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Stockholders' Equity and Stock Compensation Plans
3 Months Ended
Jan. 01, 2023
Stockholders' Equity Note [Abstract]  
Stockholders' Equity and Stock Compensation Plans Stockholders’ Equity and Stock Compensation Plans We recognize the fair value of our stock-based awards as compensation expense on a straight-line basis over the requisite service period in which the award vests. Stock-based compensation expense for the three months ended January 1, 2023 was $7.2 million, compared to $5.8 million for the same period last year. Most of these amounts were included in selling, general and administrative expenses on our consolidated statements of income. In the first quarter of fiscal 2023, we awarded 55,708 performance share units (“PSUs”) to our non-employee directors and executive officers at an estimated fair value of $204.00 per share on the award date. All PSUs are performance-based and vest, if at all, after the conclusion of the three-year performance period. The number of PSUs that ultimately vest is based 50% on the growth in our diluted earnings per share and 50% on our relative total shareholder return over the vesting period. Additionally, we awarded 98,305 restricted stock units (“RSUs”) to our non-employee directors, executive officers and employees at a fair value of $156.52 per share on the award date. All executive officer and employee RSUs have time-based vesting over a four-year period, and the non-employee director RSUs vest after one year.