STOCK -BASED COMPENSATION

6 Months Ended

Jul. 02, 2022

Share-based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

We award stock-based compensation to employees and directors under the 2018 Equity and Incentive Compensation Plan (“2018 Plan”), which was adopted by our Board of Directors and became effective upon the completion of our initial public offering in October 2018. The 2018 Plan replaced the 2012 Equity and Performance Incentive Plan (“2012 Plan”), as amended and restated on June 20, 2018. Any remaining shares available for issuance under the 2012 Plan as the date of our initial public offering in October 2018 are not available for future issuance. However, shares subject to stock awards granted under the 2012 Plan (a) that expire or terminate without being exercised or (b) that are forfeited under an award, return to the 2018 Plan.

We recognized non-cash stock-based compensation expense of $5.5 million and $4.1 million for the three months ended July 2, 2022 and July 3, 2021, respectively. For the six months ended July 2, 2022 and July 3, 2021, we recognized non-cash stock-based compensation expense of $10.2 million and $7.5 million, respectively. At July 2, 2022, total unrecognized non-cash stock-based compensation expense of $38.8 million for all stock-based compensation plans is expected to be recognized over a weighted-average period of 2.2 years.

Stock-based activity for the six months ended July 2, 2022 is summarized below (in thousands, except per share data):

	Stock Options			Performance-Based Restricted Stock Awards and Units(1)			Restricted Stock Units, Restricted Stock Awards, and Deferred Stock Units
	Number of Options	Weighted Average Exercise Price		Number of PBRSs	Weighted Average Grant Date Fair Value		Number of RSUs, RSAs, and DSUs	Weighted Average Grant Date Fair Value
Balance, January 1, 2022	846	$	20.05	210	$	48.64	433	$	55.54
Granted	—	—		113	64.48		360	58.01
Exercised/released	—	—		—	—		(143)	62.10
Forfeited/expired	—	—		(6)	70.52		(40)	62.71
Balance, July 2, 2022	846	$	20.05	317	$	53.87	610	$	54.99

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(1) Includes performance-based restricted unit awards (“PRSU”) granted during the six months ended July 2, 2022. The PRSUs have the same terms as our performance-based restricted stock awards and are treated the same.