Stock-based Compensation (Tables)

9 Months Ended

Sep. 28, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

The table below presents components of stock-based compensation expense within the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income:

	Thirty-nine Weeks Ended
in thousands	September 28, 2023		September 29, 2022
General and administrative	$	18,927	$	16,911
Selling and store operating	1,409		318
Total stock-based compensation expense	$	20,336	$	17,229

Stock Option Activity

The table below summarizes stock option activity for the thirty-nine weeks ended September 28, 2023.

	Options	Weighted Average Exercise Price
Outstanding at December 30, 2022	2,101,559	$	27.10
Exercised	(336,061)	$	23.53
Forfeited or expired	(3,983)	$	48.97
Outstanding at September 28, 2023	1,761,515	$	27.73
Vested and exercisable at September 28, 2023	1,669,036	$	25.39

Restricted Stock Unit Activity

The following table summarizes restricted stock unit activity during the thirty-nine weeks ended September 28, 2023:

	Restricted Stock Units
	Service-based	Performance-based	Total shareholder return	Total Restricted Stock Units
Unvested at December 30, 2022	408,829	36,117	—	444,946
Granted	374,685	188,543	58,854	622,082
Vested	(132,432)	—	—	(132,432)
Forfeited	(24,262)	(36,117)	—	(60,379)
Unvested at September 28, 2023	626,820	188,543	58,854	874,217

Schedule of Valuation Assumptions

The grant-date fair value of TSR awards is estimated using a Monte Carlo valuation method, which included the following assumptions for TSR awards granted during the period:

	Thirty-nine Weeks Ended September 28, 2023
Expected term (in years)	2.8
Risk-free interest rate	4.5	%
Expected volatility	49.5	%
Dividend yield	—	%

Restricted Stock Award Activity

The following table summarizes restricted stock award activity during the thirty-nine weeks ended September 28, 2023:

	Restricted Stock Awards
	Service-based	Performance-based (1)	Total shareholder return (1)	Total Restricted Stock Awards
Unvested at December 30, 2022	103,326	134,318	87,517	325,161
Vested	(68,334)	(86,656)	(56,461)	(211,451)
Unvested at September 28, 2023	34,992	47,662	31,056	113,710

(1) The performance-based and total shareholder return restricted stock awards that vested during the period were issued at 100% of target based on achievement of the predetermined performance and total shareholder return criteria as specified in the underlying grant agreements.