STOCK -BASED COMPENSATION

3 Months Ended

Apr. 01, 2023

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.

For the three months ended April 1, 2023 and April 2, 2022, we recognized non-cash stock-based compensation expense of $6.8 million and $4.8 million, respectively. At April 1, 2023, total unrecognized non-cash stock-based compensation expense of $73.7 million for all stock-based compensation plans is expected to be recognized over a weighted-average period of 2.5 years.

Stock-based activity for the three months ended April 1, 2023 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 and PRSUs	Weighted Average Grant Date Fair Value		Number of RSUs, RSAs, and DSUs	Weighted Average Grant Date Fair Value
Balance, December 31, 2022	642	$	20.10	233	$	53.63	812	$	51.28
Granted	—	—		279	38.59		891	38.21
Exercised/released	(22)	30.30		(98)	32.84		(132)	56.73
Forfeited/expired	—	—		—	—		(29)	53.90
Balance, April 1, 2023	620	$	19.74	414	$	48.41	1,542	$	43.22