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Shareholders' Equity
 3 Months Ended
Apr. 03, 2022
Stockholders' Equity Note [Abstract]  
Shareholders' Equity SHAREHOLDERS’ EQUITY
The following tables depict the activity in the accounts which make up shareholders’ equity for the three months ended April 3, 2022 and April 4, 2021:
SHARESCOMMON STOCKADDITIONAL PAID-IN CAPITALRETAINED
EARNINGS		PENSION LIABILITYFOREIGN CURRENCY TRANSLATION ADJUSTMENTCASH FLOW
HEDGE
(in thousands)
Balance, at January 2, 202259,055 $5,905 $253,110 $261,434 $(53,888)$(100,441)$(2,722)
Net income— — — 13,293 — — — 
Restricted stock issuances303 30 3,966 — — — — 
Unamortized compensation expense related to restricted stock awards— — (3,996)— — — — 
Cash dividends declared, $0.01 per common share
— — — (592)— — — 
Compensation expense related to stock awards, net of shares received for tax withholdings(30)(2)1,787 — — — — 
Pension liability adjustment— — — — 1,539 — — 
Foreign currency translation adjustment— — — — — (13,184)— 
Reclassification out of accumulated other comprehensive loss - discontinued cash flow hedge— — — — — — 641 
Balance, at April 3, 202259,328 $5,933 $254,867 $274,135 $(52,349)$(113,625)$(2,081)
SHARESCOMMON STOCKADDITIONAL PAID-IN CAPITALRETAINED
EARNINGS		PENSION LIABILITYFOREIGN CURRENCY TRANSLATION ADJUSTMENTCASH FLOW
HEDGE
(in thousands)
Balance, at January 3, 202158,664 $5,865 $247,920 $208,562 $(69,288)$(60,331)$(6,190)
Net income— — — 6,938 — — — 
Restricted stock issuances376 38 5,277 — — — — 
Unamortized compensation expense related to restricted stock awards— — (5,315)— — — — 
Cash dividends declared, $0.01 per common share
— — — (589)— — — 
Compensation expense related to stock awards, net of forfeitures and shares received for tax withholdings(26)(2)689 — — — — 
Pension liability adjustment— — — — 89 — — 
Foreign currency translation adjustment— — — — — (19,597)— 
Reclassification out of accumulated other comprehensive loss - discontinued cash flow hedge— — — — — — 749 
Balance, at April 4, 202159,014 $5,901 $248,571 $214,911 $(69,199)$(79,928)$(5,441)
Restricted Stock Awards
During the three months ended April 3, 2022 and April 4, 2021, the Company granted restricted stock awards for 302,600 and 375,600 shares of common stock, respectively. Awards of restricted stock (or a portion thereof) vest with respect to each recipient over a one to three-year period from the date of grant, provided the individual remains in the employment or service of the Company as of the vesting date. Additionally, certain awards (or a portion thereof) could vest earlier in the event of a change in control of the Company, or upon involuntary termination without cause.
Compensation expense related to restricted stock grants was $1.2 million and $0.7 million for the three months ended April 3, 2022, and April 4, 2021, respectively. The Company has reduced its expense for any restricted stock forfeited during the period.
The following table summarizes restricted stock outstanding as of April 3, 2022, as well as activity during the three months then ended:
Restricted SharesWeighted Average
Grant Date
Fair Value
Outstanding at January 2, 2022683,800 $21.06 
Granted302,600 13.21 
Vested(87,900)17.54 
Forfeited or canceled— — 
Outstanding at April 3, 2022898,500 $18.76 
As of April 3, 2022, the unrecognized total compensation cost related to unvested restricted stock was $7.9 million. That cost is expected to be recognized by the end of 2025.
Performance Share Awards
During the three months ended April 3, 2022 and April 4, 2021, the Company issued awards of performance shares to certain employees. These awards vest based on the achievement of certain performance-based goals over a performance period of one to three years, subject to (among other things) the employee’s continued employment through the last date of the performance period, and will be settled in shares of our common stock or in cash at the Company’s election. The number of shares that may be issued in settlement of the performance shares to the award recipients may be greater (up to 200%) or lesser than the nominal award amount depending on actual performance achieved as compared to the performance targets set forth in the awards. The Company evaluates the probability of achieving the performance-based goals as of the end of each reporting period and adjusts compensation expense based on this assessment.
The following table summarizes the performance shares outstanding as of April 3, 2022, as well as the activity during the three months then ended:
Performance SharesWeighted Average
Grant Date
Fair Value
Outstanding at January 2, 2022718,100 $14.98 
Granted227,800 13.19 
Vested— — 
Forfeited or canceled(115,100)17.54 
Outstanding at April 3, 2022830,800 $14.13 
Compensation expense related to the performance shares was $1.0 million and $0.2 million for the three months ended April 3, 2022 and April 4, 2021, respectively. The Company has reduced its expense for performance shares forfeited during the period. Unrecognized compensation expense related to these performance shares was approximately $8.6 million as of April 3, 2022. Depending on the performance of the Company, any compensation expense related to these outstanding performance shares will be recognized by the end of 2025.
The tax benefit recognized with regard to restricted stock and performance shares was approximately $0.3 million for the three months ended April 3, 2022.