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EQUITY-BASED COMPENSATION PLANS
 9 Months Ended
Sep. 28, 2025
Share-Based Payment Arrangement [Abstract]  
EQUITY-BASED COMPENSATION PLANS EQUITY-BASED COMPENSATION PLANS
In 2021, the Company adopted the 2021 Omnibus Incentive Plan (the “2021 Plan”), under which awards, including stock options, restricted stock units ("RSUs") and performance stock units ("PSUs") may be granted to employees and non-employee directors. The 2021 Plan authorized 8,850,000 shares of Common Stock to be available for award grants. As of September 28, 2025, 1,250,425 shares of Common Stock remained available for future issuance under the 2021 Plan.
Equity-based compensation expense included the following components:
For the thirteen weeks endedFor the thirty-nine weeks ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Restricted stock units$1,386 $944 $3,362 $2,686 
Performance stock units936 491 1,814 1,376 
Stock options— 86 49 221 
All equity-based compensation expenses are recorded in selling, general and administrative costs in the condensed consolidated statements of comprehensive income (loss).
Restricted Stock Awards
RSUs and PSUs are collectively referred to as "Restricted Stock Awards". The Compensation Committee has awarded RSUs to select employees and non-employee directors and has awarded PSUs to select employees. The RSUs vest ratably over one to four years of continued employment or board services, as applicable. The grant date fair value of a time-based award or a performance-based award without a market condition is equal to the market price of Common Stock on the grant date and is recognized over the requisite service period. The grant date fair value of a performance-based award with a market condition is determined using a Monte Carlo simulation and is recognized over the requisite service period. On September 28, 2025, there was $12,081 of unrecognized compensation cost related to unvested Restricted Stock Awards that is expected to be recognized over a remaining weighted average period of 2.0 years.
The weighted-average grant-date fair value of Restricted Stock Awards granted during the 13-week periods ended September 28, 2025 and September 29, 2024, was $2.89 and $3.83, respectively. The fair value of Restricted Stock Awards vested and converted to shares of Common Stock during the 39-week period ended September 28, 2025 and September 29, 2024, was $2,444 and $5,190, respectively.
The following table summarizes Restricted Stock Award for the 39-week period ended September 28, 2025:
Unvested Restricted Stock Awards
Number of RSAsWeighted Average
Grant Date Fair Value
Balance on December 31, 20244,195,161$3.12 
Granted4,342,3442.89 
Vested(1,051,186)3.32 
Forfeited(418,252)3.13 
Balance on September 28, 20257,068,067$2.95 
Performance-based Restricted Stock Units
The PSUs granted under the 2021 Plan represent shares of Common Stock that are potentially issuable in the future based on a combination of performance and service requirements. On March 21, 2025, the Company granted 812,256 PSUs under the 2021 Plan to key employees with a grant date fair value of $2.53. On March 31, 2025 the Company granted 10,943 PSUs with a grant date fair value of $2.57; and on April 21, 2025, the Company granted 27,134 PSUs with a grant date fair value of $1.98. The PSUs granted to employees were based on salary and include annual net sales and adjusted EBITDA growth targets with threshold and stretch goals. The awards vest ratably over three years, subject to the employee’s continuous employment through the vesting date and the level of performance achieved. The number of PSUs granted reflects the target number able to be earned under a given award. Non-vested PSU compensation expense
is based on the most recent performance assumption available and is adjusted as assumptions change. The fair value of a PSU at the grant date is equal to the market price of Common Stock on the grant date. The cost estimates for PSU grants represent initial target awards until the Company can reasonably forecast the financial performance of each PSU award grant. The actual number of shares of Common Stock to be issued at the end of each performance period will range from —% to 150% of the initial target awards.
On August 12, 2025, the Company granted 433,034 PSUs to its President and Chief Executive Officer, which are potentially issuable in the future based on a combination of achievement of a certain stock price metric and service requirements through the expiration date of August 12, 2032. The fair value of $3.26 for this award is determined using a Monte Carlo simulation as of the date of the grant and share-based compensation expense will not be adjusted should the target awards vary from actual awards. The Company's estimates of fair value may be impacted by certain variables including, but not limited to, stock price volatility, the risk-free interest rate, expected dividend yields, and the Company's performance.
Stock Options
Stock option grants have an exercise price at least equal to the market value of the underlying Common Stock on the date of grant, have ten-year terms, and vest ratably over three years of continued employment. In general, vested options expire if not exercised within 90 days of termination of service. Compensation expense for stock options is recorded based on straight-line amortization of the grant date fair value over the requisite service period. As of September 28, 2025, all stock options vested and there was no additional compensation cost to recognize.
The following table summarizes stock option activity for the 39-week period ended September 28, 2025:
Number of
Stock Options		Weighted
Average
Exercise Price		Weighted Average
Remaining
Contractual
Term (years)
Options outstanding on December 31, 2024437,268$10.99 
Forfeited-- 
Expired-- 
Options outstanding on September 28, 2025437,268$10.99 6.06
Options exercisable on September 28, 2025437,268$10.99 6.06