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Equity and Stock-Based Compensation
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Equity and Stock-Based Compensation Equity and Stock-Based Compensation
Equity transactions
During the thirteen weeks ended March 31, 2024, funds managed by the Company’s largest stockholder, Advent International, L.P. (“Advent”) sold 6,900,000 shares of the Company’s common stock through an underwritten secondary public offering, including 900,000 shares of common stock which were sold pursuant to the underwriter’s option to purchase additional shares, which was exercised in full. All net proceeds from the sale of the shares of common stock were distributed to the selling stockholders. The Company incurred approximately $0.5 million of costs in connection with the offerings that were recorded within Transaction expenses, net on the Consolidated Statements of Operations and Comprehensive Income.
Stock option awards
There were no stock option awards granted during the thirteen weeks ended March 31, 2024. A summary of stock option activity during the thirteen weeks ended March 31, 2024 is as follows:
NUMBER OF OPTIONSWEIGHTED AVERAGE
EXERCISE PRICE		AGGREGATE INTRINSIC VALUE
(in thousands)		WEIGHTED AVERAGE
REMAINING CONTRACTUAL LIFE
(in years)
Outstanding, December 31, 2023
4,347,186 $10.22 $42,965 5.1
Exercised(318,967)$9.87 
Outstanding, March 31, 2024
4,028,219 $10.24 $57,909 4.9
Exercisable, March 31, 2024
3,128,830 $10.01 $45,720 4.7
The aggregate intrinsic value is based on the difference between the exercise price of the stock option and the closing price of the Company’s common stock on Nasdaq on the last trading day.
A summary of the non-vested stock option activity during the thirteen weeks ended March 31, 2024 is as follows:
NUMBER OF OPTIONSWEIGHTED AVERAGE GRANT DATE FAIR VALUE
Nonvested, December 31, 2023
1,234,031 $7.36 
Vested (334,642)$6.52 
Nonvested, March 31, 2024
899,389 $7.67 
Restricted stock units
During the thirteen weeks ended March 31, 2024, a total of 418,251 restricted stock units (“RSU”) were granted. Of the total RSUs granted, 346,655 will vest ratably over a period of three years from grant date, the remaining 71,596 will vest 50% on the second anniversary of the grant date and 50% on the third anniversary of grant date. A summary of the Company’s RSU activity during the thirteen weeks ended March 31, 2024 is as follows:
RESTRICTED STOCK UNITSWEIGHTED AVERAGE GRANT DATE FAIR VALUEAGGREGATE INTRINSIC VALUE
(in thousands)
Outstanding, December 31, 2023
521,042 $15.71 $10,473 
Granted 418,251 $24.79 
Vested (161,859)$15.52 
Outstanding, March 31, 2024
777,434 $20.63 $19,140 
The aggregate intrinsic value is based on the closing price of the Company’s common stock on Nasdaq of $24.62 and $20.10 on March 28, 2024 and December 29, 2023, the last trading days for the periods, respectively.
Stock-based compensation expense was $1.9 million and $1.5 million during the thirteen weeks ended March 31, 2024 and March 26, 2023, respectively.
The total related income tax benefit for stock-based compensation expense was $1.3 million and $0.2 million during the thirteen weeks ended March 31, 2024 and March 26, 2023, respectively.
Unrecognized stock-based compensation expense
The following represents unrecognized stock-based compensation expense and the remaining weighted average vesting period as of March 31, 2024:
UNRECOGNIZED STOCK-BASED COMPENSATION EXPENSE
(in thousands)
REMAINING WEIGHTED AVERAGE
VESTING PERIOD
(in years)
Stock options$2,567 0.6
Restricted stock units $15,187 2.4