Stock-Based Compensation (Tables)

3 Months Ended

Apr. 01, 2021

Share-based Payment Arrangement [Abstract]

Stock Option Activity

The table below summarizes stock option activity for the thirteen weeks ended April 1, 2021:

	Options	Weighted Average Exercise Price
Outstanding at January 1, 2021	3,740,604	$	20.72
Granted	66,505	95.68
Exercised	(195,073)	12.22
Forfeited or expired	(15,635)	44.20
Outstanding at April 1, 2021	3,596,401	$	22.47
Vested and exercisable at April 1, 2021	1,996,497	$	15.03

Estimated Fair Value of Stock Option Grants

The fair value of stock option awards granted during the thirteen weeks ended April 1, 2021 was estimated using the Black-Scholes-Merton option pricing model with the following weighted-average assumptions:

	Thirteen Weeks Ended
	April 1, 2021
Weighted average fair value per stock option	$	41.75
Risk-free interest rate	0.8%
Expected volatility	48.1%
Expected life (in years)	5.4
Dividend yield	—%

Restricted Stock Unit Activity

The following table summarizes restricted stock unit activity during the thirteen weeks ended April 1, 2021:

	Restricted Stock Units
Unvested at January 1, 2021	128,220
Granted	100,799
Vested	(25,349)
Forfeited	(2,556)
Unvested at April 1, 2021	201,114

Restricted Stock Award Activity

The following table summarizes restricted stock award activity during the thirteen weeks ended April 1, 2021:

	Restricted Stock Awards
	Service-based	Performance-based	Total Stock Return (TSR)
Unvested at January 1, 2021	131,844	160,315	104,456
Granted	27,465	—	—
Vested	(10,459)	—	—
Forfeited	(2,508)	—	—
Unvested at April 1, 2021	146,342	160,315	104,456