Stock-based Compensation (Tables)

6 Months Ended

Jul. 01, 2021

Share-based Payment Arrangement [Abstract]

Estimated Fair Value of Stock Option Grants

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

	Twenty-six Weeks Ended
	July 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	—%

Stock Option Activity

The table below summarizes stock option activity for the twenty-six weeks ended July 1, 2021:

	Options	Weighted Average Exercise Price
Outstanding at January 1, 2021	3,740,604	$	20.72
Granted	66,505	95.68
Exercised	(603,769)	10.48
Forfeited or expired	(24,575)	39.91
Outstanding at July 1, 2021	3,178,765	$	24.09
Vested and exercisable at July 1, 2021	1,865,343	$	17.33

Restricted Stock Unit Activity

The following table summarizes restricted stock unit activity during the twenty-six weeks ended July 1, 2021:

	Restricted Stock Units
Unvested at January 1, 2021	128,220
Granted	116,939
Vested	(26,666)
Forfeited	(5,077)
Unvested at July 1, 2021	213,416

Restricted Stock Award Activity

The following table summarizes restricted stock award activity during the twenty-six weeks ended July 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	28,814	—	—
Vested	(13,555)	—	—
Forfeited	(2,508)	—	—
Unvested at July 1, 2021	144,595	160,315	104,456