STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 25, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Status of Company's Nonvested Shares

A summary of the status of the Company’s nonvested shares and changes during 2021, 2020 and 2019 is presented below.

	2021					2020					2019
	Shares			Weighted Average Grant- Date Price		Shares			Weighted Average Grant- Date Price		Shares⁽¹⁾			Weighted Average Grant- Date Price⁽¹⁾
Outstanding at beginning of year		1,526,653		$	24.71		1,394,756		$	30.40		1,496,419		$	30.48
Granted		521,512			39.55		835,828			19.92		740,236			29.90
Vested		(593,249	)		23.72		(579,584	)		30.71		(593,440	)		30.88
Forfeited		(68,138	)		29.20		(124,347	)		28.60		(248,459	)		28.56
Outstanding at end of year		1,386,778		$	30.48		1,526,653		$	24.71		1,394,756		$	30.40

(1)As disclosed in Note 1, a 1-for-10 reverse stock split of the Company’s outstanding shares of common stock and a reduction in the number of authorized shares of the Company’s common stock by a corresponding ratio became effective on June 30, 2020. All shares and per share amounts have been retroactively adjusted for the 2019 period presented to give effect to this reverse stock split.

Summary of Performance Based Long Term Incentive Program

A summary of the activity in the performance-based long-term incentive program since inception is presented below.

	2021					2020					2019
	Shares			Weighted Average Grant- Date Price		Shares			Weighted Average Grant- Date Price		Shares⁽¹⁾			Weighted Average Grant- Date Price⁽¹⁾
Outstanding at beginning of year		2,458,978		$	24.22		1,994,111		$	29.05		1,913,397		$	28.83
Granted		1,298,868			41.44		932,344			19.42		1,026,743			31.00
Vested		(1,374,442	)		23.47		(151,905	)		41.80		(284,366	)		33.12
Forfeited		(207,573	)		28.71		(315,572	)		27.10		(661,663	)		28.87
Outstanding at end of year⁽²⁾		2,175,831		$	29.33		2,458,978		$	24.22		1,994,111		$	29.05

(1)

As disclosed in Note 1, a 1-for-10 reverse stock split of the Company’s outstanding shares of common stock and a reduction in the number of authorized shares of the Company’s common stock by a corresponding ratio became effective on June 30, 2020. All shares and per share amounts have been retroactively adjusted for the 2019 period presented to give effect to this reverse stock split.

(2)

Outstanding shares at the end of 2021 include 5.6 million shares of awards granted in 2020 that will be settled in cash in 2023. These awards are remeasured to fair value at each reporting period. The remeasurement impact was not material in 2021 and 2020.