Stock-Based Compensation (Tables)

6 Months Ended

Jul. 01, 2023

Stock-Based Compensation [Abstract]

Summary of Recognized Stock-based Compensation Expense

The following table summarizes stock-based compensation expense recognized:

	Fiscal quarters ended						Six fiscal months ended
	July 1, 2023			July 2, 2022			July 1, 2023			July 2, 2022
Restricted stock units		$	3,117		$	1,047		$	5,975		4,667
Phantom stock units			-			-			107		222
Total		$	3,117		$	1,047		$	6,082		4,889

Summary of Unrecognized Compensation Cost and Weighted Average Remaining Amortization Periods

The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at July 1, 2023 (amortization periods in years):

	Unrecognized Compensation Cost			Weighted Average Remaining Amortization Periods
Restricted stock units		$	25,283		1.7
Phantom stock units			-		n/a
Total		$	25,283

RSU Activity

RSU activity under the Company's stock incentive programs as of July 1, 2023 and changes during the six 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, 2023		894		$	19.73
Granted*		1,152			24.32
Vested**		(328	)		18.76
Cancelled or forfeited		-			-
Outstanding at July 1, 2023		1,718		$	22.99
Expected to vest at July 1, 2023		1,838

* Employees in certain countries are granted equity-linked awards that will be settled in cash and are accounted for as liability awards.  The liability awards are not material.  The number of RSUs granted excludes these awards.

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

RSUs with Performance-Based Vesting Criteria

RSUs with performance-based and market-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, 2024		165		-		165
January 1, 2025		168		-		168
January 1, 2026		292		-		292

Phantom Stock Unit Activity Under the Phantom Stock Plan

Phantom stock unit activity as of July 1, 2023 and changes during the six 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, 2023		226
Granted		5			$	21.48
Dividend equivalents issued		1
Redeemed for common stock*		(94	)
Outstanding at July 1, 2023		138

* The number of phantom stock units redeemed for common stock includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements.