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Stock-Based Compensation (Tables)
6 Months Ended
Jul. 13, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Allocation of Stock-Based Compensation Expense in Condensed Consolidated Statements of Operations

Stock-based compensation expense recognized and included in “Selling, general and administrative expenses” in the condensed consolidated statements of earnings, and related tax impacts were as follows:

 

12 Weeks Ended

 

 

28 Weeks Ended

 

(In thousands)

July 13, 2024

 

 

July 15, 2023

 

 

July 13, 2024

 

 

July 15, 2023

 

Restricted stock expense

$

 

1,179

 

 

$

 

1,896

 

 

$

 

3,261

 

 

$

 

6,697

 

Restricted stock unit expense

 

 

874

 

 

 

 

 

 

 

 

3,664

 

 

 

 

 

Performance share unit (benefit) expense

 

 

(197

)

 

 

 

569

 

 

 

 

(1,349

)

 

 

 

915

 

Income tax benefit

 

 

(517

)

 

 

 

(742

)

 

 

 

(1,442

)

 

 

 

(2,909

)

Stock-based compensation expense, net of tax

$

 

1,339

 

 

$

 

1,723

 

 

$

 

4,134

 

 

$

 

4,703

 

Summary of Stock Incentive Plans Activity

The following table summarizes activity in the stock incentive plans for the 28 weeks ended July 13, 2024:

 

 

 

 

 

Weighted

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Weighted

 

 

Restricted

 

 

Average

 

 

Restricted

 

 

Average

 

 

Performance

 

 

Average

 

 

Stock

 

 

Grant-Date

 

 

Stock

 

 

Grant-Date

 

 

Share

 

 

Grant-Date

 

 

Awards

 

 

Fair Value

 

 

Units

 

 

Fair Value

 

 

Units

 

 

Fair Value

 

Outstanding at December 30, 2023

 

 

819,457

 

 

$

 

24.92

 

 

 

 

 

 

$

 

 

 

 

 

290,310

 

 

$

 

27.00

 

Granted

 

 

 

 

 

 

 

 

 

 

580,063

 

 

 

 

20.29

 

 

 

 

413,207

 

 

 

 

20.53

 

Vested

 

 

(460,364

)

 

 

 

23.16

 

 

 

 

(15,490

)

 

 

 

20.41

 

 

 

 

 

 

 

 

 

Cancelled/Forfeited

 

 

(12,981

)

 

 

 

26.77

 

 

 

 

(11,631

)

 

 

 

20.41

 

 

 

 

(10,294

)

 

 

 

23.39

 

Outstanding at July 13, 2024

 

 

346,112

 

 

$

 

27.19

 

 

 

 

552,942

 

 

$

 

20.28

 

 

 

 

693,223

 

 

$

 

23.20

 

Summarizes the Unrecognized Compensation Cost and Weighted Average Recognition Period For Awards Granted Under the Company's Stock Incentive Plans

The following table summarizes the unrecognized compensation cost and weighted average recognition period for awards granted under the Company's stock incentive plans as of July 13, 2024:

 

 

 

 

 

Weighted

 

Unrecognized

 

 

Average

 

Compensation

 

 

Recognition

 

Cost

 

 

Period

 

(In thousands)

 

 

(in years)

Restricted stock awards

$

 

5,476

 

 

 

1.3

Restricted stock units

 

 

7,895

 

 

 

2.4

Performance share units

 

 

7,664

 

 

 

2.4

Total

$

 

21,035

 

 

 

 

Summary of Share-based Payment Expense Recognized as a Reduction of Net Sales in Condensed Consolidated Statements of Operations

Share-based payment expense recognized as a reduction of “Net sales” in the condensed consolidated statements of earnings, and related tax benefits were as follows:

 

12 Weeks Ended

 

 

28 Weeks Ended

 

(In thousands)

July 13, 2024

 

 

July 15, 2023

 

 

July 13, 2024

 

 

July 15, 2023

 

Warrant expense

$

 

190

 

 

$

 

353

 

 

$

 

516

 

 

$

 

960

 

Income tax benefit

 

 

(13

)

 

 

 

(31

)

 

 

 

(55

)

 

 

 

(95

)

Warrant expense, net of tax

$

 

177

 

 

$

 

322

 

 

$

 

461

 

 

$

 

865

 

Summary of Stock Warrant Activity

The following table summarizes stock warrant activity for the 28 weeks ended July 13, 2024:

 

 

 

 

 

 

 

 

Warrant

 

Outstanding and nonvested at December 30, 2023

 

 

 

 

 

 

 

 

3,262,357

 

Vested

 

 

 

 

 

 

 

 

(108,746

)

Outstanding and nonvested at July 13, 2024

 

 

 

 

 

 

 

 

3,153,611