Stock-Based Compensation

9 Months Ended

Oct. 01, 2022

Stock-Based Compensation [Abstract]

Stock-Based Compensation

Note 11 – Stock-Based Compensation

The following table summarizes stock-based compensation expense recognized:

	Fiscal quarters ended				Nine fiscal months ended
	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Restricted stock units	$	828	$	828	$	5,495		5,567
Phantom stock units		-		-		222		209
Total	$	828	$	828	$	5,717		5,776

The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at October 1, 2022 (amortization periods in years):

	Unrecognized Compensation Cost		Weighted Average Remaining Amortization Periods
Restricted stock units	$	4,068		0.8
Phantom stock units		-		n/a
Total	$	4,068

The Company currently expects all performance-based RSUs to vest and all of the associated unrecognized compensation cost for performance-based RSUs presented in the table above to be recognized.

Restricted Stock Units

RSU activity under the Company's 2007 Stock Incentive Program (the "2007 Program") as of October 1, 2022 and changes during the nine fiscal months then ended are presented below (number of RSUs in thousands):

	Number of RSUs			Weighted Average Grant-date Fair Value per Unit
Outstanding:
January 1, 2022		877		$	20.08
Granted		336			19.13
Vested*		(306	)		20.04
Cancelled or forfeited		(13	)		20.50
Outstanding at October 1, 2022		894		$	19.73
Expected to vest at October 1, 2022		894

* The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements.

The number of performance-based RSUs that are scheduled to vest increases ratably based on the achievement of defined performance criteria between the established target and maximum levels.  RSUs with performance-based vesting criteria are expected to vest as follows (number of RSUs in thousands):

Vesting Date	Expected to Vest		Not Expected to Vest		Total
January 1, 2023		152		-		152
January 1, 2024		165		-		165
January 1, 2025		168		-		168

Phantom Stock Units

Phantom stock unit activity under the 2007 Program as of October 1, 2022 and changes during the nine fiscal months then ended are presented below (number of phantom stock units in thousands):

	Number of units		Grant-date Fair Value per Unit
Outstanding:
January 1, 2022		212
Granted		10	$	22.20
Dividend equivalents issued		3
Outstanding at October 1, 2022		225