Stock-Based Compensation

3 Months Ended

Mar. 30, 2024

Stock-Based Compensation [Abstract]

Stock-Based Compensation

Note 10 – Stock-Based Compensation

The following table summarizes stock-based compensation expense recognized:

	Fiscal quarters ended
	March 30, 2024		April 1, 2023
Restricted stock units ("RSUs")	$	5,226	$	2,858
Phantom stock units		118		107
Total	$	5,344	$	2,965

The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at March 30, 2024 (amortization periods in years):

	Unrecognized Compensation Cost		Weighted Average Remaining Amortization Periods
Restricted stock units	$	19,166		1.9
Phantom stock units		-		n/a
Total	$	19,166

Restricted Stock Units

RSU activity as of March 30, 2024 and changes during the three 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, 2024		1,717		$	23.03
Granted		544			18.09
Vested*		(559	)		23.07
Cancelled or forfeited		(26	)		23.96
Outstanding at March 30, 2024		1,676		$	21.40
Expected to vest at March 30, 2024		1,415

* 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 and market criteria between the established target and maximum levels.  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, 2025		168		-		168
January 1, 2026		-		167		167
January 1, 2027		140		94		234

Phantom Stock Units

The following table summarizes the Company's phantom stock units activity (number of phantom stock units in thousands):

	Number of units		Grant-date Fair Value per Unit
Outstanding:
January 1, 2024		120
Granted		5		$	23.51
Dividend equivalents issued		1
Outstanding at March 30, 2024		126