XML 35 R18.htm IDEA: XBRL DOCUMENT v3.25.0.1
STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 28, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
We award stock-based compensation to employees and directors under the 2024 Equity and Incentive Compensation Plan (“2024 Plan”). The 2024 Plan was approved by the Company’s stockholders in May 2024 and replaced the 2018 Equity and Incentive Compensation Plan (the “2018 Plan”). No new awards will be granted under the 2018 Plan. The 2018 Plan replaced the 2012 Equity and Performance Incentive Plan, as amended and restated on June 20, 2018 (the “2012 Plan”). Awards outstanding under the 2018 Plan or 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.

Subject to certain equitable adjustments and share counting rules, the 2024 Plan provides for up to 3.5 million shares of authorized stock to be awarded as stock options, appreciation rights, restricted stock (“RSAs”), restricted stock units (“RSUs”), performance shares, performance units, cash incentive awards, and certain other awards based on or related to shares of our common stock. The 2018 Plan provided for up to 4.8 million shares of authorized stock to be awarded as stock options, appreciation right, RSAs, RSUs, performance units, cash incentive awards, and certain other awards based on or related to shares of our common stock. The 2012 Plan provided for up to 8.8 million shares of authorized stock to be awarded as either stock options or RSUs.

Stock options, RSUs, and RSAs granted to employees generally have a three-year vesting period and vest one-third on the first anniversary of the grant date, and an additional one-sixth vest on each of the first four six-month anniversaries of the initial vesting date. Stock options have a ten year term. Performance-based restricted stock awards (“PBRSs”) and performance-based restricted stock unit awards (“PBRSUs”) cliff vest based on the attainment of certain predetermined three-year cumulative performance goals over a three-year performance period subject to continued employment. Depending on the estimated probability of attainment of those performance goals, the compensation expense recognized related to the awards could increase or decrease over the remaining vesting period. Deferred stock units (“DSUs”) are issued to non-employee directors in lieu of RSUs or certain cash compensation at the election of the grantee. DSUs and RSUs granted to non-employee directors generally vest one year from the grant date.

We recognized non-cash stock-based compensation expense of $40.7 million, $29.8 million, and $17.8 million for 2024, 2023, and 2022, respectively. The related income tax benefits were $5.9 million, $5.1 million, and $3.8 million for 2024, 2023, and 2022, respectively. As of December 28, 2024, total unrecognized stock-based compensation expense of $52.0 million for all stock-based compensation plans is expected to be recognized over a weighted-average period of 1.8 years.

Restricted Stock Units, Restricted Stock Awards, and Deferred Stock Units

Stock-based activity, excluding options, for the year ended December 28, 2024 is summarized below (in thousands, except per share data):
Performance-Based Restricted Stock Awards and Performance-Based Restricted Stock Units
Restricted Stock Units, Restricted Stock Awards, and Deferred Stock Units
Number of PBRSs and PBRSUs
Weighted Average Grant Date Fair Value
Number of RSUs, RSAs, and DSUs
Weighted Average Grant Date Fair Value
Nonvested, December 30, 2023
398 $48.14 1,312 $41.99 
Granted208 41.29 945 39.23 
Vested/released(48)79.66 (569)43.84 
Performance adjustment(1)
6 79.66 — — 
Forfeited/expired(57)45.95 (244)41.51 
Nonvested, December 28, 2024507 $42.92 1,444 $39.54 
_________________________
(1)Represents additional performance-based awards issued as a result of the achievement of actual performance results above the performance targets at grant date.
As of December 28, 2024, the weighted average remaining contractual term of PBRSs and PBRSUs was 1.5 years and the aggregate intrinsic value of PBRSs and PBRSUs expected to vest was $19.9 million. The weighted average remaining contractual term of RSUs, RSAs, and DSUs was 1.8 years and the aggregate intrinsic value of RSUs, RSAs, and DSUs was $56.8 million as of December 28, 2024.

The following table summarizes additional information about PBRSs PBRSUs, RSUs, RSAs, and DSUs (in thousands, except per share data):
Fiscal Year Ended
December 28,
2024		December 30,
2023		December 31,
2022
Weighted average grant date fair value per share of awards granted
$39.60 $38.74 $52.42 
Total grant date fair value of awards vested
$28,756 $19,828 $11,602 
Intrinsic value of awards vested
$24,559 $16,485 $12,434 
Stock Options

There have been no new grants of options since 2019 and all options outstanding as of December 30, 2023 and December 28, 2024 were exercisable. We had no unrecognized compensation cost related to stock options and no non-vested stock options as of December 28, 2024 or December 30, 2023. A summary of the stock options is as follows for the periods indicated (in thousands, except per share data):
Number of
Options
Weighted
Average Exercise
Price
Weighted
Average
Remaining
Contractual
Term (Years)
Aggregate
Intrinsic
Value
Balance, December 30, 2023578 $19.62 4.89
Exercised(19)16.63 
Balance, December 28, 2024559 $19.72 3.93$10,975 
Exercisable, December 28, 2024559 $19.72 3.93$10,975 
The total intrinsic value of stock options exercised was $0.4 million, $1.0 million, and $3.3 million for 2024, 2023, and 2022, respectively. The income tax benefits related to stock options exercised were $0.1 million, $0.2 million, and $0.8 million for 2024, 2023, and 2022, respectively. The total grant date fair value of stock options vested was $1.7 million for 2022