STOCK-BASED COMPENSATION

9 Months Ended

Sep. 28, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

In May 2024, the Company’s stockholders approved the 2024 Equity and Incentive Compensation Plan (“2024 Plan”), which replaced the 2018 Equity and Incentive Compensation Plan (the “2018 Plan”). The 2024 Plan provides for an aggregate limit of up to 3,500,000 shares (subject to certain equitable adjustments and share counting rules as described in the 2024 Plan) of common stock that may be granted pursuant to awards granted under the 2024 Plan. Following the stockholder approval of the 2024 Plan, no new awards will be granted under the 2018 Plan. Awards outstanding under the 2018 Plan or the 2012 Equity and Incentive Compensation Plan (the “2012 Plan”) will continue to remain outstanding according to their terms. Shares subject to stock awards granted under the 2018 Plan or the 2012 Plan (a) that expire or terminate without being exercised or (b) that are forfeited under an award, return to the 2024 Plan.

We recognized non-cash stock-based compensation expense of $8.7 million and $7.8 million for the three months ended September 28, 2024 and September 30, 2023, respectively. For the nine months ended September 28, 2024 and September 30, 2023, we recognized stock-based compensation expense of $26.0 million and $21.9 million, respectively. At September 28, 2024, total unrecognized stock-based compensation expense of $67.6 million for all stock-based compensation plans is expected to be recognized over a weighted-average period of 1.9 years.

Stock-based activity for the nine months ended September 28, 2024 is summarized below (in thousands, except per share data):

	Stock Options			Performance-Based Restricted Stock Awards and Units			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 30, 2023	578	$	19.62	398	$	48.14	1,312	$	41.99
Granted	—	—		208	41.29		921	39.17
Exercised/released	(13)	22.84		(48)	79.66		(514)	43.88
Performance adjustment(1)	—	—		6	79.66		—	—
Forfeited/expired	—	—		(46)	45.86		(204)	41.69
Balance, September 28, 2024	565	$	19.57	518	$	43.00	1,515	$	39.68

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(1)Represents adjustment due to the actual achievement of performance-based awards.