XML 48 R29.htm IDEA: XBRL DOCUMENT v3.22.0.1
Shareholders' Deficit (Tables)
 12 Months Ended
Jan. 01, 2022
Share-based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
Total stock-based compensation expense was as follows (in thousands):
 202120202019
Stock awards$20,216 $19,435 $14,265 
Stock options2,998 2,378 2,392 
Total stock-based compensation expense(1)
23,214 21,813 16,657 
Income tax benefit5,722 5,126 3,998 
Total stock-based compensation expense, net of tax$17,492 $16,687 $12,659 
____________________
(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 January 2, 2021813 $30.74 6.5$41,568 
Granted63 143.06 
Exercised(175)25.42 
Canceled/Forfeited(2)69.78 
Outstanding at January 1, 2022699 $42.02 6.3$28,258 
Exercisable at January 1, 2022496 $30.24 5.5$22,993 
Vested and expected to vest at January 1, 2022685 $41.58 6.3$27,937 
____________________
(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):
 202120202019
Weighted-average grant date fair value of stock options granted$71.93 $15.10 $18.97 
Total intrinsic value (at exercise) of stock options exercised$16,003 $14,357 $9,636 
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 Assumptions202120202019
Expected dividend yield0.0 %0.0 %0.0 %
Expected volatility58 %46 %43 %
Risk-free interest rate0.9 %0.7 %2.2 %
Expected term (years)5.25.45.4
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 January 2, 2021302 $38.96 520 $38.52 
Granted70 128.72 172 97.40 
Vested(156)37.86 (247)34.71 
Canceled/Forfeited(10)60.76 (4)65.57 
Outstanding at January 1, 2022206 $69.55 441 $63.37 
Schedule of Repurchase of Common Stock
Repurchases of our common stock were as follows (in thousands):
 202120202019
Amount repurchased under Board-approved share repurchase program$364,479 $228,111 $145,900 
Amount repurchased in connection with the vesting of employee restricted stock grants17,897 7,040 9,673 
Total amount repurchased (based on trade dates)$382,376 $235,151 $155,573 
Net Income per Common Share
The components of basic and diluted net income per share were as follows (in thousands, except per share amounts):
 202120202019
Net income$153,746 $139,189 $81,845 
Reconciliation of weighted-average shares outstanding:
Basic weighted-average shares outstanding24,038 27,665 29,472 
Dilutive effect of stock-based awards909 763 883 
Diluted weighted-average shares outstanding24,947 28,428 30,355 
Net income per share – basic$6.40 $5.03 $2.78 
Net income per share – diluted$6.16 $4.90 $2.70