Stock-Based Compensation (Tables)

12 Months Ended

Dec. 29, 2023

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 29, 2023 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 30, 2022		467,199		$	76.89
Awards granted		229,779			99.47
Awards vested		(248,513	)		76.21
Awards forfeited		(29,757	)		89.60
Balance at December 29, 2023		418,708		$	88.78		1.7	$	36,863

(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 29, 2023 was $88.04.

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 30, 2022		441,227		$	47.38
Options granted		30,000			107.31
Options forfeited and expired		—			—
Options exercised		(7,992	)		12.51
Balance at December 29, 2023		463,235		$	51.86		4.78	$	17,543
Exercisable at December 29, 2023		378,444		$	42.19		4.04	$	17,453

(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 2023, 2022 and 2021 are as follows:

	Stock Option Plan
	Fiscal Years
	2023			2022			2021
Expected term (in years)		5.8			5.6			5.7
Risk-free interest rate		3.99	%		1.90	%		0.64	%
Volatility		29	%		28	%		28	%
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 2023, 2022 and 2021 is as follows:

	Fiscal Years
(In thousands)	2023		2022		2021
Compensation and related expenses:
Restricted stock units	$	18,542	$	18,810	$	17,755
Stock option grants		1,081		835		736
Sub-total		19,623		19,645		18,491
General and administrative expenses:
Restricted stock units		734		719		772
Sub-total		734		719		772
Total stock-based compensation expense	$	20,357	$	20,364	$	19,263
Income tax benefit	$	3,620	$	5,829	$	10,009