Stock-Based Compensation (Tables)

12 Months Ended

Dec. 30, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation, Restricted Stock Units Award Activity

The number of unvested restricted stock unit awards outstanding as of December 30, 2022 is as follows (1):

	Number of awards outstanding			Weighted- average grant date fair value		Weighted- average remaining contractual term (years)		Aggregate intrinsic value (in thousands) (2)
Balance at December 31, 2021		568,039		$	60.65
Awards granted		228,254			94.24
Awards vested		(313,072	)		60.18
Awards forfeited		(16,022	)		74.87
Balance at December 30, 2022		467,199		$	76.89		1.6	$	46,295

(1)Does not include employee stock purchase plans or stock option plans.

(2)The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global Select Market, the market value as of December 30, 2022 was $99.09.

Stock Option Activity

Option activity is as follows (1):

	Number of shares outstanding		Weighted- average exercise price		Weighted- average remaining contractual term (years)		Aggregate intrinsic value (in thousands)
Exercisable at December 31, 2021		403,727	$	43.61
Options granted		37,500		87.90
Options forfeited and expired		—		—
Options exercised		—		—
Balance at December 30, 2022		441,227	$	47.38		5.37	$	22,817
Exercisable at December 30, 2022		346,228	$	37.48		4.64	$	21,330

(1)Does not include restricted stock or employee stock purchase plans.

The Assumptions Used to Value Option Grants

The assumptions used to value option grants for 2022, 2021 and 2020 are as follows:

	Stock Option Plan
	Fiscal Years
	2022			2021			2020
Expected term (in years)		5.6			5.7			5.8
Risk-free interest rate		1.90	%		0.64	%		1.48	%
Volatility		28	%		28	%		23	%
Dividend yield		0	%		0	%		0	%

Stock-Based Compensation Expense Recognized in Consolidated Statements of Income

The amount of stock-based compensation expense and the related income tax benefit recognized in the Company’s consolidated statements of income for 2022, 2021 and 2020 is as follows:

	Fiscal Years
(In thousands)	2022		2021		2020
Compensation and related expenses:
Restricted stock units	$	18,810	$	17,755	$	15,946
Stock option grants		835		736		694
Sub-total		19,645		18,491		16,640
General and administrative expenses:
Restricted stock units		719		772		638
Sub-total		719		772		638
Total stock-based compensation expense	$	20,364	$	19,263	$	17,278
Income tax benefit	$	5,829	$	10,009	$	12,258