901. Approximately $29,243 of deferred compensation, which is expected to be recognized over the remaining weighted average vesting period of 1.2 years, is unrecognized as of December 31, 2022. The total fair value of restricted shares vested during fiscal years 2022, 2021, and 2020 was $17,137, $24,823, and $12,472, respectively.