Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation (Tables)

v3.23.3
Stock-based Compensation (Tables)
 9 Months Ended
Sep. 28, 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:
Thirty-nine Weeks Ended
in thousands September 28, 2023 September 29, 2022
General and administrative $ 18,927  $ 16,911 
Selling and store operating 1,409  318 
Total stock-based compensation expense $ 20,336  $ 17,229 
Stock Option Activity
The table below summarizes stock option activity for the thirty-nine weeks ended September 28, 2023.
Options Weighted Average Exercise Price
Outstanding at December 30, 2022
 2,101,559  $ 27.10 
Exercised (336,061) $ 23.53 
Forfeited or expired (3,983) $ 48.97 
Outstanding at September 28, 2023
 1,761,515  $ 27.73 
Vested and exercisable at September 28, 2023
 1,669,036  $ 25.39 
Restricted Stock Unit Activity
The following table summarizes restricted stock unit activity during the thirty-nine weeks ended September 28, 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 374,685  188,543  58,854  622,082 
Vested (132,432) —  —  (132,432)
Forfeited (24,262) (36,117) —  (60,379)
Unvested at September 28, 2023 626,820  188,543  58,854  874,217 
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:
Thirty-nine Weeks Ended
September 28, 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 thirty-nine weeks ended September 28, 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 September 28, 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.