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Shareholders' Deficit (Tables)
12 Months Ended
Jan. 02, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
Total stock-based compensation expense was as follows (in thousands):
 202020192018
Stock awards$19,435 $14,265 $8,930 
Stock options2,378 2,392 2,482 
Total stock-based compensation expense(1)
21,813 16,657 11,412 
Income tax benefit5,126 3,998 2,750 
Total stock-based compensation expense, net of tax$16,687 $12,659 $8,662 
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(1)    Changes in annual stock-based compensation expense reflects the cumulative impact of the change in the expected achievements of certain performance targets.
Summary of Stock Option Activity
A summary of our stock option activity was as follows (in thousands, except per share amounts and years):
 Stock
Options
Weighted-
Average
Exercise
Price per
Share
Weighted-
Average
Remaining
Contractual
Term (years)
Aggregate
Intrinsic
Value (1)
Outstanding at December 28, 20191,068 $26.87 6.0$24,274 
Granted184 36.11 
Exercised(420)22.87 
Canceled/Forfeited(19)38.78 
Outstanding at January 2, 2021813 $30.74 6.5$41,568 
Exercisable at January 2, 2021520 $26.27 5.3$28,913 
Vested and expected to vest at January 2, 2021790 $30.53 6.4$40,553 
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(1)    Aggregate intrinsic value includes only those options where the current share price is equal to or greater than the share price on the date of grant.
Other Information Pertaining to Options
Other information pertaining to options was as follows (in thousands, except per share amounts):
 202020192018
Weighted-average grant date fair value of stock options granted$15.10 $18.97 $13.96 
Total intrinsic value (at exercise) of stock options exercised$14,357 $9,636 $3,459 
Assumptions Used to Calculate Fair Value of Options Granted Using Black-Scholes-Merton Option-Pricing Model
The assumptions used to calculate the fair value of options granted using the Black-Scholes-Merton option-pricing model were as follows:
Valuation Assumptions202020192018
Expected dividend yield0.0 %0.0 %0.0 %
Expected volatility46 %43 %43 %
Risk-free interest rate0.7 %2.2 %2.7 %
Expected term (years)5.45.45.0
Stock Award Activity
Stock award activity was as follows (in thousands, except per share amounts):
 Time-
Based
Stock
Awards
Weighted-Average
Grant Date
Fair Value
Performance-
Based
Stock Awards
Weighted-Average
Grant Date
Fair Value
Outstanding at December 28, 2019330 $38.09 592 $33.30 
Granted309 30.80 291 32.28 
Vested(297)29.55 (326)23.66 
Canceled/Forfeited(40)37.08 (37)25.91 
Outstanding at January 2, 2021302 $38.96 520 $38.52 
Assumptions Used to Calculate Fair Value of Performance-based Stock Awards Using Monte Carlo Simulation Model
Valuation Assumptions2018
Expected dividend yield%
Expected volatility43 %
Risk-free interest rate2.6 %
Schedule of Repurchase of Common Stock
Repurchases of our common stock were as follows (in thousands):
 202020192018
Amount repurchased under Board-approved share repurchase program$228,111 $145,900 $279,101 
Amount repurchased in connection with the vesting of employee restricted
   stock grants
7,040 9,673 3,344 
Total amount repurchased (based on trade dates)$235,151 $155,573 $282,445 
Net Income per Common Share
The components of basic and diluted net income per share were as follows (in thousands, except per share amounts):
 202020192018
Net income$139,189 $81,845 $69,539 
Reconciliation of weighted-average shares outstanding:
Basic weighted-average shares outstanding27,665 29,472 35,256 
Dilutive effect of stock-based awards763 883 909 
Diluted weighted-average shares outstanding28,428 30,355 36,165 
Net income per share – basic$5.03 $2.78 $1.97 
Net income per share – diluted$4.90 $2.70 $1.92