Stock Based Compensation

9 Months Ended

Sep. 29, 2023

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

7. Stock Based Compensation

During the quarter and nine months ended September 29, 2023, the Company issued 422 and 589,865 restricted stock units, respectively, at a weighted average grant-date fair value of $23.68 and $21.40 per share, respectively. As of September 29, 2023, the Company had 1,228,946 restricted stock units outstanding at a weighted average grant-date fair value of $19.76 per share. As of September 29, 2023, $14.7 million of total restricted stock unit non-cash compensation expense related to unvested awards had not been recognized and is expected to be recognized over a weighted average period of approximately 2.3 years. In addition, as of September 29, 2023, the Company had 1,318 shares of common stock subject to vesting requirements outstanding at a weighted average grant-date fair value of $16.17 per share.

Forfeitures for all of the Company’s outstanding equity awards are recognized as incurred.