Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation (Tables)

v3.23.2
Stock-based Compensation (Tables)
 6 Months Ended
Jun. 29, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
The table below presents components of stock-based compensation expense within the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income:
Twenty-six Weeks Ended
in thousands June 29, 2023 June 30, 2022
General and administrative $ 14,212  $ 10,869 
Selling and store operating 835  — 
Total stock-based compensation expense $ 15,047  $ 10,869 
Stock Option Activity
The table below summarizes stock option activity for the twenty-six weeks ended June 29, 2023.
Options Weighted Average Exercise Price
Outstanding at December 30, 2022 2,101,559  $ 27.10 
Exercised (201,891) 24.06 
Forfeited or expired (2,091) 56.56 
Outstanding at June 29, 2023
 1,897,577  $ 27.39 
Vested and exercisable at June 29, 2023
 1,795,662  $ 25.10 
Restricted Stock Unit Activity
The following table summarizes restricted stock unit activity during the twenty-six weeks ended June 29, 2023:
Restricted Stock Units
Service-based Performance-based Total shareholder return Total Restricted Stock Units
Unvested at December 30, 2022 408,829  36,117  —  444,946 
Granted 367,111  188,543  58,854  614,508 
Vested (125,141) —  —  (125,141)
Forfeited (12,612) (36,117) —  (48,729)
Unvested at June 29, 2023 638,187  188,543  58,854  885,584 
Schedule of 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:
Twenty-six Weeks Ended
June 29, 2023
Expected term (in years) 2.8
Risk-free interest rate 4.5  %
Expected volatility 49.5  %
Dividend yield —  %
Restricted Stock Award Activity
The following table summarizes restricted stock award activity during the twenty-six weeks ended June 29, 2023:
Restricted Stock Awards
Service-based Performance-based (1) Total shareholder return (1) Total Restricted Stock Awards
Unvested at December 30, 2022 103,326  134,318  87,517  325,161 
Vested (68,334) (86,656) (56,461) (211,451)
Unvested at June 29, 2023 34,992  47,662  31,056  113,710 
(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.