Stock-Based Compensation

3 Months Ended

Mar. 28, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation

The Corporation measures stock-based compensation expense at grant date, based on the fair value of the award. Forms of awards issued under shareholder approved plans include stock options, restricted stock units based on a service condition ("restricted stock units"), restricted stock units based on both performance and service conditions ("performance stock units"), and shares issued under member stock purchase plans. Stock-based compensation expense related to stock options, restricted stock units, and performance stock units is recognized over the employees' requisite service periods. However, expense related to performance stock units is adjusted for the probability that the Corporation will perform within an established target range of cumulative profitability over a multi-year period. The Corporation has not accrued compensation expense for performance stock units granted to date, based on the current determination that it is not probable that the minimum cumulative profitability target will be achieved.

The following table summarizes expense associated with these plans (in thousands):

	Three Months Ended
	March 28, 2020		March 30, 2019
Compensation cost	$	4,358	$	2,451

The options and units granted by the Corporation had fair values as follows (in thousands):

	Three Months Ended
	March 28, 2020		March 30, 2019
Stock options	$	—	$	6,211
Restricted stock units	$	5,777	$	361
Performance stock units	$	5,777	$	—

The following table summarizes unrecognized compensation expense and the weighted-average remaining service period for non-vested stock options and restricted stock units as of March 28, 2020:

	Unrecognized Compensation Expense (in thousands)		Weighted-Average Remaining Service Period (years)
Non-vested stock options	$	2,173	1.2
Non-vested restricted stock units	$	2,632	0.9