Stock-Based Compensation (Tables)

12 Months Ended

Jan. 03, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Compensation, Restricted Stock Units Award Activity

The number of unvested restricted stock unit awards outstanding as of January 3, 2020 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 as of December 28, 2018		1,034,539		$	27.76
Awards granted		302,635			57.08
Awards vested		(448,946	)		32.83
Awards forfeited		(1,933	)		46.64
Balance as of January 3, 2020		886,295		$	35.16		1.4	$	62,448

⁽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 January 3, 2020 was $70.46.

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)
Balance as of December 28, 2018		778,000		$	20.80
Options granted		50,000			54.95
Options forfeited and expired		—			—
Options exercised		(165,851	)		9.41
Balance as of January 3, 2020		662,149		$	26.23		5.85	$	29,290
Exercisable at January 3, 2020		450,649		$	20.99		4.93	$	22,292

^{(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 2019, 2018 and 2017 are as follows:

	Stock Option Plan
	Fiscal Years
	2019			2018			2017
Expected term (in years)		5.7			5.9			5.9
Risk-free interest rate		2.52	%		2.74	%		2.11	%
Volatility		23	%		23	%		24	%
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 2019, 2018 and 2017 is as follows:

	Fiscal Years
(In thousands)	2019		2018		2017
Compensation and related expenses:
Restricted stock units	$	16,320	$	15,561	$	14,809
Stock option grants		583		897		749
Sub-total		16,903		16,458		15,558
General and administrative expenses:
Restricted stock units		563		535		597
Sub-total		563		535		597
Total stock-based compensation expense	$	17,466	$	16,993	$	16,155
Income tax benefit	$	8,067	$	4,467	$	6,331