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Stock-Based Compensation (Tables)
12 Months Ended
Jan. 02, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Compensation Costs
Compensation cost charged against operations for the Plan and the 2017 MSPP described in "Note 10. Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity" in the Notes to Consolidated Financial Statements was as follows (in thousands):
 202020192018
Compensation cost$7,827 $6,830 $7,317 
The total income tax benefit recognized in the Consolidated Statements of Comprehensive Income for share-based compensation arrangements was as follows (in thousands):
 202020192018
Income tax benefit$1,925 $1,545 $1,582 
The following table details deferred compensation, which is a combination of cash and stock, and the affected line item in the Consolidated Balance Sheets where deferred compensation is presented (in thousands):
January 2, 2021December 28, 2019
Current maturities of other long-term obligations$1,490 $850 
Other long-term liabilities8,649 9,740 
Total deferred compensation$10,139 $10,590 
Total fair-market value of deferred compensation$7,207 $7,503 
Schedule of Share-based Compensation, Restricted Stock Units Activity
The following table summarizes the changes in RSUs:
 Number of SharesWeighted-Average Grant Date Fair Value
Nonvested as of December 30, 201737,000 $38.38 
Granted23,224 40.44 
Vested(12,000)51.54 
Forfeited(2,500)28.90 
Nonvested as of December 29, 201845,724 $36.49 
Granted10,000 36.05 
Vested(24,823)33.30 
Forfeited(9,289)40.22 
Nonvested as of December 28, 201921,612 $38.41 
Granted173,766 36.78 
Vested(6,968)40.77 
Forfeited(5,930)37.50 
Nonvested as of January 2, 2021182,480 $36.80 
The total value of shares vested was as follows (in thousands):
202020192018
Value of shares vested$284 $827 $618 
Share-based Payment Arrangement, Performance Shares, Activity
The following table summarizes the changes in PSUs:
 Number of SharesWeighted-Average Grant Date Fair Value
Nonvested as of December 28, 2019— $— 
Granted157,266 37.64 
Vested— — 
Forfeited(9,440)38.08 
Nonvested as of January 2, 2021147,826 $37.62 
Schedule of Valuation Assumptions
Stock-based compensation expense related to stock options was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions by grant year:
 20192018
Expected term5 years5 years
Expected volatility (weighted-average)33.86 %34.12 %
Expected dividend yield (weighted-average)2.98 %2.97 %
Risk-free interest rate (weighted-average)2.52 %2.66 %
Schedule of Share-based Compensation, Stock Options, Activity
The following table summarizes the changes in outstanding stock options:
 Number of SharesWeighted Average Exercise Price
Outstanding as of December 30, 20173,562,284 $34.63 
Granted788,301 38.53 
Exercised(647,759)26.28 
Forfeited or Expired(75,821)38.36 
Outstanding as of December 29, 20183,627,005 $36.89 
Granted637,763 39.64 
Exercised(921,900)30.29 
Forfeited or Expired(120,143)39.29 
Outstanding as of December 28, 20193,222,725 $39.24 
Exercised(188,734)29.24 
Forfeited or Expired(27,813)42.38 
Outstanding as of January 2, 20213,006,178 $39.84 
Schedule of Nonvested Restricted Stock Units Activity
A summary of the Corporation’s non-vested stock options and changes during the year are presented below:
Number of SharesWeighted Average Grant-Date Fair Value
Non-vested as of December 28, 20191,602,573 $10.32 
Vested(385,648)9.36 
Forfeited(21,608)10.60 
Non-vested as of January 2, 20211,195,317 $10.62 
Stock Option Vested or Expected to Vest and are Exercisable
Information about stock options expected to vest or currently exercisable is as follows:
January 2, 2021
Number of SharesWeighted-Average Exercise PriceWeighted-Average Remaining Exercisable Period
(years)
Aggregate Intrinsic Value
($000s)
Expected to vest1,138,149 $40.57 7.4$1,514 
Exercisable1,810,861 $39.38 4.8$— 
Schedule of Share-based Compensation Arrangement Other Information
Other information for the last three years is as follows (in thousands):
202020192018
Total fair value of options vested$3,608 $11,470 $7,204 
Total intrinsic value of options exercised$1,527 $5,981 $8,917 
Cash received from exercise of stock options$5,519 $27,926 $17,021 
Tax benefit realized from exercise of stock options$376 $1,353 $1,928 
Weighted-average grant-date fair value of options granted$— $9.84 $9.72