STOCK-BASED COMPENSATION

9 Months Ended

Sep. 26, 2021

Share-based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

For the three months ended September 26, 2021 and September 27, 2020, we recognized total stock-based compensation expense of $2.4 million and gain of $1.7 million, respectively. For the three months ended September 26, 2021 and September 27, 2020, the total income tax benefit and expense recognized for stock-based compensation arrangements was $0.6 million and $0.4 million, respectively.

For the nine months ended September 26, 2021 and September 27, 2020, we recognized total stock-based compensation expense of $7.6 million and $2.2 million, respectively. For the nine months ended September 26, 2021 and September 27, 2020, the total income tax benefit recognized for stock-based compensation arrangements was $1.9 million and $0.6 million, respectively.

During the nine months ended September 26, 2021, we granted 123,851 time-vesting restricted stock units at a grant date price of $19.73 per unit. These awards will vest equally on July 1, 2022, July 1, 2023 and July 1, 2024. We also granted 533,883 performance-based restricted stock units at a grant date price of $22.79 per unit, 27,350 performance-based restricted stock units at a grant date price of $25.45 per unit and 5,470 performance-based restricted stock units at a grant date price of $27.46 per unit. These awards will convert to time-vesting restricted stock units in the first quarter of 2022 if or when the Compensation Committee of the Company’s Board of Directors certifies the achievement of 2021 performance targets. Once converted to time-vesting restricted stock units, the awards will vest equally on December 31, 2022, December 31, 2023 and December 31, 2024. During the same period we also granted 400,000 performance-based restricted stock units at a grant date price of $19.73 per unit. These awards will convert to time-vesting restricted stock units in the first quarter of 2024 if or when the Compensation Committee of the Company’s Board of Directors certifies the achievement of performance targets over a three-year period of January 1, 2021 through December 31, 2023. Once converted to time-vesting restricted stock units, the awards will vest equally on July 1, 2024, July 1, 2025 and July 1, 2026. We also granted 9,459 restricted stock units on April 6, 2021 at a grant date price of $24.26 and 14,586 vesting restricted stock units on April 28, 2021 at a grant date price of $24.69.