Stockholders' Equity (Tables)
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12 Months Ended |
Dec. 28, 2023 |
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| Equity [Abstract] |
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| Schedule of Components of Stock-Based Compensation Expense |
The table below presents components of stock-based compensation expense within the Company’s Consolidated Statements of Operations and Comprehensive Income:
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Fiscal Year Ended |
| in thousands |
December 28,
2023 |
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December 29,
2022 |
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December 30,
2021 |
| General and administrative |
$ |
25,095 |
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$ |
21,665 |
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$ |
20,528 |
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| Selling and store operating |
2,145 |
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568 |
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— |
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| Total stock-based compensation expense |
$ |
27,240 |
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$ |
22,233 |
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$ |
20,528 |
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| Schedule of Assumptions Used to Estimate the Fair Value of Stock Option Awards Granted |
During fiscal year 2021, stock option award grant date fair values were estimated using the Black-Scholes-Merton option pricing model with the following weighted-average assumptions:
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Fiscal Year Ended December 30,
2021 |
| Weighted average fair value per stock option |
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$ |
41.75 |
| Risk-free interest rate |
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0.80% |
| Expected volatility |
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48% |
| Expected life (in years) |
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5.40 |
| Dividend yield |
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—% |
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| Schedule of Stock Option Activity |
The table below summarizes stock option activity for the fiscal year ended December 28, 2023:
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Options |
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Weighted
Average
Exercise
Price |
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Weighted Average Remaining Contractual Life (Years) |
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Aggregate Intrinsic Value (in thousands) |
| Outstanding at December 30, 2022 |
2,101,559 |
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$ |
27.10 |
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| Exercised |
(491,056) |
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$ |
22.32 |
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| Forfeited or expired |
(3,162) |
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$ |
56.55 |
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| Outstanding at December 28, 2023 |
1,607,341 |
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$ |
28.51 |
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3.9 |
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$ |
137,326 |
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| Vested and exercisable at December 28, 2023 |
1,521,654 |
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$ |
26.11 |
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3.8 |
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$ |
133,569 |
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| Schedule of Restricted Stock Unit Activity |
The following table summarizes restricted stock unit activity during the fiscal year ended December 28, 2023:
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Restricted Stock Units |
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Service-based |
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Performance-based |
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Total shareholder return |
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Shares |
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Weighted Average Grant Date Fair Value |
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Shares |
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Weighted Average Grant Date Fair Value |
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Shares |
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Weighted Average Grant Date Fair Value |
| Unvested at December 30, 2022 |
408,829 |
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$ |
88.85 |
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36,117 |
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$ |
95.62 |
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— |
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$ |
— |
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| Granted |
378,839 |
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$ |
90.60 |
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188,543 |
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$ |
90.38 |
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58,854 |
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$ |
104.67 |
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| Vested |
(150,897) |
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$ |
86.96 |
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— |
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$ |
— |
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— |
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$ |
— |
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| Forfeited |
(28,631) |
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$ |
88.92 |
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(36,117) |
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$ |
95.62 |
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— |
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$ |
— |
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| Unvested at December 28, 2023 |
608,140 |
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$ |
90.40 |
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188,543 |
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$ |
90.38 |
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58,854 |
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$ |
104.67 |
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| Schedule of Restricted Stock Award Activity |
The following table summarizes restricted stock award activity during the fiscal year ended December 28, 2023 (no restricted stock awards were granted during fiscal 2023):
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Restricted Stock Awards |
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Service-based |
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Performance-based (1) |
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Total shareholder return (1) |
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Shares |
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Weighted Average Grant Date Fair Value |
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Shares |
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Weighted Average Grant Date Fair Value |
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Shares |
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Weighted Average Grant Date Fair Value |
Unvested at December 30, 2022 |
103,326 |
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$ |
59.18 |
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134,318 |
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$ |
57.70 |
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87,517 |
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$ |
44.28 |
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| Vested |
(68,543) |
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$ |
55.57 |
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(86,656) |
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$ |
57.70 |
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(56,461) |
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$ |
44.28 |
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| Unvested at December 28, 2023 |
34,783 |
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$ |
66.30 |
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47,662 |
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$ |
57.70 |
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31,056 |
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$ |
44.28 |
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(1) The performance-based and total shareholder return restricted stock awards that vested during the period were issued at 100% of target based on achievement of the predetermined performance and total shareholder return criteria as specified in the underlying grant agreements.
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| Schedule of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions |
The grant-date fair value of TSR awards is estimated using a Monte Carlo valuation method, which included the following assumptions for TSR awards granted during the period:
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Fiscal Year Ended December 28,
2023 |
| Expected term (in years) |
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2.8 |
| Risk-free interest rate |
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4.5 |
% |
| Expected volatility |
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49.5 |
% |
| Dividend yield |
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— |
% |
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