Stock-based Compensation Stock-Based Compensation (Tables)

12 Months Ended

Jan. 02, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Nonvested Share Activity [Table Text Block]

A summary of all non-vested common share activity for the year ended January 2, 2022 was as follows:

	Shares	Weighted Average Grant Date Price
Non-vested at January 3, 2021	1,167,848	$	7.02
Granted	987,744	$	6.94
Vested	(531,437)	$	7.94
Forfeited	(287,325)	$	7.21
Non-vested at January 2, 2022	1,336,830	$	6.55

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following assumptions were used in the Black-Scholes option-pricing model to determine the fair value of stock option awards at the grant date:

	2020
Risk-free interest rate	0.21		%
Expected term (in years)	4.5
Expected volatility	65.10		%
Expected dividend yield	—		%
Fair Value	$	3.65

Expected term represents the period that the stock option awards were expected to be outstanding. Given the Company has not issued stock options since 2010, it concluded that its stock option exercise history did not provide a reasonable basis upon which to estimate expected term and therefore used the simplified method to determine the expected term of this stock option grant. This method bases the expected term calculation on the average of the

vesting term and the contractual term of the awards. The risk-free interest rate was based on the yield of constant maturity U.S. treasury bonds with a remaining term equal to the expected term of the awards. There was no expected dividend yield. The Company estimated the stock price volatility using weekly price observations over the most recent historical period equal to the expected life of the awards.

Share-based Payment Arrangement, Option, Activity

A summary of all stock option activity for the year ended January 2, 2022 was as follows:

	Options	Weighted Average Exercise Price		Average Remaining Contractual Life	Aggregate Intrinsic Value (1)
Options outstanding at January 3, 2021	1,050,000
Forfeited	(25,000)	$	7.12
Options Outstanding at January 2, 2022	1,025,000	$	7.12	5.6	$	—
Vested or expected to vest at January 2, 2022	1,025,000	$	7.12	5.6	$	—
Options exercisable at January 2, 2022	348,500	$	7.12	5.6	$	—

(1) The aggregate intrinsic value is calculated using the difference between the market price of the Company's common stock at January 2, 2022 of $2.96 and the grant date exercise price for only those awards that have a grant date exercise price that is less than the market price of the Company's common stock at January 2, 2022. There were no awards having a grant date exercise price less than the market price of the Company's common stock at January 2, 2022.

Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

A summary of all RSU activity for the year ended January 2, 2022 was as follows:

	Units
Non-vested at January 3, 2021	37,456
Granted	112,122
Vested	(19,958)
Non-vested at January 2, 2022	129,620